CNBC reports that, according to data from the US Treasury Department, between March and May Russian holdings of US government paper fell by 84 per cent. Previously a sizeable investor, with $96.1 billion in stock, now they have just $14.9 billion. Many are musing as to whether this is related to President Trump’s sanctions. What is clear is that their selling coincides with the rise in 10-year bond yields which peaked at just over 3 per cent for the first time since 2011.
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