Macro Alpha on X: "Most models treat the long end of the Treasury curve as a simple reflection of Fed policy. That assumes a static buyer base. China’s footprint in US Treasuries has collapsed from a 29% peak in 2011 to just 7.3% by late 2025, while its $GOLD holdings surged to $683 billion.China https://t.co/24ywHQigr0" / X | Zootzle
