The phrase you're looking for here, gang, is Framework Relief Rally.

From American Public Media, this is Marketplans.

In Los Angeles, I'm Kai Rizdahl. It is Wednesday, today, 21 January. Good as always to have you along, everybody.

Well, in the space of something like three, maybe four hours at the World Economic Forum in Davos, Switzerland today, President Trump went from

having to have Greenland with all that that having implies to an as-yet-undefined framework

for some kind of as-yet-undefined agreement with NATO about the fate of the world's biggest

island. That's the news.

The reaction in this program's neck of the woods was predictable.

Markets loved it.

Stocks, that is, bond traders were a bit more blazze, which is interesting because U.S.

Treasuries, those government bonds and bills that basically the whole world owns at least a little bit of are among the possible ways that Europe might fight back should the president's mood change.

Marketplaces are Rebenishore gets us going.

Europeans own at least $8 trillion worth of U.S. treasuries.

Selling them off would make it harder and more expensive for the U.S. to borrow money

to fund all its spending.

There is, however, a problem.

These assets are not held predominantly by European governments.

They're held by private investors.

Josh Lipski at the Atlantic Council says European governments don't have a quick way of forcing

private investors to sell their treasuries.

Then there's another minor issue.

It would not be in Europe's own economic interest to do something like this.

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