The U.S. Treasury has been actively repurchasing its own debt, buying back $6 billion worth of bonds last week and an additional $4 billion recently, bringing the total repurchases to $10 billion over a short span. This buyback activity is occurring independently of quantitative easing measures. Meanwhile, in 2024, U.S. long-term fixed income issuance increased by 26% year-over-year to $10.4 trillion, with Treasury issuance rising 32.8% to $4.7 trillion. Foreign holdings of U.S. Treasuries also reached a record $9.13 trillion in June 2025, up by $80.2 billion, with Japan and the UK as the largest holders, Japan increasing its holdings by $12.6 billion to $1.15 trillion, the highest since February 2024.