The US national debt has been decades in the making, was then further fired up when the tax cuts took effect in 2018 during the Good Times. But starting in March 2020, it became the Incredibly Spiking US National Debt. Since that moment 15 months ago, it spiked by $4.7 trillion, to $28.14 trillion, amounting to 128% of GDP in current dollars:
All foreign holders combined dumped $70 billion in Treasury securities in March, bringing their holdings to $7.028 trillion (blue line, left scale). But this was still up by $79 billion from March 2020.
The Fed bought on net $243 billion of Treasury securities in Q1 and $2.44 trillion since it began the bailouts of the financial markets in March 2020. Over this period through March 31, it has more than doubled its holdings of Treasuries to $4.94 trillion (blue line, left scale). It now holds a record of 17.6% of the Incredibly Spiking US National Debt (red line, right scale):Who Bought the $4.7 Trillion of Treasury Securities Added Since March 2020 to the Incredibly Spiking US National Debt? | Wolf Street