Foreign central banks have reduced their U.S. Treasury holdings to the lowest level since 2012, driven by efforts to support domestic economies amid geopolitical tensions, including the conflict in Iran. Since February 25, official institutions' Treasury holdings at the Federal Reserve Bank of New York have decreased by $82 billion. Central banks, such as Turkey's, have intervened in foreign exchange markets, selling U.S. dollars to stabilize their currencies, with Turkey alone selling $22 billion in foreign government bonds since February 27. These actions reflect the pressures from global supply shocks on central banks.