Opposite. Funds will flow to treasury auctions for two reasons. First, liquidity has to flow and will to the safest destiation; and second, account surplus co

Opposite. Funds will flow to treasury auctions for two reasons. First, liquidity has to flow and will to the safest destiation; and second, account surplus countries (eg. China) have to recycle dollars to maintain their surplus and will have no options apart from treasuries.