Foreign banks flocked to Treasuries and Fed in Q3

Claims rose at fastest annual pace since early pandemic amid inflation jitters

Foreign banks’ claims on the US government and the Federal Reserve soared 19% year-on-year to $2.7 trillion in the third quarter of last year, Bank for International Settlements (BIS) data shows.

It was the fastest annual pace since the first two quarters of 2020, which saw respective increases of 30% and 20%, potentially signalling a renewed tilt towards safer, inflation-proof assets.

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At $425 billion, the third quarter’s increase was also the biggest on record in absolute terms bar

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