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At the same time, there were a change out of a lot of time-prevent Treasuries to quick-dated securities within the anticipation away from produce bend steepening. European money also have starred a task inside fixed income repatriation, highlighting an architectural move for the increased home prejudice after extended You.S. fixed income overweights. The actual vendors from the Treasury industry is actually unknowable since there isn’t any actual-day investigation on the customers, suppliers or holdings. Yet not, we feel China was not structurally reducing their holdings away from U.S. loans.

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