China and Brazil, founding BRICS members, and new member Saudi Arabia have been busy selling U.S. Treasury holdings, reports digital economy publication The Daily HODL.

U.S. Treasury Department data newly released shows China’s ownership of Treasuries dropped from $835.4 billion at the start of July to $821.8 billion at the end of that month, a $13.6 billion paring.
 

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Brazil trimmed its Treasury holdings by $2.7 billion in that time frame, from $227.4 billion to $224.7 billion. Saudi Arabia lowered its Treasury holdings from $109.2 billion to $108.1 billion, a $1.1 billion cutback; and India also reduced its Treasury bond exposure, from $235.4 to $233.1, a $2.3 billion haircut.

United Arab Emirates’ Treasury sell-off was from $65.2 billion to $64.9 billion, a $300 million decline.

This is a trend that cannot be ignored, says Adam Kobeissi, founder and editor-in-chief of The Kobeissi Letter.

“Since their peak roughly a decade ago, China was unloaded nearly $500 billion of U.S. Treasuries,” Kobeissi says. “Why is China selling U.S. Treasuries so aggressively? One answer is a possible slowdown of their economy. Another is that this could be part of a broader strategic shift. Regardless, this is a trend you can’t ignore.”

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A sell-off in the bond market paired with a brisk spike in Treasury yields has sent both the bond and the stock market into turmoil in recent weeks.

The stellar jobs report Friday, which analysts had not expected, added to the volatility, boosting the yield on 10-year Treasuries to a 4.85% high and on 30-year Treasuries above 5%.

While 72.9% of investors think the Federal Reserve will keep rates where they are next month, 27.1% think the Fed will raise them by 25 basis points.