In March 2026, overseas investors reduced their holdings of U.S. debt by $138.4 billion in a single month, the second-highest level in history. Japan reduced its holdings by $35.3 billion and China reduced its holdings by $18.9 billion to a new low since 2008. The 30-year U.S. Treasury yield exceeded 5.18%, hitting a new high since 2007, and 5.5% became the market's new anchor point. The trend of de-dollarization by global central banks is clear, and the interest rate swap market has priced in an over 80% probability that the Federal Reserve will raise interest rates by the end of the year. Pay attention to the impact of Wash's inauguration on May 22.