美国经济前景：美国联邦债务所有权的演变趋势（英）2025

Thank you for your interest inthis ECLAC publication Please register if you would like to receive information on our editorialproducts and activities. When you register, you may specify your particularareas of interest and you will gain access to our products in other formats. Click on the link below for our social networks andother channels for accessing our publications: https://bit.ly/m/CEPAL United Stateseconomic outlook This document was prepared by Helvia Velloso, Officer in Charge of the Economic Commission for Latin America andthe Caribbean (ECLAC) office in Washington, D.C. Thanks are owed to Pablo Martin for his invaluable contributions inthe preparation of this document. Unless otherwise indicated, the cut-off date for the information used to prepare this report is 10 September 2025. The United Nations and the countries it represents assume no responsibility for the content of links, hyperlinks orbookmarks to external sites in this publication. The views expressed in this document, which has been reproduced without formal editing, are those of the authorsand do not necessarily reflect the views of the Organization or the countries it represents. United Nations publicationLC/WAS/TS.2025/4Distribution: LCopyright © United Nations, 2025All rights reservedPrinted at United Nations, SantiagoS.2500563[E] This publication should be cited as: Economic Commission for Latin America and the Caribbean. (2025).United States economic outlook: evolving trends in the ownership of United States federal debt(LC/WAS/TS.2025/4). Applications for authorization to reproduce this work in whole or in part should be sent to the EconomicCommissionfor Latin America and the Caribbean(ECLAC),Documents and Publications Division,publicaciones.cepal@un.org. Member States and their governmental institutions may reproduce this work withoutprior authorization but are requested to mention the source and to inform ECLAC of such reproduction. Contents Highlights.....................................................................................................................................................5Introduction..................................................................................................................................................7I.U.S. federal debt..............................................................................................................................9A.Composition......................................................................................................................................11B.Debt held by the public.....................................................................................................................12C.Intragovernmental holdings..............................................................................................................14D.Interest expense................................................................................................................................15II.Major foreign holders of U.S debt...................................................................................................17III.LAC holdings of U.S. Treasury securities.......................................................................................21IV.Looking ahead................................................................................................................................25 Tables Table 1Major foreign holders of U.S. Treasury securities, end-June 2025..........................................18Table 2LAC holdings of U.S. Treasury securities, end-June 2025.......................................................22 Figures Figure 1Total Public Debt Outstanding, September 2015–September 2025..........................................9Figure 2Total public debt outstanding, annual growth, September 2015–September 2025.................10Figure 3Total public debt as percent of GDP, second quarter of 2015–second quarter of 2025............10Figure 4Composition of U.S. federal debt, 10 September 2025............................................................11Figure 5Composition of U.S. federal debt, September 2015–September 2025.....................................11 Debt held by the public asa shareof total public debt outstanding, Sep 2015–Sep 2025........12Holders of U.S. Treasury securities, second quarter of 2025....................................................13Breakdown of U.S. debt held by the public,fourth quarter 2018–second quarter 2025...........14Components of Intragovernmental Debt Holdings as of 30 September 2024.........................15United States federal funds target rate, December 2006–September 2025............................15Interest rate expenses and average interest rate on U.S. federal debt,FY2010–FY2025.......16Top 15 foreign holders of U.S. Treasury securities, end-June 2025..........................................17Foreign share of U.S. Treasuries, first quarter of 2013–second q