Asia sold US Treasuries hard in Feb

I can’t remember the last time I referenced US TIC data in any sort of note. Maybe this is a first. It’s pretty lagging data. The latest release covers flows through February – so you have to read a lot between the lines and make some fairly heroic assumptions to gain anything from it at all. But if you can be bothered to have a look, then what you see is that during February, a period of rapid yield increase in US treasuries, Asia was a big seller of US government securities. China sold about $15bn of them, and Japan about another $6bn. There was modest uptake by Hong Kong, Taiwan, Korea and Singapore, but that … (full story)

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