🐋 WHALE WATCH: Foreign official holdings of U.S. Treasuries have cratered to 12.5% of total outstanding debt—the lowest level this century. The era of foreign central banks acting as the primary backstop for U.S. deficit spending is quietly ending. As the global buyer of last resort steps back who steps in to pick up the slack ? This shift is a massive signal for the future of the Dollar and Treasury yields. Dont look away.(Whale Factor)