Two major Nordic pension funds are dumping US debt.

On Wednesday, Sweden's largest pension fund Alecta has sold off most of its holdings of US Treasury bonds, with the size of the sale estimated to be between $7.7 billion and $8.8 billion. The day before, Danish pension fund Akademiker Pension also announced that it will sell off about $100 million worth of US Treasury bonds. According to data from iFinD, foreign investors hold over $9 trillion of US Treasury bonds, with Europe holding over $3.6 trillion. The global market is closely watching the Trump administration's "TACO" trade.