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12-10-2022, 10:46 AM
PUBLISHED OCT 11, 2022, 9:20 AM SGT
NEW YORK - Everywhere you turn, the biggest players in the US$23.7 trillion (S$34 trillion) US Treasuries market are in retreat.
From Japanese pensions and life insurers to foreign governments and US commercial banks, where once they were lining up to get their hands on US government debt, most have now stepped away.
Then there is the United States Federal Reserve, which a few weeks ago upped the pace that it plans to offload Treasuries from its balance sheet to US$60 billion a month.
If one or two of these usually steadfast sources of demand were bailing, the impact, while noticeable, would likely be little cause for alarm. But for every one of them to pull back is an undeniable source of concern
......
Treasuries tumbling the most since at least the early 1970s this year, more pain may be in store until new, consistent sources of demand emerge. It is also bad news for US taxpayers, who will ultimately have to foot the bill for higher borrowing costs.
https://www.straitstimes.com/business/co...ng-at-once
NEW YORK - Everywhere you turn, the biggest players in the US$23.7 trillion (S$34 trillion) US Treasuries market are in retreat.
From Japanese pensions and life insurers to foreign governments and US commercial banks, where once they were lining up to get their hands on US government debt, most have now stepped away.
Then there is the United States Federal Reserve, which a few weeks ago upped the pace that it plans to offload Treasuries from its balance sheet to US$60 billion a month.
If one or two of these usually steadfast sources of demand were bailing, the impact, while noticeable, would likely be little cause for alarm. But for every one of them to pull back is an undeniable source of concern
......
Treasuries tumbling the most since at least the early 1970s this year, more pain may be in store until new, consistent sources of demand emerge. It is also bad news for US taxpayers, who will ultimately have to foot the bill for higher borrowing costs.
https://www.straitstimes.com/business/co...ng-at-once
