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Foreign Central Banks Massively Dump Agencies

Foreign central banks got rid of $57 billion in GSE holdings last week and another $3.5 billion this week. They rolled the cash into Treasuries. More discussion here.

I covered this last weekend in the Fed Report and will add more in this weekend’s report. A few outlets started picking up on this today. They missed it last week when I first reported it to subscribers. There are some important implications in this.

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