US Treasury yields break above 5% again! The world’s top sovereign funds (#美国初请失业金人数降至19.6万 ) plan to cut holdings of $80 billion in US Treasuries! No more blindly buying US Treasuries! A key signal from Norway’s NOK 2.3 trillion sovereign fund as it rebalances??
On September 14, the 10-year US Treasury yield surged intraday to 5.012% and then fell back to 4.96% at the close. The last time it broke above 5%, it only held briefly for a day—buying quickly stepped in to stabilize it. But after this push above 5%, the pullback has been relatively weak, and the market landscape has already changed.#Paradigm披露持有ZEC
$APM
Right before the US Treasury faced the 5% threshold, the largest sovereign wealth fund in the world, Norway, unveiled a major rebalancing plan. The fund’s management proposed reducing the allocation to government bonds in the portfolio benchmark from 70% to 50%, which would correspond to selling about $80 billion worth of US Treasuries.$ONE
The share of US Treasury holdings would fall from 34.1% to 21.9%.
#萨尔瓦多政府持仓增至7777枚BTC
Earlier this April, Norway signaled it would maintain its allocations to the US market—yet in just five months the thinking has shifted dramatically. The key point is: the fund is not exiting the US market; it is reducing US Treasuries and adding higher-yield institutional bonds and MBS.
The core logic behind this rebalance: long-term capital still favors the US market, but volatility risk in US Treasuries has risen, weakening the “risk-free” safe-haven appeal they once offered. The US’s high fiscal deficit has led long-term investors to reassess the value-for-money of US Treasuries—this is also a snapshot of global large capital asset revaluation.
On September 14, the 10-year US Treasury yield surged intraday to 5.012% and then fell back to 4.96% at the close. The last time it broke above 5%, it only held briefly for a day—buying quickly stepped in to stabilize it. But after this push above 5%, the pullback has been relatively weak, and the market landscape has already changed.#Paradigm披露持有ZEC
$APM
Right before the US Treasury faced the 5% threshold, the largest sovereign wealth fund in the world, Norway, unveiled a major rebalancing plan. The fund’s management proposed reducing the allocation to government bonds in the portfolio benchmark from 70% to 50%, which would correspond to selling about $80 billion worth of US Treasuries.$ONE
The share of US Treasury holdings would fall from 34.1% to 21.9%.
#萨尔瓦多政府持仓增至7777枚BTC
Earlier this April, Norway signaled it would maintain its allocations to the US market—yet in just five months the thinking has shifted dramatically. The key point is: the fund is not exiting the US market; it is reducing US Treasuries and adding higher-yield institutional bonds and MBS.
The core logic behind this rebalance: long-term capital still favors the US market, but volatility risk in US Treasuries has risen, weakening the “risk-free” safe-haven appeal they once offered. The US’s high fiscal deficit has led long-term investors to reassess the value-for-money of US Treasuries—this is also a snapshot of global large capital asset revaluation.
