By Jamie McGeever
Reuters
Wednesday, October 8, 2025
The amount of U.S. Treasuries held at the New York Fed on behalf of global central banks has slumped to its lowest in over a decade, casting renewed doubt on foreign appetite for U.S. sovereign debt and other dollar-denominated assets.
This may seem a little surprising. Recent data, including the Treasury International Capital and International Monetary Fund's "Cofer" foreign exchange reserves reports, show overseas demand for Treasuries and dollar assets holding up pretty well.
... Dispatch continues below ...
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These two data sets are the gold standard measurements for U.S. capital flows and global FX reserves. But they are released with long lags -- the last set of TIC data is for July, and the latest Cofer numbers are for the second quarter.
The New York Fed custody holdings figures aren't as comprehensive -- central banks can hold their Treasury bonds elsewhere -- but they are weekly, which in the world of cross-border, central bank capital flows is virtually "real time."
And right now, these custody holdings are falling -- fast. ...
... For the remainder of the report:
https://www.reuters.com/markets/us/global-markets-reserves-column-pix-graphics-2025-10-08/ [3]
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