Do you think its possible China started dumping treasuries? That seems like their 'trump' card to tell trump to stfu and heel
Perhaps they want to show how easily they can control our rates by selling off a little bit of their stack
Many people ask why.
The short answer is because nothing stops this train.
The longer answer is that 1) the rest of the world isn’t buying as many Treasuries anymore, 2) investors prefer cash to Treasuries, and 3) there are now balance of payments issues and so the United Stated has EM-like characteristics where stocks and bonds can struggle together due to capital outflows.
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Discussion
It seems more likely to be the UK, who holds about as many as China. may be worth keeping an eye on TIC data over the next few months to see that play out.