Its strange from an economic analysis standpoint but its actually pretty pedestrian. Its a cash-position. If you kept cash in a bank account you are insured up

Its strange from an economic analysis standpoint but its actually pretty pedestrian. Its a cash-position. If you kept cash in a bank account you are insured up to a certain amount if the bank goes insolvent. So people that have 10 billion dollars and wish to remain in a cash position, want to park the money in a place where it is guaranteed: and Treasury bonds are 100% guaranteed (as opposed to bank deposits). So what we are actually seeing is the rise of cash positions in the best stock market position ever.