Global central banks sold $82 billion in US Treasuries, a 14-year low, accelerating the de-dollarization trend. The market has over-priced inflation shocks and overlooked growth recession risks, making 2-5 year US Treasuries attractive for investment. It is recommended to allocate to short-to-medium term US Treasuries, with attention to shipping in the Strait of Hormuz, US non-farm payroll data, and signals of a Federal Reserve policy shift.