BREAKING: Foreign holdings of US Treasuries dropped -$72 billion in June, to $9.30 trillion, to the lowest level since January. This marks the 3rd monthly decline over the last 4 months, totaling -$190 billion. Japan, the largest foreign holder, reduced its holdings by -$26 billion in June, to $1.12 trillion, the lowest since January 2025. The UK, the 2nd-largest holder, cut its holdings by -$9 billion, to $940 billion, the 2nd-largest on record. China, the 3rd-largest holder, trimmed its holdings by -$26 billion, to $633 billion, the lowest since September 2008. Meanwhile, foreign official holders, such as central banks and government entities, reduced their Treasury holdings by -$70 billion in June, to $3.78 trillion, the lowest since February 2024. Foreign demand for US Treasuries is losing momentum.(The Kobeissi Letter)