MONEY & MARKETS • DOLLAR & TREASURIES
China just cut its U.S. Treasury holdings to $633 billion, a 4% drop in one month. Beijing hasn’t held this little of your government’s debt since September 2008 — the month Lehman Brothers collapsed. Japan and the UK trimmed too. That’s why the 30-year Treasury yield hit a 19-year high this week. That’s why the Treasury Secretary just doubled his bond buybacks — using your tax dollars to prop up demand the world isn’t giving.
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The last time Beijing owned this little American debt, Lehman Brothers was filing Chapter 11.
