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Kind: captions

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the treasury's held in that
country it's just the location

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of the custodian themselves so
hence why you see Cayman Islands

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and Luxembourg and Belgium for
instance given the clearing

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businesses that run out of there
have very high treasury holding

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same with Ireland given the
corporate tax or corporate cash

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over there and that said the

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foreign private sector is really
the ones who hold a lot the long

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end duration here in the US
market

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for an official sector tends to
stay kind of three two years and

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for an official sector tends to
stay kind of three two years and

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in because they want to hold
less duration risk for the exact

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same reasons that Mike was just
alluding to

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which was in case they need to
step in and defend their

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currencies and sell they want to
mitigate that price risk so they