美银展望下半年全球债券收益率三大驱动因素

Group 1 - The core theme of the report is that three key factors will drive global bond yields in the second half of the year [1] - The first factor is the impact of significant global policy shifts, including increased tariffs and defense spending, on economic growth and inflation [1] - The second factor is the changing structure of global sovereign bond issuance, with a greater shift towards short-term bond issuance [1] - The third factor is the demand from global investors, with expectations of significant changes in global bond issuance by the second half of 2025 [1] - The report highlights that the market's heightened focus on de-dollarization may support higher financing needs outside the United States [1]