特朗普说，只要贝森特出现在电视上，市场就会上涨

Core Viewpoint - The financial markets are exhibiting extreme sensitivity to statements made by influential figures, indicating a fragile market sentiment that could lead to significant volatility [1][3]. Group 1: Market Reactions - The yield on the 10-year U.S. Treasury surged to 4.536%, while the 20-year yield approached 5%, reflecting a level of market volatility typically triggered by major events [1]. - The dollar index experienced a sharp increase, while the Japanese yen appreciated, and gold prices fell significantly, suggesting tightening dollar liquidity and potential issues in the dollar financing market [5]. Group 2: Central Bank Concerns - The European Central Bank has begun requiring certain banks in the Eurozone to assess their resilience in the event of a dollar liquidity crunch, raising concerns about the Federal Reserve's ability to continue acting as a global liquidity provider [3][5]. - The Federal Reserve signaled its capability to provide dollar liquidity to other central banks through swap lines, but this raises fears about the consequences if such support is withdrawn [5]. Group 3: Global Financial System Vulnerability - The current situation highlights the fragility of the global dollar financing system, with the 10-year Treasury yield serving as a barometer for global dollar liquidity [7]. - The total global debt has reached $324 trillion, and the U.S. faces a significant challenge with $9 trillion in debt needing to be rolled over by 2025, raising questions about the sustainability of the dollar system [5]. Group 4: Shifts in Market Dynamics - The traditional strategies employed by the U.S. to stabilize the dollar's dominance are becoming less effective, as evidenced by the market's failure to respond positively to past measures [7][12]. - There is a growing skepticism regarding the reliability of the Federal Reserve's interventions, with many questioning the long-held beliefs about the safety of U.S. Treasuries and the effectiveness of quantitative easing [10][12]. Group 5: Future Implications - The ongoing situation suggests that the established financial norms may be eroding, leading to a potential reconfiguration of the global financial order as the cracks in the current system become more apparent [10][12]. - The dynamics of global economic competition have shifted from mere trade disputes to a deeper struggle for financial and monetary power, indicating a complex and evolving landscape [12].