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I think I was mistaken. I believe that referred to balance sheet expansion, not assets (debt) held.
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The selloff is actually kind of concerning. Long term treasuries are now being issued with ridiculous interest rates:
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I don't personally think 5% is all that ridiculous
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Link? This chart makes it look like the amount of debt they hold is falling:
https://i.ibb.co/pnHDV8f/Screenshot-20231005-125741.png