美财政部加码短期国债发行 稳定币需求成新兴买盘力量

Group 1 - The U.S. Treasury Department plans to auction $100 billion in four-week Treasury bills, marking a historic high in issuance, reflecting a preference for short-term financing to meet rising federal spending needs [1] - The issuance of four-week Treasury bills will increase by $5 billion from the previous auction, while the issuance of eight-week and seventeen-week Treasury bills will remain unchanged at $85 billion and $65 billion, respectively [1] - The demand for short-term Treasury securities remains strong, with yields exceeding 4%, leading to significant inflows into short-term Treasury ETFs, which saw $16.7 billion in inflows in Q2, doubling from the same period last year [1] Group 2 - The increase in Treasury bill issuance aims to meet current financing needs and rebuild cash buffers previously depleted due to debt ceiling issues, with expectations of continued marginal growth in Treasury supply [2] - The Treasury Secretary has no intention of expanding long-term debt issuance in the near term due to high federal fund rates making long-term debt issuance unattractive [2] - Market interest in long-term Treasury bonds remains uncertain, with recent auctions showing mixed responses, and expectations for increased long-term debt issuance being pushed back [2] Group 3 - Bank of America predicts that gold prices may rise further, potentially surpassing $4,000 per ounce, as concerns over U.S. debt levels grow and investors question the dollar's status as a reserve currency [3] - The report highlights that if fiscal deficits remain high alongside market volatility, more funds may flow into gold, with central banks gradually reducing their holdings of dollars and U.S. Treasuries while increasing gold reserves [3] - The World Gold Council's survey indicates that most central banks intend to continue increasing gold allocations in the next 12 months, reducing reliance on dollar assets, suggesting gold is becoming a new safe haven amid rising U.S. debt supply and fiscal sustainability concerns [3]