Westpac said that the Norwegian sovereign wealth fund plans to reduce its holdings of government bonds. There are reports that it may include sizeable US treasury bonds. This situation is not surprising. Martin Wheaton, head of financial market strategy at the bank, wrote in the research report: “Since Liberation Day, the general political and economic environment has changed, and the scale of overseas allocations to US debt has not increased.” “Due to the political environment, it has become more difficult to find 35% of overseas buyers.”

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