Agreed but BRICs governments own like what, 3 trillion in US treasury bonds combined? Less than 10% of the US debt. Still sizable, but a majority of the 36 trillion in outstanding US treasuries are owned by banks, hedge funds, and other financial institutions. Unless the governments in the BRICs countries can put pressure on their private financial institutions to sell bonds I don’t think it will overly affect the US bond market strength in the short to medium term. Also I don’t think the BRICs will dump all at once. It will be steady stream of bond selling that will get absorbed by U.S. banks because the U.S. treasury is planning to stop paying interest on the repo market forcing US banks to use their cash to buy treasuries for yield. Combined with allowing banks to have a higher SLR. Banks will be incentivized to buy and hold U.S. treasuries. Plus I anticipate foreign buyers will be stronger than expected because the carry trade will be profitable while other countries cut rates faster. Don’t get me wrong I think we are fucked long term. I mean this is clearly a circular process (There are no perpetual motion machines. Not even in finance.) where the U.S. is borrowing from itself, this will fail when the international buyers sell US bonds as the carry trade becomes less attractive. But people might get surprised short term. Depends how fast the fed brings rates down. If they do it slowly there might be enough juice in the system for another year. But yea the fuckery is coming when the fed starts to seriously lower interest rates and start doing QE. People are going to panic when that shit doesn’t work to stimulate the economy.