About this work
The safe haven role of US Treasuries depends partly on the durability of foreign demand. Robin Brooks, Jonathan Fortun and Jonathan Pingle argue in November 2021 that dollar strength reduced foreign central banks’ need to intervene and accumulate Treasury holdings. Persistently weak inflows could leave the market more exposed to global shocks and require renewed Federal Reserve support.
Abstract
The safe haven role of US Treasuries depends partly on the durability of foreign demand. Robin Brooks, Jonathan Fortun and Jonathan Pingle argue in November 2021 that dollar strength reduced foreign central banks’ need to intervene and accumulate Treasury holdings. Persistently weak inflows could leave the market more exposed to global shocks and require renewed Federal Reserve support.
Cite this work
Robin Brooks, Jonathan Fortun, Jonathan Pingle (2021). Global Macro Views: Are US Treasuries still a Risk Hedge?. Institute of International Finance.