The Federal Reserve is reducing its holdings of Treasury bonds at a time when the US government is about to ramp up issuance amid surging budget deficits.  Bob Michele of JP Morgan Asset Management, which manages $2 trillion, says he's closely watching the trend, but believes there will be enough overseas demand to prevent a crippling spike in US borrowing costs.  "There’s no doubt that what we’re seeing coming out of the budget, the US is losing its fiscal discipline, and you’ll see...


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