The county fund borrowed money at floating interest rates and used the money to buy five-year Treasuries.

But the figures show that in 2005 central banks played only a minor role in buying Treasuries.

Bonds also rose because many investors were seeking to protect their 1998 gains by buying Treasuries.

It could buy long-term Treasuries, the chairman replied.

In the past, Asian investors have bought Treasuries as yields approach 5 percent.

What's the best way to buy Treasuries?

The Fed could buy longer-term Treasuries, they said, even if it had not done so for decades.

That could encourage more foreign investors to buy Treasuries.

We might as well buy Treasuries and sleep well.

Those foreigners who bought Treasuries may be on to something.