Treasury market interventions are only a band-aid - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

Treasury market interventions are only a band-aid

Bessent’s moves on the yen and long-dated bonds do little to assuage markets long-term
00:00

{"text":[[{"start":6.1,"text":"After months of verbal commitments to remain in the system, the UK government exited the European Exchange Rate Mechanism on September 16 1992, unchaining sterling from other EU currencies. “Black Wednesday” harmed the credibility of the government, and netted investors who bet against the pound large returns. Among them was a young American trader at Soros Fund Management in London: Scott Bessent."}],[{"start":32.04,"text":"Today, the US Treasury secretary finds himself on the other side of the table. Rather than maintaining a currency peg, Bessent must bolster the world’s most important bond market as Treasuries face a moment of weakness."}],[{"start":45.64,"text":"Bessent likes to describe his role as America’s “top bond salesman.” Implicit is a desire to keep bond prices high and rates low. But his recent attempts to tame Treasuries have not addressed the underlying drivers of turbulence in the US bond market. As Bessent surely knows from his experience with John Major’s government, interventions only work insofar as policymakers have credibility in the eyes of markets."}],[{"start":71.04,"text":"Treasury market fragility has grown in recent years due to persistent US fiscal deficits driven by high spending and tax cuts. Elevated interest rates have exacerbated the problem of servicing Treasury debt. The typical Treasury bond purchaser is shifting from buy-and-hold sovereign buyers, pension funds and insurers to hot money that demands higher rates. High capital spending on AI data centres contributes to a bond glut in which sovereign issuers are competing with corporate borrowers and private credit, pushing up rates."}],[{"start":104.16,"text":"Bessent’s interventions have aimed to reduce upward pressure on long-term Treasury yields. The move to support a weak yen this month was intended to take pressure off Japan to raise rates or sell Treasury bonds to support its currency; both could weaken the dollar and push up US government borrowing costs. Earlier this year, Bessent suggested providing swap lines to Gulf countries such as the United Arab Emirates, also major holders of Treasury debt. Supporting the currencies and liquidity positions of foreign allies to avoid Treasury sell-offs is a temporary fix, but does not solve the problems of policy credibility and excess debt."}],[{"start":141.64,"text":"Last week, Bessent made unusual changes to policy towards the Treasury market, signalling that his department would buy twice as many long-dated bonds. Bessent has been a critic of the US Treasury’s “regular and predictable” posture on bond maturity issuance, blaming Janet Yellen for not issuing enough longer-maturity debt and leaning on short-term borrowing. His intervention last week boosted long-term bonds on the day, but its modest scale ultimately left the market mostly unchanged. Reports on Monday indicated the Treasury may use funds from its main checking account to buy back bonds, but the scope of such a programme remains to be seen."}],[{"start":180.24,"text":"As the steward of the world’s most important bond market, and a key player in maintaining the world’s reserve currency, Bessent’s interventions affect the global economy. His efforts have not been helped by the reluctance of the new Federal Reserve chair Kevin Warsh to communicate his views clearly."}],[{"start":196.8,"text":"But Bessent’s actions so far amount to putting bandages on deeper wounds caused by structurally high deficits and persistent inflation. The only sustainable way to reduce upward pressure on Treasuries would be fiscal prudence. Bessent has highlighted his desire to limit budget deficits to 3 per cent of GDP, roughly half the current deficit. He would do well to push the Trump administration and Congress to achieve this stated goal."}],[{"start":224.72,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1787630773_7478.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

奥迪将在美国建厂,投资40亿美元以应对关税

这项举措是在特朗普于佐治亚州举行的集会上宣布的,正值这家汽车制造商及其母公司大众寻求减轻总统加征关税的压力。

摩科瑞因霍尔木兹海峡危机期间的运价争议,将“航运界道琼斯”告上法庭

此案将检验波罗的海交易所在战事期间继续发布经霍尔木兹海峡运输石油的运价估算,是否妥当。

博尔索纳罗与卢拉在巴西展开势均力敌的选战

右翼挑战者力图击败左翼总统,推动拉丁美洲最大国家与唐纳德•特朗普更加靠拢

德国亿万富翁称,2.5亿欧元的拜仁慕尼黑交易不只是钱的问题

马克西米利安•菲斯曼表示,家族投资德国最成功的足球俱乐部,既看重财务回报,也出于热爱。

我最尴尬的一次求职面试教会了我什么

求职者不应被要求披露过往薪酬,也不应只能猜测职位开出的薪资。

中国消费需求降温,奢侈品集团市值缩水2500亿欧元

中国经济放缓、全球股市降温,令欧洲这一板块的低迷进一步加剧。
设置字号×
最小
较小
默认
较大
最大
分享×