Shifting treasuries buyer base may be bond-market Achilles’ heel

NEW YORK: As the US government blows through its crisis-era borrowing record, surpassing US$1 trillion a year in debt sales, it’s relying on creditors who could make its deficit-financing even more costly.

America’s US$15.6 trillion government-bond market – the world’s largest and most liquid – isn’t necessarily losing customers. But the biggest growth in demand is coming from the private sector, rather than the public side.