"PRIVATE FOREIGN INVESTORS" (PFIs)--they buy in war and peace times

Treasury holdings up $117B in February ($461 B over 12-month period

PFIs include non-USA financials, foreign bond funds, foreign companies, individuals in foreign countries and USA (Cayman domiciled) hedge funds

 hedgies engage in "Basis Trades," while others have financial entities in Ireland, in order to legally dodge US taxes.

"FOREIGN OFFICIAL" THE CUTTERS --the West vs East money war

central banks and government entities grew holdings by a mere $81B in February and $126B in the 12-month period, to $4.04 TRILLION. Notably: 

> ????????China and Hong Kong:
combined added $8B in February, but shed $96B over the 12 month period; total holdings slashed to $962B (over a third since 2016). NASDAQ Dubai was the secondary venue of choice for disposing with a haircut

> ????????Eurozone "Official":
loaded up on Treasuries in February (+ $32B), to a record $2.0 TRILLION. Over the 12-month period, EU added $164 B.

> biggest holders: Luxembourg, Ireland, Belgium and France (the financial centers). Accounting for 82% of the Euro Area's total holdings.

???????? Germany largely stepped away from auctions; only $109 B (dropped off Treasury Department's list of top 20 Majors); they have a Bund to support