#NorwaySWFEyes80BUSTCut
About NorwaySWFEyes80BUSTCut
Norges Bank Investment Management, which runs Norway's $2.3T sovereign wealth fund, proposed cutting government bonds in its fixed income benchmark from 70% to 50%. The FT estimates that trims Treasury exposure by nearly $80B, taking USTs from 34.1% to 21.9% of the benchmark. It is not a retreat from the US: most of the money would move into higher yielding US non-government debt, including MBS backed by Fannie Mae, Freddie Mac and Ginnie Mae. The plan goes to parliament in spring 2027.
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JUST IN: World's largest sovereign wealth fund plans "deep cuts" to its US Treasury holdings.
$W
⚠️The decline in China's Treasury holdings is UNPRECEDENTED:
China's share of total US Treasuries outstanding is down to just 2%, its lowest level since 2001.
This marks a -12 percentage point decline from its 2011 peak, when China's official Treasury holdings reached $1.3 trillion.
Since then, China has cut its holdings by more than HALF, to $633.4 billion, the lowest level since 2008, during the Great Financial Crisis.
China has now trimmed its holdings by -$183 billion since the start of 2024, according to the latest Treasury International Capital (TIC) data, which tracks foreign holdings and flows of US securities.
China is reducing its exposure to US government debt, adding another structural headwind for Treasury demand.
The de-dollarization trend is set to continue.
Chinese quantitatives and the Norwegian sovereign wealth fund can't get rid of their treasuries fast enough and you have fintwit furus telling retail to buy lol.
I'll side w the Chinese quantitatives on this one tyvm.
Global Markets Investor
⚠️The decline in China's Treasury holdings is UNPRECEDENTED:
China's share of total US Treasuries outstanding is down to just 2%, its lowest level since 2001.
This marks a -12 percentage point decline from its 2011 peak, when China's official Treasury holdings reached $1.3 trillion.
Since then, China has cut its holdings by more than HALF, to $633.4 billion, the lowest level since 2008, during the Great Financial Crisis.
China has now trimmed its holdings by -$183 billion since the start of 2024, according to the latest Treasury International Capital (TIC) data, which tracks foreign holdings and flows of US securities.
China is reducing its exposure to US government debt, adding another structural headwind for Treasury demand.
The de-dollarization trend is set to continue.
I think people are missing the most interesting part of the Treasury buyback story...
Technically, this is NOT QE.
Treasury has had a standing buyback program since 2024 for liquidity/cash management && the expanded long-end program doesn't even formally begin until September 9th.
But markets don't trade definitions...
The trade is more times than ot, what the definition IMPLIES.
US debt > $40 TRILLION.
July deficit = $432 BILLION.
Long-end yields keep becoming a problem.
&& now the issuer is increasingly stepping into its own debt market.
If yields keep bouncing back after every intervention while Bitcoin + gold continue higher...
Then maybe the trade isn't "rates are going lower."
Maybe the trade is simply:
The debasement trade, the dollar will continue to be worth less, thus assets inherently become worth more. Not because they are GROWING, but because what they are denominated in is worth less...
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