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30年期收益率突破5%,美债风暴阴影再度笼罩全球市场
Di Yi Cai Jing·2025-05-19 12:53

Group 1 - The core issue driving the recent downgrade of the US credit rating is the ongoing fiscal imbalance in the country [1][10] - The 30-year US Treasury yield has surpassed 5%, indicating rising concerns in the market [2][10] - Moody's downgrade of the US credit rating has raised questions about the sustainability of US debt, with foreign investors showing reduced demand for US Treasuries [2][9] Group 2 - As of March, foreign investors held a total of $9.05 trillion in US Treasuries, with Japan as the largest holder at $1.13 trillion, while China's holdings decreased by $18.9 billion to $765 billion [6][7] - The recent TIC data shows a significant increase in foreign holdings of US Treasuries, up over $233 billion from February, but China's position has slipped to third place [6][7] - The market has experienced a notable sell-off in US Treasuries, particularly influenced by concerns over the Trump administration's tariff policies and their impact on fiscal sustainability [9][12] Group 3 - The proposed tax reform plan by the Trump administration has faced significant hurdles, with a recent vote in the House Budget Committee resulting in a defeat, highlighting internal party divisions [11][12] - The potential delay in the tax reform process raises concerns about the future trajectory of US fiscal policy and its implications for the economy [12][13] - Analysts suggest that the focus may shift from tariffs to the progress of tax reform, which could further influence investor sentiment towards US Treasuries [13]