Former Treasury Official Warns Shift in Who Buys U.S. Debt Could Drive Higher Rates

Dec 31, 2025

∙ Paid

A belated post to mark the end of my time as Deputy Chief of Staff at the Treasury Department. What an immense privilege and honor to have been part of an extraordinary

Americans need to worry not just about soaring federal debt but also about who is buying that debt now, a former U.S. Treasury official warns.

Geng Ngarmboonanant, a managing director at JPMorgan Chase & Co. and former deputy chief of staff to Treasury Secretary Janet Yellen, argued in The New York Times that the profile of U.S. debt holders has shifted …

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