Foreign governments are dumping U.S. debt like never before.
In a bid to raise cash, foreign central banks and government institutions sold $57.2 billion of U.S. Treasury debt and other notes in January, according to figures released on Tuesday. That is up from $48 billion in December and the highest monthly tally on record going back to 1978.
It’s part of a broader trend that gathered steam last year when central banks sold a record $225 billion of U.S. debt.
“Foreigners have no longer been our BFF when it comes to buying U.S. Treasuries,” Peter Boockvar, chief market analyst at The Lindsey Group, wrote in a client note.