事关美债，整个华尔街都在看周三贝森特的策略

Core Viewpoint - The U.S. Treasury Secretary, Yellen, is expected to increase the issuance of short-term bonds to lower long-term U.S. Treasury yields amid rising national debt, with a quarterly report due this Wednesday [1]. Group 1: Short-term Bond Issuance - Market participants anticipate that the Treasury will clarify its strategy to increase the proportion of short-term bonds in the $30 trillion national debt market [1]. - The proportion of short-term bonds has already exceeded 21% as of September this year, up from a long-term target of around 20% suggested by the Treasury Borrowing Advisory Committee [2]. - Citigroup estimates that if the Treasury does not increase the issuance of medium- to long-term bonds, the share of short-term bonds could rise to over 26% by the end of 2027 [2]. Group 2: Impact of Federal Reserve Policies - The Federal Reserve's decision to stop reducing its Treasury holdings and to use cash from maturing mortgage-backed securities (MBS) to purchase short-term bonds will support this strategy [1][4]. - JPMorgan estimates that the Fed's actions could create an additional demand of approximately $15 billion per month for Treasury bonds [4]. Group 3: Debt Refinancing and Cost Savings - The U.S. government may save up to $1 trillion due to lower refinancing costs from reduced benchmark interest rates and increased tariff revenues [3]. - The total expenditure on debt by the Treasury reached a record $1.22 trillion for the fiscal year ending September 30 [3]. Group 4: Upcoming Bond Issuances - Upcoming bond issuances include $58 billion in 3-year bonds on November 10, $42 billion in 10-year bonds on November 12, and $25 billion in 30-year bonds on November 13 [5].