
Tonight, I came across a report stating that Turkey has nearly liquidated its U.S. Treasury holdings. Here’s my take: In March, Turkey slashed its U.S. Treasury holdings from $16 billion to $1.8 billion. This isn’t a bet against the U.S.—it’s about defending its currency. Amid the Middle East conflict, emerging markets are facing tight dollar liquidity. This move reflects a broader trend of global central banks reducing their U.S. Treasury positions. Countries are preparing in advance for a post-dollar era. These factors collectively suggest that the dollar is no longer the safest haven.
