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China sold a record amount of Treasuries last quarter, which is actually more confirmation of the monetary tightening story over the summer which is now spilling out into the mainstream in the form of elevated repo rates, SOFR, and repo borrowing from the Fed. At the same time and for very much related reasons, private foreign counterparties were buying huge amounts of, yes, US Treasuries. There was no rejection at all, quite the contrary all of it pointing to growing expectations for the fallout from flat Beveridge.

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