Foreign governments were net sellers of US securities in March while private investors bought $162bn — the clearest sign yet that the marginal buyer of Treasuries is no longer official money. We trace where reserves are going instead (244 tonnes of gold), where sovereign funds are deploying surplus capital (AI infrastructure), and what the IMF's latest stability report says about a world where nonbanks set the price of cross-border capital.

Full brief and sources: universalassetowners.com