美联储终于承认美债无力偿还，全球危机进入倒计时！抵押贷款支持证券的赎回本金，将被再投资于短期国债

Core Viewpoint - The Federal Reserve's recent actions indicate a shift from traditional monetary policy to a role that resembles a lifeline for the U.S. Treasury, raising concerns about the sustainability of U.S. debt and its implications for the global financial system [1][3][7] Group 1: Federal Reserve Actions - The Federal Reserve will cease balance sheet reduction after December 1, 2023, and will reinvest maturing securities into short-term Treasury bonds, effectively postponing debt repayment [1][3] - The Fed's balance sheet remains around $8 trillion, contradicting claims of monetary tightening, and suggests a strategy of delaying financial obligations rather than addressing them [3][5] Group 2: U.S. Debt Situation - The total U.S. debt has surpassed $38 trillion, with a projected fiscal deficit exceeding $1.7 trillion for FY 2024, necessitating daily borrowing of over $4 billion [3][5] - Interest payments on U.S. debt are nearing $1 trillion annually, accounting for 13% of the federal budget, raising concerns about long-term fiscal sustainability [5][9] Group 3: Foreign Investment Trends - Major foreign holders of U.S. debt, such as Japan and China, are reducing their holdings, with Japan decreasing by approximately $18 billion and China by about $24 billion as of August 2024 [5][7] - The reduction in foreign investment raises questions about the Fed's ability to manage the bond market without external support [5][7] Group 4: Economic Implications - The U.S. economy's growth is sluggish, with a projected annualized GDP growth rate of only 2.1% for Q2 2024, while corporate profit growth is slowing and household savings are at historical lows [9][11] - The Fed's current policies may lead to a normalization of debt issues, potentially desensitizing the market to the underlying risks associated with U.S. debt [11]