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Of course, a deficit is only as ominous as the market’s inability to buy the excess debt that’s issued along the way. But INTL FCStone macro strategist Vincent Deluard has serious concerns about that.

He notes that the Federal Reserve and foreign central banks — historically the most reliable purchasers of newly issued debt — are selling right now. While the Fed has slashed Treasury holdings by $260 billion since October 2017, their foreign counterparts have sold almost $1 trillion over the past four years.

So who’s left to pick up the slack and absorb the debt still flooding the market? Deluard says that responsibility will fall on retail investors and pension funds. But there are a few key caveats — and they don’t bode particularly well for the future of stocks.