The Truth about Treasurys

Peter Boockvar has a problem with the current narrative surrounding the US bond market. Mainly because the narrative is false…

Just out, for the 3rd straight month in June there was large net foreign selling of US Treasury notes and bonds. In June, foreigners sold $33b worth of notes and bonds after selling $18.3b in May and $75B in April. This brings the year to date selling to $143b, the most on record in any 6 month time frame. This compares to net selling of $20b in 2015 and purchases of $165b in 2014, $41b in 2013 and over $400b in both 2011 and 2012. In notes and bonds, the 2 largest holders, China and Japan were both net sellers. If we include Hong Kong, these 3 regions sold a net $52 of notes and bonds. Japan was a big buyer of bills which more than offset their selling of longer maturities. Looking at Europe and their suffocating problem of negative interest rates, barely any money came into US notes and bonds. They bought a net $950m with an M.

Bottom line, this wall of money that so many have thought has been piling into US Treasuries in order to pick up some yield is not at all evident in this data and in fact, the exact opposite is happening.


Peter Boockvar
Managing Director and Chief Market Analyst

For more of my thoughts on TLT, read this:

The Jaws of Life (TRB) 

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here:

Please see disclosures here.

What's been said:

Discussions found on the web
  1. bitcoin era commented on Sep 30

    … [Trackback]

    […] Read More Information here on that Topic: […]

  2. bitcoinloophole commented on Oct 04

    … [Trackback]

    […] There you can find 38941 additional Information to that Topic: […]

  3. porn movie commented on Oct 18

    … [Trackback]

    […] Here you can find 82539 more Information to that Topic: […]

  4. useful link commented on Oct 29

    … [Trackback]

    […] Here you can find 38085 additional Information to that Topic: […]

  5. easyweb td online banking commented on Nov 17

    … [Trackback]

    […] Here you will find 56099 additional Information on that Topic: […]

  6. qiuqiu99 commented on Dec 22

    … [Trackback]

    […] Find More on on that Topic: […]