Foreign central banks extended a wholesale pullout of U.S. agency debt in the latest week, even as they ramped up their purchases of Treasury bonds amid a global credit crisis that has spared few nations.

The Federal Reserve's holdings of agencies held by offshore central banks fell for a 10th straight week despite the central bank's new program to purchase up to $600 billion in securities from government-sponsored enterprises like Fannie Mae.

Agencies held at the Fed now totaled $848.51 billion, down over $17 billion in the last week alone and more than $120 billion in the past 2-1/2 months.

Treasury purchases made up much of the difference however, leaving overall U.S. debt holdings down just $2.56 billion on the week. The foreign institutions bought $15.29 billion in Treasury securities in that same period.

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