创纪录回购100亿美债，美财政部为何亲自下场？

Core Viewpoint - The article discusses the recent challenges facing U.S. Treasury bonds, including rising yields, structural imbalances in supply and demand, and declining confidence in U.S. creditworthiness, leading to concerns about the sustainability of U.S. debt [1][2][3]. Group 1: Market Dynamics - U.S. Treasury yields surged in May, with long-term yields exceeding 5% for three consecutive days, indicating an oversupply and insufficient demand for Treasuries [1]. - The total U.S. debt has surpassed $36 trillion, increasing by $1 trillion in less than six months, raising concerns about sustainability [1]. - Moody's downgraded the U.S. sovereign credit rating from AAA to AA1, citing that interest payments on debt have exceeded 10% of GDP, breaching international warning levels [2]. Group 2: Economic Policies and Impacts - The U.S. government's tariff policies have led to increased market uncertainty, contributing to fears of high inflation, high interest rates, and economic downturns [2][3]. - The U.S. GDP experienced a 0.3% quarter-on-quarter decline, further exacerbating concerns about the economic outlook [2]. Group 3: Buyer Trends - Foreign ownership of U.S. Treasuries has decreased, with major holders like Japan and China reducing their holdings, reflecting a broader decline in confidence in U.S. credit [4]. - The proportion of foreign official holdings of U.S. Treasuries fell from 45% in 2014 to 28% in 2023, indicating a significant shift in the international monetary landscape [4]. Group 4: Future Outlook - The U.S. Treasury Department's recent buyback of $10 billion in bonds raises questions about the demand for Treasuries and the need for domestic buyers to fill the gap left by foreign investors [1][5]. - The proposed "One Big Beautiful Bill" tax plan could increase U.S. debt by over $2 trillion, complicating the fiscal landscape and potentially leading to further increases in Treasury yields [6]. - As global investors seek safer assets amid rising uncertainty, the trend of selling U.S. Treasuries is expected to continue, with the Treasury Department increasingly forced to buy back its own bonds [6].