美国国债市场“新世界秩序”引发对长端美债的担忧

Core Viewpoint - The recent "sell-off of U.S. bonds" in April may have a lasting impact on investors' willingness to hold the longest-term U.S. government bonds, which are a key pillar of U.S. government deficit financing [1] Group 1: Market Impact - The uncertainty created by President Trump's administration, nearing 100 days in office, has forced traders to focus on a broader range of issues beyond interest rate trends [1] - This has led bond buyers to question the traditional safe-haven status of U.S. government debt and demand higher yields for longer-term bonds [1] Group 2: Investment Management Firms - Bond managers from firms such as BlackRock, Brandywine Global Investment Management, and Vanguard are particularly affected by these market dynamics [1]