{"id":5547,"date":"2012-09-22T20:11:27","date_gmt":"2012-09-23T00:11:27","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5547"},"modified":"2012-09-22T20:11:27","modified_gmt":"2012-09-23T00:11:27","slug":"as-the-u-s-borrows-who-lends-nytimes-com","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/","title":{"rendered":"As the U.S. Borrows, Who Lends? &#8211; NYTimes.com"},"content":{"rendered":"<p>By Floyd Norris<\/p>\n<blockquote><p>Estimates by the Treasury Department released this week indicated that over the 12 months through July, China reduced its position in Treasury securities by $165 billion, cutting them to $1.15 trillion despite making a small amount of purchases in July. And the Federal Reserve reported that, as of Wednesday, it owned $1.65 trillion in Treasury securities, $17 billion less than it had owned a year earlier.<\/p>\n<p>&#8230;..China\u2019s selling of Treasuries over the 12-month period was offset by the actions of Japan, another country whose trade surplus with the United States remains large. The Japanese are estimated to have increased their holdings by $232 billion over the 12 months, to $1.12 trillion. Those figures include both government and private holders of Treasuries. <\/p><\/blockquote>\n<p>via <a href='http:\/\/www.nytimes.com\/2012\/09\/22\/business\/economy\/as-the-us-borrows-who-lends.html?_r=1'>As the U.S. Borrows, Who Lends? &#8211; NYTimes.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Floyd Norris Estimates by the Treasury Department released this week indicated that over the 12 months through July, China reduced its position in Treasury securities by $165 billion, cutting them to $1.15 trillion despite making a small amount of purchases in July. And the Federal Reserve reported that, as of Wednesday, it owned $1.65 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;As the U.S. Borrows, Who Lends? &#8211; NYTimes.com&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41,7,17,34],"tags":[571,663,1317,1352,1934,3477],"class_list":["post-5547","post","type-post","status-publish","format-standard","hentry","category-china-hk","category-forex","category-japan-korea","category-us-canada-countries-regions","tag-capital-account","tag-china","tag-exchange-rates","tag-fed","tag-japan","tag-treasury-holdings"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>As the U.S. Borrows, Who Lends? - NYTimes.com - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As the U.S. Borrows, Who Lends? - NYTimes.com - the patient investor\" \/>\n<meta property=\"og:description\" content=\"By Floyd Norris Estimates by the Treasury Department released this week indicated that over the 12 months through July, China reduced its position in Treasury securities by $165 billion, cutting them to $1.15 trillion despite making a small amount of purchases in July. And the Federal Reserve reported that, as of Wednesday, it owned $1.65 &hellip; Continue reading &quot;As the U.S. Borrows, Who Lends? &#8211; NYTimes.com&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-09-23T00:11:27+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"As the U.S. Borrows, Who Lends? &#8211; NYTimes.com\",\"datePublished\":\"2012-09-23T00:11:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/\"},\"wordCount\":138,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"capital account\",\"China\",\"exchange rates\",\"Fed\",\"Japan\",\"Treasury holdings\"],\"articleSection\":[\"China &amp; HK\",\"Forex\",\"Japan &amp; Korea\",\"US &amp; Canada\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/\",\"name\":\"As the U.S. Borrows, Who Lends? - NYTimes.com - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2012-09-23T00:11:27+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/22\/as-the-u-s-borrows-who-lends-nytimes-com\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"As the U.S. Borrows, Who Lends? &#8211; NYTimes.com\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. 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Long-term interest rates were suppressed after the 2008 global financial crisis in order to stimulate demand. This was effectively a tax on savers -- including insurance companies and pension funds --\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"10-Year Treasury Yield","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-09-10y.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-09-10y.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-09-10y.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":45050,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/10\/31\/quick-update\/","url_meta":{"origin":5547,"position":1},"title":"Beware of the Ten-Year","author":"Colin Twiggs","date":"October 31, 2023","format":false,"excerpt":"The most important number in financial markets at present is the 10-year Treasury yield -- currently testing resistance at 5.0%. Long-term yields are rising steeply due to large issuance, Fed selling, and limited demand from foreign buyers. Breakout above 5.0% would offer a target of 6.0% -- a strong bear\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"10-Year Treasury Yield","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-30-10y.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-30-10y.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-10-30-10y.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":26449,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/06\/22\/treasury-yields-and-inflation\/","url_meta":{"origin":5547,"position":2},"title":"Treasury yields and inflation","author":"Colin Twiggs","date":"June 22, 2021","format":false,"excerpt":"10-Year Treasury yields respected support at the lower channel of their large flag pattern from the past 3 months. The pattern is normally bullish and breakout above 1.65% would signal another advance, with a target of 2.40%1. Bank Credit declined by $320 billion over the past 9 months (Q2 '20\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42375,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/06\/02\/senate-approves-debt-ceiling-increase\/","url_meta":{"origin":5547,"position":3},"title":"Senate approves debt ceiling increase","author":"Colin Twiggs","date":"June 2, 2023","format":false,"excerpt":"The Senate passed the Biden-McCarthy debt ceiling compromise bill which will now go to the President for signature. It's ironic to see grandstanding by members of the House who would not support McCarty's efforts to find a bipartisan solution to the debt-ceiling impasse. They need to be reminded that Congress\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Senate Passes Debt Ceiling","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-01-debtceiling.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-01-debtceiling.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-06-01-debtceiling.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":22922,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/11\/28\/gold-qe-strong-and-steady\/","url_meta":{"origin":5547,"position":4},"title":"Gold: QE strong and steady","author":"Colin Twiggs","date":"November 28, 2020","format":false,"excerpt":"Fed assets continue to grow at a steady annual rate of $3.2 trillion per year. The 10-Year TIPS yield retreated to -0.87% on Wednesday. Foreign Investors may be disaffected with Treasuries. This chart from Alhambra Partners shows the 6-month change in foreign holdings of Treasuries: But the Fed is not\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":40849,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/02\/13\/stocks-retreat-as-treasury-yields-rise\/","url_meta":{"origin":5547,"position":5},"title":"Stocks retreat as Treasury yields rise","author":"Colin Twiggs","date":"February 13, 2023","format":"link","excerpt":"The S&P 500 retreated from resistance at 4100. Reversal below 4000 would warn of another test of primary support at 3500. We remain in a bear market, with 12-month Rate of Change below zero. The recent rally was caused by falling long-term yields, with 10-year Treasuries testing support at 3.5%.\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"S&P 500","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-02-13-spx.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-02-13-spx.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-02-13-spx.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5547"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5547\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}