The Globe and Mail reports in its Wednesday, Aug. 5, edition that the United States bond market has long had a dark cloud hanging over it: the threat that one of America's biggest creditors, most likely China or Japan, might liquidate some of their enormous Treasuries holdings, driving up borrowing costs and triggering an economic and market crash. A Reuters dispatch to The Globe reports that large sales of U.S. Treasuries could be keeping policy-makers in Washington up at night. A steep rise in borrowing costs, especially from current levels, is in no one's interest, especially not President Donald Trump and Secretary Bessent, whose sensitivity to the 10-year yield is a matter of public record. Some investors say a 10-year Treasury yield of 5 per cent is a ceiling the Trump administration will not want to see breached, especially with the midterm elections only a few months away and the U.S. stuck in a seemingly intractable war with Iran. History has shown that investors and policy-makers have been right to ignore the risk of a Treasury fire sale over the past few decades, no matter how much perma-bears have "cried wolf." History, however, also shows that the biggest risk in markets is the belief that there is none.