
Who Holds the U.S. National Debt? Japan, the Fed, and the 2026 Map
Who holds the $39 trillion U.S. national debt in 2026? Foreign investors own $9.35T led by Japan, the Fed holds about $4.4T, and federal trust funds hold $7.64T.
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Who holds the $39 trillion U.S. national debt in 2026? Foreign investors own $9.35T led by Japan, the Fed holds about $4.4T, and federal trust funds hold $7.64T.

The Fed held rates at 3.50 to 3.75 percent on June 17, 2026, but its new dot plot flipped toward a 2026 hike at Kevin Warsh’s first meeting. Prime stays 6.75 percent.

Treasury sold $13 billion of 20-year bonds at a 4.927% high yield on June 16, drawing a 2.75 bid-to-cover and 71.2% indirect demand, the strongest 20-year sale since January.

The U.S. debt ceiling caps how much the Treasury can borrow to pay bills Congress already approved. Here is how the $41.1 trillion limit works and when it binds next.

The FOMC is expected to hold rates at 3.50% to 3.75% and the prime rate at 6.75% on June 17, with the new dot plot and a hot May inflation print the real story.

Treasury’s $22 billion 30-year auction stopped at 5.02% on June 11, the first back-to-back 5% sales since 2007, days before the June 16-17 Fed meeting.
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