摩根大通警告美国增加美债回购治标不治本 或反推升期限溢价与收益率

智通财经
Aug 20
【摩根大通警告美国增加美债回购治标不治本 或反推升期限溢价与收益率】摩根大通策略师警告称,美国财政部出人意料地试图抑制长期借贷成本,可能难以取信于市场;随着时间的推移,反而可能推高期限溢价和收益率。美国财政部周三表示,将把10年至30年期国债的回购操作规模至少提高一倍,旨在提供“更大的流动性支持”,导致美国长期债券收益率走低。但摩根大通表示,此举只是治标不治本:在经济接近充分就业之际,美国的财政赤字仍相当于GDP的6%。Jay Barry等策略师在一份报告中写道:“若没有真正的财政整顿,我们担心市场将认为这项行动缺乏可信度。”他们指出,如果财政部在债务管理方面采取更具机会主义的做法,并进一步偏离其“常规且可预测”的原则,可能会导致期限溢价和收益率随着时间的推移而上升。

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