Ceresna Comment: The shortage of U.S. dollars globally has forced many central banks to start liquidating U.S. Treasuries to suppress the dollar rally. We believe that this is the single most significant macro event today. I think the question asked in the article below is quite relevant - "One wonders how much higher the USD will jump if and when China decides to halt its selling of US paper, and how much lower the Yuan will then tumble in response, leading to even faster capital outflows from China?" I would further add, the price suppression can only be sustained for so long. The only easy solution is for the Fed to provide liquidity, but as one can see, they are stubbornly focused on tightening.