摩根大通：美国财政部回购债券存在信誉风险

Tin Odaily星球日报 JPMorgan strategists warned that markets may view the U.S. Treasury's unexpected attempt to lower long-term funding costs as lacking credibility, which over time could push up term premiums and bond yields. The U.S. Treasury said on Wednesday it would at least double the size of its bond buybacks to provide "greater liquidity support," a move that would push down long-term U.S. bond yields. However, JPMorgan said this move only addresses the symptoms, not the root cause: the U.S. economy is near full employment, yet still faces a fiscal deficit of 6%.

Strategists led by Jay Barry wrote: "Without genuine fiscal consolidation, we fear the market will view 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 size of U.S. Treasury debt has surpassed $40 trillion, increasing the difficulty for policymakers to control funding costs, while the U.S. 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)