策略师:美国回购国债对美元的影响或甚于对收益率本身的影响

格隆汇
Sep 10
Ebury首席外汇策略师罗曼·齐鲁克表示,对于美元而言,美国财政部加大干预力度的影响可能比对收益率本身的影响更为持久。回购操作的初衷并非解决赤字问题;然而,市场对于财政部为何感到有必要进行干预并动用非常规手段的解读,本身已演变成一种风险溢价的来源。这背离了传统的经济学逻辑,即收益率上升通常会通过吸引资本流入来支撑本币汇率。相反,尽管收益率不断攀升,美元走势却依然疲软,因为投资者日益将此视为财政与体制承压的迹象,而非经济强劲的表现。

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