alt Hacker NewsSwedish Alecta has sold off an estimated $8B of US Treasury Bonds
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What are some realistic alternatives to US markets here? Selling is one thing, the question is what to buy instead? I mean, everyone starting to buy european instead would be great for stock prices, but it wouldn't make the underlying assets more valuable, right?
What would be more serious is if the Norwegian Government Pension Fund started to sell off US investments.
That runs around $2 trillion.
They can start buying Euro bonds, Gold, bonds for the great european companies like ASML, Airbus etc?? they can basically find a way to invest in their future, right? they just need to figure out the right financial vehicle?
This is directionally significant compared to the Danish sale(~$100 million) of US bonds.
The problem is that Europe doesn't have a European bond market to compete against the US bond market. It has the economic size and stability but not the will right now. Europe did try it a bit during COVID but financial services are just not there yet. The Euro very well become a reserve currency in a multipolar world if Europeans decide they want to shoulder it.
It's self evident that this is just the beginning. Expect one group of pundits to pretend this is irrelevant as long as possible.
An equally valid headline is "Investors purchased $8B of US Treasury Bonds". Never really got the point of people announcing US Treasury sales like its a big thing. Someone else not thinking with their emotions can, and will buy them. Its like announcing publicly you are selling your Honda. Its your Honda bro, sell it.
Related:
Swedish pension fund Alecta cuts US Treasury holdings citing US politics - https://news.ycombinator.com/item?id=46705118 - January 2026 (0 comments)
Bessent Shrugs Off 'Irrelevant' Danish Treasuries Sales - https://news.ycombinator.com/item?id=46702927 - January 2026 (0 comments)
Danish Pension Fund AkademikerPension to Exit US Treasuries - https://news.ycombinator.com/item?id=46693791 - January 2026 (2 comments)
Danish pension fund to divest its U.S. Treasuries - https://news.ycombinator.com/item?id=46692594 - January 2026 (730 comments)
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A brief search suggests this is around 1/4000th of the total US treasury market, so if this has any significance at all, it's symbolic.
US 10- and 30-year bonds are trading at their highest yields (lowest prices) since, uh, August/September 2025. Or in historical context, rates that were more common before 2007 and the ZIRP period.