The scale of the market for treasuries is such that even a fund with 120 billion AUM is not going to affect it that much. The Federal Reserve can basically over

The scale of the market for treasuries is such that even a fund with 120 billion AUM is not going to affect it that much. The Federal Reserve can basically overwhelm anything. There are some cases where a fund can flex power, such as George Soros's bet against the Bank of England, but that can mainly only happen if there is something equivalent to a peg that can be exploited, or some other brazen disequilibrium that they are trying to uphold. But the Federal Reserve generally works using market mechanisms, and thus cannot be easily exploited in that way.