Is there a list somewhere of who is buying the newly issued debt that will finance the American Rescue Plan (the $1.8 trillion stimulus package signed recently)? Of course, I have an idea of who owns the current stock of US Government debt, but is there a source which provides information on who is currently buying?

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    – 1muflon1
    Mar 15, 2021 at 8:49
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    $\begingroup$ Most US Treasury debt is initially purchased by primary dealers: investment banks and brokers and dealers who then sell it on to their clients. A few investors buy through TreasuryDirect. But are you interested in the initial immediate purchase or the final investor? If the latter then it might be better to look at changes in the holders of the stock. $\endgroup$
    – Henry
    Mar 15, 2021 at 10:32
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    $\begingroup$ You can find who actually buys at home.treasury.gov/data/investor-class-auction-allotments ("coupon auctions" means long-term debt; "bill auctions" means short-term debt; "Investment Funds" includes both long and short-term holders) $\endgroup$
    – Henry
    Mar 15, 2021 at 10:47
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    $\begingroup$ The sources are auction allocation (tells very little), Flow of Funds (Z.1), Treasury TIC data for international holders. The latter two are not timely. However, market researchers have discussed this topic for decades, and I am unaware of any useful information that comes out of it. The Treasurys are bought, then traded around - like any other financial asset. $\endgroup$ Mar 15, 2021 at 12:48


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