利息飙升推动美国财政赤字扩大 10年期美债拍卖升温缓解需求疑虑

Group 1 - The U.S. federal budget deficit expanded to $316 billion in May, bringing the cumulative deficit for the fiscal year to $1.36 trillion, a 14% increase compared to the same period last year [1] - The total U.S. federal debt has reached $36.2 trillion, with interest payments in May exceeding $9.2 billion, making it the third-largest federal expenditure after Medicare and Social Security [1] - Despite a 15% year-on-year increase in May tax revenue, the continuous rise in spending (up 8% year-on-year) has led to an expanding budget deficit [1] Group 2 - The auction of $39 billion in 10-year U.S. Treasury bonds showed strong demand, with a bid-to-cover ratio indicating robust investor interest despite concerns over rising supply and trade policies [2] - The winning yield for the 10-year bonds was 4.421%, slightly lower than pre-auction market expectations, reflecting investors' willingness to accept lower returns [2] - Domestic bidders were particularly active, accounting for 20.5% of the auction, significantly higher than the usual 14.5% [2] Group 3 - The rising debt levels and deficit as a percentage of GDP, now exceeding 6%, are raising long-term concerns among market participants [3] - Prominent figures in finance, including CEOs from JPMorgan and BlackRock, have warned that the high debt burden could lead to financial market instability [3]