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U.S. Treasury Secretary Scott Bessent looked dead at the cameras today and said, “Denmark’s investment in U.S. Treasury bonds, like Denmark itself, is irrelevant.” Scott is of course in Davos and was asked about AkademikerPension, a Danish pension fund, dumping $100 million worth of Treasurys. His answer made it clear he couldn’t care less. This happened as markets were already going haywire. President Donald Trump, now in his second term, had just threatened tariffs on eight European countries. He said 10% duties would start February 1, and could rise to 25%. His reason? Europe won’t back off Greenland. Stocks dropped, bond prices fell, and yields spiked. Everyone scrambled. And then Denmark made its little bond sale. Bessent downplays Europe’s bond threats and hits Deutsche Bank AkademikerPension’s chief investor, Anders Schelde, said they sold the Treasurys because of “poor government finances” in the U.S. But Scott wasn’t having it.“That is less than $100 million,” he said. “They’ve been selling Treasuries for years. I’m not concerned at all.” Scott reminded reporters that the U.S. is still seeing “record foreign investment” in its Treasurys. He also pointed to Japan’s snap election. That news triggered a bond sell-off in Tokyo, and Scott said that “spilled over to other markets,” possibly explaining some of the panic selling outside the U.S. too. As for the theory that European governments might start dumping U.S. assets, Scott had a name: Deutsche Bank. “The notion that Europeans would be selling U.S. assets came from a single analyst at Deutsche Bank,” he said, adding that “the fake news media” made it sound bigger than it is. That analyst was George Saravelos, head of FX research at the bank. His January 18 note warned that the U.S. has one big weakness: “it relies on others to pay its bills via large…

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Filed under: News - @ January 21, 2026 12:28 pm