CHART OF THE DAY: Last Week's $100 Billion Drop In The Fed's Treasury Holdings Probably Isn't A Geopolitical Conspiracy

Last week, we learned that the amount of U.S. Treasury securities held in custody for international accounts plunged by $104.5 billion during the week ending March 12. To be clear, this does not mean those securities were sold. All it means is that they are no longer being held at the Fed. The leading theory regarding what happened is that Russia moved these securities in advance of potential sanctions that could limit or restrict their ability to access their overseas money. "There have been ot...