This special issue of the United States economic outlook examines the trends in the ownership composition of United States federal debt holders, focusing on the balance between domestic and foreign investors and its implications for fiscal policy, financial stability and Latin America and the Caribbean. It provides updated data through mid-2025 on the structure of Treasury holdings, highlighting both the region’s participation as holders of United States debt and the strategies adopted by Latin American and Caribbean countries. The publication builds on two earlier reports by the ECLAC office in Washington D.C.: Trends and major holders of U.S. Federal Debt (LC/WAS/TS.2019/3, April 2019) and United States debt: major foreign holders (LC/WAS/R.62, March 2012), prepared for internal circulation.