Foreign investors are purchasing U.S. government debt at near-record levels, driving total foreign holdings to a staggering $9.3 trillion in January, even as structural cracks emerge in the broader bond market. Global demand for U.S. Treasuries saw a sharp uptick at the start of the year, with total foreign holdings swelling by $34.8 billion, according to Macromicro.me data shared by The Kobessi Letter. Japan solidified its position as the largest foreign creditor, purchasing $39.8 billion to bring its total stockpile to $1.2 trillion—the highest since July 2022. [...]