Japan just replaced China as the foreign holder of the most U.S. government securities.

Japan just replaced China as the foreign holder of the most U.S. government securities.

Amid sluggish consumer borrowing, bank holdings of Treasuries have surpassed $2 trillion.

Liquidity problem in Treasuries market may be unintended consequence of financial regulations, and will likely worsen when interest rates rise.

Liquidity problem in Treasuries market may be unintended consequence of financial regulations, and will likely worsen when interest rates rise.

Central banks around the world escalate deflation fight, and government bonds benefit.

Central banks around the world escalate deflation fight, and government bonds benefit.

As Fed winds down quantitative easing, investors' behavior indicates pessimism on economic growth and more fear of rate hikes than of inflation.