美国银行预计，美联储可能在未来两年内将资产组合大幅转向短期国债（T-bills），总规模接近2万亿美元。这一调整几乎可覆盖财政部同期的全部短期发债需求。
彭博社8月16日分析指出，此举旨在缓解资产与负债之间的期限错配，同时降低利率风险和负资产压力。目前，美联储因储备利息支出高于资产收益，净收入持续为负。
在当前财政部大规模发债的背景下，美联储的买盘有望提供关键支撑，防止短端流动性紧张。美银预计，2026与2027财年短期国债发行规模将分别达到8250亿和1.067万亿美元。
美银预计，资产结构调整将在2025年12月结束缩表后立即启动。相关讨论可能已出现在7月FOMC会议上，纪要将于8月20日公布。（国际财闻汇）
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