Global Macro Monitor sums up “CROWDING OUT” mainly, the changing supply and demand dynamics in the Treasury market. The sharp increase in new Treasury supply this year and the coming years, and the declining demand, mainly, what was once “free money” from: 1) foreign central banks; 2) U.S. government trust funds, such as Social Security which is now in deficit; and 3) The Fed, which is now a net seller of Treasury securities as quantitative tightening is full steam of head, forcing the Treasury to issue an additional maximum of $30 billion into the market to refinance the FED’s maturing Treasury portfolio.https://macromon.wordpress.com/2018/11/12/mr-markets-biggest-headwind/