The dollar is easy to get, but US debt is suddenly hard to hold.

The ease of using US dollars has increased, but the ease of holding US Treasury debt has decreased. This means it is now harder to get your hands on US government bonds, especially longer-term ones.

For decades, the US dollar and US Treasury bonds were both seen as easy to get and easy to hold. This paper shows that while the dollar remains convenient, Treasury bonds have become inconvenient. The relative supply of US government debt compared to other countries' debt appears to be the main reason. This could change how global investors manage their money.