Illustration: Aïda Amer/Axios

Foreign private buyers continue to pile onto U.S. government debt while foreign governments again pulled money out, led by China.

What it means: The U.S. Treasury International Capital Report showed a net inflow of $78.2 billion — $134.2 billion of foreign private inflows and net foreign official outflows of $56 billion.

  • Chinese government holdings of U.S. Treasury bonds fell for the sixth straight month in December, dropping by $19.3 billion.

Why it matters: Market analysts say the decline in foreign government holdings of Treasury bonds and the increase of issuance due to steadily rising U.S. budget deficits may be a prime factor in market stress, including issues in the structurally important repo market that banks use to get fast cash.

The big picture: For 2019, private buying netted to $197.6 billion, while official government purchases declined by $332.2 billion, BMO Capital Markets said in a recent note.

  • There has been "a more pervasive theme" of reserve managers cutting back their Treasury buying as the government has issued more debt, and foreign officials' holdings have been little moved since 2014 despite an increase of around $5 trillion in debt.
  • That gap has largely been filled by the Fed's recently restarted bond buying program and private foreign sources.

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2020 could decide fate of Keystone and Dakota Access pipelines

Illustration: Sarah Grillo/Axios

Two new court actions — one by the Supreme Court and another by a federal judge — together highlight and raise the energy stakes of November's election.

Why it matters: The legal actions mean the results of the 2020 election could very well decide the fate of Keystone XL and Dakota Access, two projects at the heart of battles over fossil fuel infrastructure.

Updated 26 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 11,648,268 — Total deaths: 538,828 — Total recoveries — 6,328,930Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 2,938,750 — Total deaths: 130,310 — Total recoveries: 924,148 — Total tested: 36,032,329Map.
  3. Axios-Ipsos Coronavirus Index: Our response is becoming more polarized.
  4. Business: Rising cases pause U.S. economic recovery — Hospitals, doctors are major recipients of PPP loans.

Pompeo: Trump administration is "looking at" TikTok ban

Secretary of State Mike Pompeo told Fox News' Laura Ingraham on Monday that the Trump administration is "looking at" a ban on Chinese social media app TikTok.

Why it matters: Lawmakers have long expressed fears that the Chinese government could use TikTok to harvest reams of data from Americans — and actions against the app have recently accelerated worldwide, highlighted by India's ban.