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# Global Investors Have Already Been Giving Up On US Treasuries
- URL: https://bilal-hafeez-notes.ghost.io/global-investors-have-already-been-giving-up-on-us-treasuries/
- Published: 2026-09-23T20:34:55.000Z
- Updated: 2026-09-23T20:34:55.000Z
- Author: Bilal Hafeez

With the US 10y trading around 5.1% today, fears over US fiscal risk are back. This has actually been going for a while with one area being foreign flows (Chart) Global investors have scaled back their Treasury purchases – most notably China, which has been a net seller over the past 12m.

But global investors haven’t abandoned the US. Instead, they are piling into US corporate bonds. European investors stand out, with large flows channelled through the financial/investment hubs of UK, Ireland and Luxembourg.

This comes as US hyperscalers are issuing more debt. For now, then, it looks like global investors have more faith in this US corporate debt than the US government debt. This also means, domestic US investors will need to step up and fund the US government.