Russia Dumps US Treasuries As Rates Climb (From Russia With Love?)

As predicted, Russia has reduced its holdings of US Treasuries as US rates continue to rise.

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But Russia is a relatively small player in the US Treasury market (unless they are using proxies like postage-stamp sized Luxembourg, Ireland or the Cayman Islands).

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As The Federal Reserve SLOWLY unwinds its balance sheet, I am surprised that Japan and China have not unloaded MORE of their Treasury holdings.

Here is Vlad Putin singing “From Russia With Love.”

Vladimir Putin