Hedge funds pose greater threat to U.S. Treasuries than China ever did

For years, the biggest threat to the U.S. government bond market ​was supposedly China.

Many feared a politically motivated fire sale by America’s adversary could ‌destabilize the U.S. financial system.

That never happened.

But as Beijing has shed its Treasury exposure, a new – and arguably greater – bond market risk has arisen closer to home: domestic “fast money.”