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Oct. 7, 2015 1:34 a.m. ET
Five large purchasers of US Treasuries – China, Russia, Norway, Brazil, and Taiwan – have changed their minds. They’re dumping Treasuries, each for their own reasons that are now coinciding. And at the fastest rate on record.

For the 12-month period ended July, sales of Treasuries by central banks around the world reached a net of $123 billion, “the biggest decline since data started to be collected in 1978,” the Wall Street Journal reported.

But for every sale there must be a buyer. And there were plenty of them, companies, funds, and individuals around the world. And if push comes to shove, and Treasuries begin to spiral out of control under toxic selling pressure, the Fed, which stops before nothing, would jump in and buy whatever China is selling. Or at least, everyone assumes that it would. And so yields have stayed low. In fact, the government was able to auction off thee-month T-bills at a yield of zero for the first time in history, just when central banks are dumping Treasuries, and despite a multi-day rally in stocks. Read… Something’s Up: Panic Buying of Super-Liquid Treasuries