The Fed and China have changed course.
over the last six months is a simple fact: China and the Fed — long the two biggest single players in the market — aren't buying.In recent decades, the two acquired trillions of dollars worth of U.S. Treasury bonds, financing the big deficits that emerged after the financial crisis of 2008 and the COVID pandemic.That's changed. Over the last year, the Federal Reserve has decreased its holdings of U.S. Treasury bonds by $650 billion.
Public data on China's official holdings show them down by more than $50 billion over the same period, and they're down nearly $300 billion since early 2021.The Fed isn't actually selling U.S. Treasuries — it's letting them mature and "roll off the balance sheet" instead of rolling into new bonds., think China's holdings are more or less flat, rather than down — but that some of the bonds are stashed in places that don't show up in official data.
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