美国加码回购债券难挡定价权转移 久期风险加剧全球资产价格波动

智通财经
6 hours ago
【美国加码回购债券难挡定价权转移 久期风险加剧全球资产价格波动】美债市场的久期风险,已经成为当前全球资产定价的核心矛盾。所谓久期风险,是指利率上涨时,长期债券价格会大幅下跌的风险。 上周美国财政部扩大长债回购操作,并未有效压制美债收益率,反而助推黄金、比特币开启 “货币贬值交易”。北京时间8月24日晚间,外媒报道称,美国财政部或动用近万亿美元财政部一般账户资金回购债券。 业内人士分析,即便这一回购传闻属实,依旧难以化解美债供给过剩的长期性矛盾。因为当前美国国债的主要买家以及市场定价权,已经转向对估值高度敏感的私人资金。私人资金配置长债,需要获得久期风险、通胀风险、供给超发风险的额外风险补偿,这或将推动长债收益率进入更高运行区间。 此外,受益于高利率市场环境,今年以来美国、日本、欧洲市场的银行板块均迎来上涨行情。

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