Allianz's chief economic advisor, El-Erian, wrote that if the Financial Times report that "Norway's sovereign wealth fund plans to reduce its holdings of US Treasury bonds by about $80 billion" is confirmed, it would further illustrate that a group of traditional buyers of US Treasury bonds, who have been long-term and stable purchasers, are gradually weakening their original roles. This list includes Japan and Gulf Cooperation Council (GCC) economies, among others, whose roles have shifted due to rising domestic financing needs.
