According to @KobeissiLetter, China’s share of all foreign-held U.S. Treasuries has dropped to 7.6%, the lowest level in 23 years, highlighting an unusual shift in the U.S. Treasury market, source: The Kobeissi Letter on X, Nov 29, 2025. According to @KobeissiLetter, this share has declined by about 20 percentage points over the past 14 years, underscoring a sustained reduction in China’s relative participation in U.S. government debt, source: The Kobeissi Letter on X, Nov 29, 2025.

According to The Kobeissi Letter, Berkshire Hathaway currently holds approximately $305.5 billion in US Treasury Bills, which is about $110.2 billion more than the US Federal Reserve’s $195.3 billion T-bill holdings. This means Berkshire Hathaway’s T-bill balance is roughly 56% higher than the Fed's, signaling a significant shift in institutional allocation towards short-term US government debt. For traders, this trend underscores growing confidence in T-bills as a safe haven amid uncertain market conditions, and may influence liquidity and yields in the fixed income market (source: The Kobeissi Letter Twitter, May 3, 2025).

According to André Dragosch, PhD, a new paper highlights the dysfunction in the US Treasury market, emphasizing the necessity for the Federal Reserve to provide liquidity during such events, termed as the 'Trump-Fed Put'. This insight could influence trading strategies by anticipating Fed intervention in liquidity crises, thus impacting bond market pricing and volatility expectations.