The US Treasury market has long been the world's financial anchor — deep, liquid, and reliably stable. But that reputation is getting harder to sustain.

The US Treasury market has long been the world's financial anchor — deep, liquid, and reliably stable. But that reputation is getting harder to sustain. In his latest OMFIF commentary, Corpay Cross-Border Solutions chief market strategist Karl Schamotta breaks down why: America now borrows more than every other advanced economy combined, while the steady, price-insensitive buyers who once absorbed that debt — central banks, pension funds, insurers — are stepping back. In their place are hedge funds, private asset managers, and commercial buyers who sell the moment conditions turn. The takeaway for FX traders and corporate hedgers? After a decade of waiting for rates to "return to normal," the unsettling possibility is that they already have.

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