On May 28, Goldman Sachs stated that the dollar strengthened during the first month of the U.S.-Iran conflict, prompting foreign official institutions to sell U.S. Treasuries. Goldman Sachs strategists noted that these shifts appear to occur as some foreign governments are committed to supporting their domestic currencies and alleviating capital outflows during the war. This is likely a temporary pattern and does not indicate a structural change in the demand for U.S. Treasuries.