Why questions are swirling about who will buy more than $31 trillion of U.S. debt — and at what price

For the first time ever, U.S. national debt crossed above $31 trillion this month, at a time when the Federal Reserve is in retreat from buying government debt and foreign investors’ interest in it is waning. With the largest players out of the picture, Treasurys are now in search of another reliable group of buyers. There’s little doubt that the securities will eventually end up in someone’s hands, according to strategist Matthew Hornbach at Morgan Stanley. The

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