Group 1 - The U.S. Treasury is reducing the issuance of short-term Treasury bills due to the ongoing debt ceiling impasse, with a planned issuance of $75 billion for four-week bills, down $10 billion from the previous issuance [1] - The Treasury's reduction in short-term debt issuance marks the beginning of a prolonged government financing tightening, with money market funds reducing their allocation to U.S. Treasuries by $278 billion since the beginning of the year [1] - The allocation of money market funds to U.S. Treasuries has decreased from nearly 41% at the end of 2024 to below 38%, while repo agreements have surged by $231 billion, increasing their share from 36% to nearly 39% [1] Group 2 - Treasury Secretary Yellen warned that without raising or suspending the debt ceiling before August, the Treasury could exhaust all means to avoid hitting the borrowing limit [2] - As of May 21, the Treasury had only $67 billion left from "extraordinary measures" to maintain government operations, a decrease from approximately $82 billion on May 14, indicating that about 82% of the available funds have been utilized [2] - The Treasury has net repaid approximately $183 billion in short-term debt supply as of May 29, and further delays in the debt ceiling resolution will necessitate more supply reductions [2] Group 3 - The current debt ceiling stalemate has disrupted the usual rhythm of debt issuance, which typically sees an increase after the tax season [3] - Congressional Republicans are working on a legislative plan to raise the debt ceiling by about $5 trillion, primarily aimed at extending and expanding tax cuts implemented in 2017 [3] - Treasury Secretary Yellen emphasized the importance of raising or suspending the debt ceiling before the mid-July recess to maintain the U.S. government's creditworthiness [3] Group 4 - The shift in fund flows within money market funds is a direct response to the political deadlock in Washington, indicating market participants' reactions to the ongoing situation [4]

巴西财长Haddad：不会推出财政刺激方案，而是采取常规措施。 ...

当前，共和党议员正推进一项立法方案，拟将债务上限提高约5万亿美元，该法案的核心内容是延续并 扩大特朗普于2017年推动的减税政策。然而，由于法案复杂，谈判可能持续数月。贝森特希望立法工作 能在7月4日独立日前完成，但参议院多数党领袖图恩则表示该目标"尚属理想"。 如果共和党无法在限期内通过本党方案，他们将不得不与民主党展开协商，这也可能赋予民主党机会， 在债务上限谈判中制衡特朗普政策主张。 尽管财政部面临严峻挑战，贝森特多次强调，美国绝不会发生主权违约。他在众议院拨款委员会听证会 上表示："美国政府永远不会违约，财政部不会采用任何花招，我们将确保债务上限获得提高。" 值得注意的是，总统特朗普曾表示希望彻底取消债务上限机制，但共和党内的"财政鹰派"长期以来将其 视为控制财政支出的关键工具，强烈反对无条件提高上限。 贝森特在信中指出："在审查了4月报税季后的财政收入后，我们认为政府现金储备和非常规措施在国会 休会期间耗尽的可能性是合理的。" 美国政府已在今年1月初触及36.1万亿美元的法定债务上限。为避免违约，财政部自那时起启动所谓 的"非常规措施"，即通过会计手段腾挪资金以履行付款义务。然而，根据财政部早前声明 ...