Recent research presented at the Kansas City Federal Reserve conference indicates that U.S. Treasuries are losing their status as the ultimate safe haven for investors. Analysts suggest that the long-held perception of U.S. government bonds as a secure investment is shifting, with Treasuries now being treated similarly to bonds from other countries. This change in sentiment raises concerns about the so-called 'exorbitant privilege' that the U.S. government has enjoyed in borrowing on global markets, particularly as federal budget deficits widen. Factors contributing to this decline include increasing fiscal irresponsibility, unsustainable debt levels, and inflation risks as interest rates begin to fall. The findings reflect a broader shift in investor behavior and perceptions regarding U.S. Treasuries, as they are now viewed as less reliable amidst changing economic conditions.