Japan was the biggest lender
to the US government for two decades until 2009, when China took the lead. The Federal Reserve is now flying the stars and stripes, pushing its way into third place with its second round of quantitative easing, creating money to buy bonds.
This means it is likely that governments, central banks and sovereign wealth funds now own more than half of US Treasuries, according to JPMorgan estimates (firm data are due next month).
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