摩根大通：美国财政部回购债券存在信誉风险

Odaily News JPMorgan strategists have warned that markets may view the U.S. Treasury's unexpected attempt to压低长期融资成本 as lacking credibility, which could over time push up term premiums and bond yields. The Treasury said on Wednesday that it would at least double the scale of its bond buybacks to provide "greater liquidity support," a move that would push down yields on long-term U.S. bonds. However, JPMorgan noted that this is only a temporary fix: the U.S. economy is near full employment, yet still faces a 6% fiscal deficit.

Strategists including Jay Barry wrote: "Without real fiscal consolidation, we fear the market will see this move as lacking credibility. If the Treasury becomes more opportunistic in debt management and further deviates from its 'regular and predictable' principles, this could lead to higher term premiums and yields." The U.S. national debt has surpassed $40 trillion, making it harder for policymakers to control financing costs, while the government continues to issue more debt. A market survey shows that about 60% of respondents believe the U.S. debt situation will continue to deteriorate until it triggers a major crisis. (Jin Shi)