``All we know for now is that someone in panic-mode yanked a pile of Treasuries away from the Fed and transferred it to some other entity... The entity could be Euroclear, which would then as custodian, and thus under its name, transfer some of them back to the Fed. Now that they're no longer in Russia's name [if this was indeed Russia], the US government would presumably have trouble freezing them as part of the sanction spiral unfolding over the Ukraine -- couldn't even credibly threaten to freeze them.''

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