A Sell U.S. Treasuries Trade That Never Happened

Back in February, ahead of the US’s Iran attack, headlines ran wild alleging a foreign investor rotation out of US assets (especially Treasurys) was afoot. This “Sell America” trade narrative only ramped up more after the war, triggering renewed rumblings about Treasurys losing their safe-haven role and driving up US debt service costs. Yet interest rates and Treasury International Capital System (TICS) holdings data show such narratives are broadly false. Read Full Article »