``Treasuries are bought by the Chinese central banks, the Japanese central bank, the Federal Reserve, and dealers/banks capitalizing on carry trades thanks to the Federal Reserve's 2014 low-rate guarantee. That's it! Because the Federal Reserve is unlikely to take back this low rate pledge, we do not expect this list of buyers to drastically change over the next couple years.

So what hurts the bond-buying public? Since they are making a big credit bet, one could argue a big correction in equities that dramatically widens credit spreads would be more harmful than a rise in interest rates.''

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