The bottom line

Banks cut U.S. Treasury debt holdings; Foreclosures drop; Consumers remain wary of debt; Price of Volkswagen's new Passat sedan drops; Apple's rising value

Banks cut U.S. Treasury debt holdings

The 18 banks and securities firms that trade directly with the Federal Reserve are sharply cutting their holdings of U.S. Treasury debt. Since Nov. 24, the firms’ net holdings of federal debt have fallen from $81.3 billion to $2.3 billion. In a bet on faster growth, their holdings of corporate bonds have risen steeply.

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