The headlines are running rampant this morning as the world’s largest (and most transparent) sovereign wealth fund – Norway’s Government Pension Fund – has proposed reducing the amount of government bonds in its $2.3 trillion portfolio to boost holdings of riskier debt, with US Treasuries the most affected.

So, with all that in mind – and while we are not used to being the calm kids in the theater when everyone is yelling ‘fire’ – Norway’s fund proposal is more portfolio engineering than a geopolitical “dump America” move (for now)…

Dollar weight in the bond benchmark barely moves: 52.9% ? 52.5%.

https://www.zerohedge.com/markets/worlds-largest-sovereign-wealth-fund-cuts-treasury-holdings-its-not-what-you-think