For generations, U.S. Treasury bonds have served as the world's financial bedrock — the instrument to which cautious capital reliably returned. Now, Norway's $2 trillion sovereign wealth fund, the largest of its kind on earth, is proposing to shed roughly $80 billion of that bedrock, joining a quiet but consequential chorus of global investors who are asking whether American government debt still earns its place at the center of their portfolios. The move is not a flight from America, but a repositioning within it — a signal that the calculus of safety and return is being rewritten, and that t