The U.S. Treasury Department in Washington. The $32 trillion U.S. Treasury market remains unmatched in its depth, liquidity and near round-the-clock trading, while the dollar retains its role as the world’s dominant reserve currency. | Bloomberg

Being one of Washington’s closest partners no longer means reliably funding the U.S. deficit.

Countries and regions most aligned with the U.S. bought a net $174.3 billion of U.S. Treasuries, excluding bills, in the first eight months of 2026, according to an analysis of Treasury and U.S. State Department data. That was the lowest for the period since 2021, and down more than 60% from a year earlier.

The shift is noteworthy in Asia, where economies running large surpluses are putting less of that money into U.S. debt. 

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