@jbz Funnily enough there is also a second trolley now rumbling toward Treasuries that's only indirectly related to Trump: Japan.

Japanese funds and companies have _tons_ of money stashed overseas because interest rates in Japan have been ultra-low for a long time.

Now yields at home are rapidly moving toward developed-country average. If the trend holds, interest in repatriating those funds and doing away with FX risk may well start rising this year.

(This is a separate and more organic issue than the massive Bank of Japan UST holdings which could act as a political bargaining chip.)