荷兰国际：债券市场反映财政风险和对美联储独立性的担忧

Core Viewpoint - The report from Dutch International Group's interest rate strategists highlights the increasing government spending accompanied by fiscal risks, particularly for U.S. Treasury investors, emphasizing the need to be cautious about these risks [1] Group 1: Fiscal Risks - The latest deficit data from the U.S. shows some improvement, but average projections indicate that budget deficits will remain significantly above 6% in 2026 and 2027 [1] - The reliance on foreign investors to fund the U.S. current account deficit is a growing concern [1] Group 2: Geopolitical Tensions - There are no immediate signs of de-dollarization; however, geopolitical tensions and challenges to the independence of the Federal Reserve could diminish the attractiveness of U.S. Treasuries as a safe asset [1] - This situation contributes to maintaining high yields on 10-year U.S. Treasuries and results in a steeper yield curve [1]