Latest Research
PULSE - February 10, 2026
Tariffs, Treasury Demand, and Tech CapEx: Navigating an Increasingly Complex Macro Environment
Foreign Central Banks Accelerate Search for Treasury Alternatives Amid Continued Reserve Diversification
Perscient's semantic signature tracking language consistent with foreign central banks seeking alternatives to U.S. Treasurys registered a z-score of 7.0. This represents one of the highest readings in our entire tracking universe, and the 1.3 weekly increase marks the largest jump observed across all signatures.
For the first time since 1996, foreign central banks now hold more gold than U.S. Treasurys by value. Central banks have been aggressively adding gold to their reserves over the past three years, with last year marking the third-largest expansion of central bank gold reserves on record. Russia's gold reserves recently exceeded $400 billion for the first time in history, while trade tensions and dollar uncertainty have pushed gold to record highs, reflecting what the Atlantic Council describes as "rising skepticism about the currency's stability."
