Global Investors Have a New Reason to Pull Back From U.S. Debt - WSJ

1. U.S. Treasuries now offer lower returns compared to domestic bonds worldwide. 2. Rising currency hedging costs diminish the appeal of U.S. debt for foreign investors. 3. Japanese investors, major U.S. Treasury holders, face less attractive yields after hedging. 4. Trump's tariffs and inflation fears could flatten the U.S. yield curve further. 5. Foreign investors' demand for U.S. bonds may weaken without a dollar rebound.