the treasury's held in that country it's just the location
of the custodian themselves so hence why you see Cayman Islands
and Luxembourg and Belgium for instance given the clearing
businesses that run out of there have very high treasury holding
same with Ireland given the corporate tax or corporate cash
over there and that said the
foreign private sector is really the ones who hold a lot the long
end duration here in the US market
for an official sector tends to stay kind of three two years and
in because they want to hold less duration risk for the exact
same reasons that Mike was just alluding to
which was in case they need to step in and defend their
currencies and sell they want to mitigate that price risk so they