大摩策略师:美国扩大美债回购规模或是过渡措施,为11月再融资公告铺垫

格隆汇
Aug 27
鉴于美国财长贝森特管理美债的方式更为积极主动,华尔街对未来数月政府的借款策略可能出现更大调整展开各种推演。德意志银行、摩根士丹利和花旗认为,有一种选项较为激进,即削减长期债券的发行规模。更有可能的是,美国财政部可以在11月4日的季度再融资会议中释放信号,表示未来新增融资将更多依赖国库券和较短期限国债,同时进一步扩大回购操作,以减轻长期国债收益率面临的压力。“扩大回购规模本身很可能只是过渡措施,是为了给11月的再融资公告做铺垫,”摩根士丹利利率策略师Martin Tobias表示,“真正能够推动市场的事件,最终将是财政部以何种方式缩短债务的加权平均期限。”

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