> This is leading to capital world-wide gobbling up as much long term US debt as possible, and inverting the curve. This is not true. TIC data [1] shows a 6.6%

> This is leading to capital world-wide gobbling up as much long term US debt as possible, and inverting the curve. This is not true. TIC data [1] shows a 6.6% increase YoY. Hedging FX risk has made US Treasuries unattractive even with the yield pickup. Most large purchasers (that matter) hedge their FX risk. [1] https://ticdata.treasury.gov/Publish/mfh.txt https://ticdata.treasury.gov/Publish/mfh.txt