China is still reducing its holdings of U.S. government debt. According to new data from the Treasury Department, China trimmed its holdings of U.S. Treasury securities by $8.6 billion, totaling $769.6 billion. In total, foreign holdings fell by about $16 billion to $7.565 trillion. Here is a breakdown of what happened in October:
Debt
U.S. interest payments poised to hit $1 trillion this fiscal year
The U.S. debt is soaring, the federal deficit is climbing, and interest payments are skyrocketing. Is this Bidenomics or swamponomics? Either way, the cost of servicing America’s debt has surged 25 percent in the current fiscal year, from October to June, totaling $652 billion. Is it possible that interest payments hit $1 trillion this year? […]
Credit crunch begins? Total consumer credit rose by lowest level since November 2020
Is the U.S. in the middle of a credit crunch? The latest Federal Reserve G.19 data certainly suggests so. In May, total consumer credit rose by just $7.24 billion, down from a downwardly revised $20.32 billion. This was also way below the market estimate of $20.25 billion. Interestingly enough, this was the smallest monthly gain […]
U.S. household debt tops $17 trillion in the first quarter for first time ever
Sure, all the focus is on the debt ceiling in Washington. Both sides will inevitably reach a conclusion and strike a last-minute agreement to raise the debt limit. Unfortunately, the private sector is also drowning in red ink. The Federal Reserve Bank of New York (FRBNY) published its latest Household Debt and Credit Report for […]