美债30年期收益率破5%创17年新高 华尔街机构集体抛售长债

Group 1 - The U.S. bond market is experiencing an unprecedented crisis of confidence, with the 30-year Treasury yield surpassing 5%, nearing the highest level since the 2007 financial crisis [1] - Concerns about the long-term fiscal situation of the U.S. are deepening, as the total federal debt has exceeded $36 trillion, with a debt-to-GDP ratio over 124%, significantly above international warning levels [1] - Interest payments on the debt are projected to exceed $1 trillion in the fiscal year 2024, becoming the third-largest government expenditure, surpassing defense spending [1] Group 2 - Major Wall Street investment firms are shifting to risk-averse strategies, systematically avoiding 30-year U.S. Treasury bonds and reallocating funds to mid-term bonds (5 to 10 years) [3] - These mid-term bonds offer relatively attractive returns while effectively reducing interest rate risk exposure, as firms like Pacific Investment Management Company adopt similar defensive strategies [3] - This collective adjustment in investment portfolios has yielded positive risk control outcomes this year, with investors seeking higher risk compensation for long-term lending to the U.S. government in the current fiscal environment [3] Group 3 - The U.S. Treasury yield curve is exhibiting a rare steepening trend, with the 30-year yield rising significantly while short-term yields (2-year, 5-year) are declining [4] - The difference between the 30-year and 5-year yields has surpassed 100 basis points for the first time since 2021, indicating substantial selling pressure on long-term bonds [4] - Recent bond auctions from major economies, including the U.S. and Japan, have faced weak demand, raising concerns about the future demand for long-term government bonds [4]