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That was my initial reaction, thinking China MUST hold more treasury bonds than anyone else, right? Turns out that’s typically Japan ($1 trillion), and the UK has generally held roughly the same number as China (both in the $700B range). Maybe the US anticipated and had contingencies ready if it was just China doing the selling, but when the other big holders started a slow bleed, it might’ve given them pause? Dunno.
We also don’t know who held what more recently than January and I don’t know if the data gap is the usual lag or if the the people who do this work at the Treasury department got “DOGE’d”.
Bottom line, it’s been fun to think about but I don’t think we should put too much stock in conspiracy theories originating on Substack.