德银为美政府献上“锦囊”：即能解决债务危机，还能让美联储降息！

Group 1 - Deutsche Bank suggests that the Trump administration can alleviate its "unsustainable" fiscal situation by encouraging more domestic investors to purchase U.S. Treasury bonds, which may lead to lower bond prices and a weaker dollar [1] - The proposed "Pennsylvania Plan" aims to reduce reliance on international buyers of U.S. bonds by incentivizing domestic investment, such as making it easier for banks to buy bonds or establishing tax exemptions [1] - The report indicates that while these measures may not significantly reduce the funding gap, they could diminish the influence of foreign debt holders on U.S. policy and mitigate the risk of large-scale sell-offs of U.S. Treasury bonds [1] Group 2 - Saravelos emphasizes that investors should disregard the "Mar-a-Lago Agreement," advocating for the U.S. government to seek more funding from domestic investors due to a lack of willingness to improve fiscal conditions [2] - The report predicts a "historic" shift that will pressure the dollar and increase term premiums, while the Federal Reserve may be more motivated to maintain low interest rates to manage fiscal pressures [2] - A weaker dollar could help rebalance the U.S. external deficit, which may not be an economically unfavorable outcome [2] Group 3 - The extent to which foreign investors are avoiding U.S. assets remains unclear, although recent data from the U.S. Treasury indicates strong demand for 10-year and 30-year Treasury auctions, with foreign purchases near average levels [3]