1204 ET - As global central banks reduce their ownership of Treasurys and retail investors pick up the slack, yields have an added upward pressure, says Stephen Douglass of NISA Investment Advisors. The Treasury "has been issuing a lot of bonds" and foreign central banks ownership has declined. That means "a higher share of [Treasurys] has to go to domestic private investors, and that is a more price-sensitive class of investor than central banks." The Treasury, he says, is "selling to a more fickle buyer base." Douglass describes this trend as a "slow-moving tectonic plate shifting." (paulo.trevisani@wsj.com; @ptrevisani)

(END) Dow Jones Newswires

February 13, 2026 12:04 ET (17:04 GMT)

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