They are too cautious, I’d be close to declaring US bonds “junk status”.
What do you think that’d do?
Okay, obviously if I declared them junk, nobody would care... but you get the idea.
The reason for that obviously is they want to try and get out with some of the money that have loaned to us and if they just outright declared us junk (which we are) they hurt them selves Commies may be Evil but they aren’t totally stupid.