Occasionally people worry about China "weaponizing" its US Treasuries by selling them.
Michael Pettis explains why it is not a concern and mentions that "the Federal Reserve could easily act to overcome any temporary volatility."
Based on recent Fed actions and a simple comparison of two numbers I think that it might be able to pretty easily overcome China selling its entire stash of Treasuries.
1. China's holdings as of March 2020 are below $1.1 trillion:
https://fred.stlouisfed.org/graph/?g=rbgV.
Also, over that time interest rates on 10-year Treasuries have decreased from 1.75 percent to 0.77 percent:
https://fred.stlouisfed.org/graph/?g=rbhW.
Kalecki wrote "the rate of interest depends on banking policy, in particular that of the Central Bank. If this policy aims at maintaining the rate of interest at a certain level that may be easily achieved, however large the amount of Government borrowing." (Political Aspects of Full Employment, 1943).
To answer the question in the title of the post, I don't really know and we have bigger problems to worry about.
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