Foreign U.S. Treasury Holders: France, Italy, and End of Year Positioning. November 2018


  • Does France know something special about the treasuries?
  • Italy maintains an overall stable level, however the share of short maturities has increased rapidly.
  • China and Japan, the two largest holders, offset each other.
  • With 85% of treasuries sold, Russia keeps pushing its holdings even lower, reducing it to $13 billion.


offset, delta, merge-columns, csv


  • Top-N countries by U.S. debt holdings, November 2018.

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  • Uptick by France in second half of 2018 continues.

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  • Italy allocates more to short-term maturities.

Syntax Features

# merge base and offset series into a single row, one per country
merge-columns = ==
  # load series with 1 month lag
  time-offset = 1 month  
  • csv setting to create a list of objects with the same properties for iteration.
csv offsets = name,alias
      1 month,m1
      1 year,y1
      3 year,y3
      5 year,y5