In the latest Treasury Bulletin published in December 2009, ownership data reveals that the United States increased the public debt by $1.885 trillion dollars in ﬁscal 2009. So who bought all the new Treasury securities to ﬁnance the massive increase in expenditures? According to the same report, there were three distinct groups that bought more than they did in 2008. The ﬁrst was “Foreign and International Buyers”, who purchased $697.5 billion worth of Treasury securities in ﬁscal 2009 – representing about 23% more than their respective purchases in ﬁscal 2008. The second group was the Federal Reserve itself. According to its published balance sheet, it increased its treasury holdings by $286 billion in 2009, representing a 60% increase year-over-year. This increase appears to be a direct result of the Federal Reserve’s Quantitative Easing program announced this past March. Most of the other identiﬁed buyers in the Treasury Bulletin were either net sellers or small buyers in 2009. While the Q4 data is not yet available, the Q1, Q2 and Q3 data suggests that the State and Local governments and US Savings Bonds groups will be net sellers of US Treasury securities in 2009, while pension funds, insurance companies and depository institutions only increased their purchases by a negligible amount.