Washington D.C. – October 15, 2025 – A new report from the Economic Commission for Latin America and the Caribbean (ECLAC) reveals shifting dynamics in who owns U.S. federal debt, wiht notable implications for fiscal policy, financial stability, and economies across Latin America and the Caribbean. The analysis, current through mid-2025, details the evolving balance between domestic and foreign investors in U.S. Treasury securities.
The study underscores the increasing importance of understanding these trends as global economic conditions fluctuate and Latin American and Caribbean nations navigate their own debt strategies.the report assesses the participation of the region as holders of U.S. debt and examines the specific approaches adopted by individual countries. These findings build upon previous ECLAC reports from 2012 and 2019, providing a longitudinal view of U.S. debt ownership.
the report begins by outlining the composition of U.S. federal debt, differentiating between debt held by the public and intragovernmental holdings. It also analyzes associated interest expense. A key focus is identifying the major foreign holders of U.S.debt and specifically, the role of Latin American and Caribbean (LAC) countries in holding U.S. Treasury securities.
Looking ahead, the ECLAC report considers potential future scenarios and their impact on the ownership of U.S. federal debt. The analysis is structured around these key sections: highlights, Introduction, a detailed examination of U.S. federal debt (covering composition, public debt, intragovernmental holdings, and interest expense), major foreign holders of U.S. debt, LAC holdings of U.S. Treasury securities, and a forward-looking outlook. The earlier ECLAC reports referenced are Trends and major holders of U.S. Federal Debt (LC/WAS/TS.2019/3, April 2019) and United States debt: major foreign holders (LC/WAS/R.62, March 2012).
