汇丰：美联储缩减持仓将使美国国债更依赖价格敏感型买家

Odaily News: According to a report by HSBC strategist Dhiraj Narula and economist Ryan Wang, if the Federal Reserve reduces its holdings of U.S. Treasuries, the Treasury market may become more reliant on price-sensitive buyers. They wrote: "The reduction in Fed holdings will continue to impact the U.S. Treasury market. If growth in the System Open Market Account (SOMA) holdings fails to keep pace with the expansion of Treasury supply—whether due to passive or relative quantitative tightening, or merely moderate growth in holdings—a larger share of government funding needs will ultimately have to be absorbed by price-sensitive investors."