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Trump tariffs drove a Treasury sell-off — who sold the safe-haven asset?

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China is America 's second largest foreign creditor after Japan , holding about $760 billion in Treasury securities.

Yields on the 10-year Treasury soared to 4.592% on Friday , the highest since February .

China selling down Treasury holdings would effectively be shooting themselves in the foot, said Pepperstone's Michael Brown .

Japan could actually be the bigger culprit in the selloff, said BCA Research's Garry Evans .

Monthly Treasury data usually comes with a lag, and the most recent figures released in March are from January .

The "incoherent and volatile nature" of policymaking is denting the appeal of Treasurys as a safe haven, says Pepperstone's Brown.

America 's policy flip-flops with regards to tariffs has undermined confidence in U.S. assets.