(https://www.marketwatch.com/story/the-fed-isnt-your-biggest-worry-the-central-bank-decision-that-actually-impacts-your-401-k-lands-in-tokyo-fc9d22c8?mod=mw_rss_topstories). Everyone's watching Warsh's next move, but the real shock is happening 6,000 miles away—Japan is edging toward the exit on Treasury purchases. This isn't a rate-hold story. This is a supply story. When foreign buyers pull back, real yields rise regardless of what the FOMC does.

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