EFTA Document EFTA01388352

ECB exit and higher US Treasury yields leading to less demand from abroad for US IG S billion 30 - 20 - 10 - 0 -10 -20 - -30 I When ECB put interest rates negative in 2014 the rest of the world started buying US credit... Net foreign purchases of US corporate bonds ...with ECB signaling OE exit foreigners are now net sellers of US credit 10 11 12 13 14 15 16 17 Source: Treasury, Haver Analytics, O5 Global Research a S billion - 30 - 25 - 20 15 10 05 - -5 - -10