Toby Howell

Yeah, maybe the best emblematic emblem of that shift is the fact that a large Danish pension fund is literally selling U.S.

Treasuries right now.

They sold $100 million because of finance concerns.

The investing chief says the decision was driven by what it sees as poor U.S.

government finances in America's debt crisis.

And this is something that could spread beyond just this one Danish pension fund because $100 million in the grand scheme of things isn't a lot of money, which feels weird to say, but it's true in terms of U.S.

treasuries.

Bridgewater's Ray Dalio told CNBC yesterday that sovereign wealth funds could start to also sell U.S.

investments if they stop seeing U.S.

as a stable trading partner.

That is absolutely how a lot of the world sees the U.S.

right now, not a stable trading partner.

I think the real question here is, does Trump back down again?

Because historically, he's been pretty sensitive to how the bond market responds to his policies.

He also clearly looks at the stock market and loves citing it as evidence that his agenda is working.

Back in April, literally, he backed down from his Liberation Day tariffs because, quote, the bond market started getting a little bit yippy.

The bond market is certainly a bit yippy right now.

And I do want to just hammer down the point that this has been an extremely calm period of months.

As you mentioned, all those things that could have roiled the ship have

didn't.