"U.S. Treasuries have been finding far fewer foreign buyers in recent months -- a trend that has so far been offset by higher domestic demand. U.S. investors have been buying longer-term government debt at a record pace since June, while recent data shows Japanese buyers, the biggest owners of U.S. Treasuries, have reduced their holdings for two consecutive months. Demand for U.S. Treasuries has moved “from global to local,” Bank of America Merrill Lynch rates strategists Carol Zhang and Shyam Rajan wrote in a note to clients last week, calling the shift “the biggest macro theme” playing out in markets. (VIEW LINK)
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