Workflow
政府债务上升隐患
icon
Search documents
美债5月海外需求回升 中国持仓继续下降 加拿大从“卖卖卖”转为“买买买”
Sou Hu Cai Jing· 2025-07-18 02:31
Group 1 - The core viewpoint of the article highlights the recovery of overseas demand for U.S. Treasury bonds in May, with a notable increase of $32.4 billion, bringing the total holdings by major foreign investors to $9.0458 trillion [1] - Japan, the UK, and mainland China remain the top three holders of U.S. debt, with Japan and the UK slightly increasing their holdings, while China reduced its holdings for the fourth consecutive month, selling $900 million in May [1][2] - Canada significantly increased its U.S. Treasury holdings by $61.7 billion in May, reaching a historical high of $430.1 billion, moving up to the fifth position among major foreign investors [1] Group 2 - The article discusses the impact of U.S. fiscal policies on the demand for U.S. Treasury bonds, noting that despite concerns over the U.S. deficit, the fundamental demand for these bonds remains strong due to their market depth and liquidity [2] - The U.S. Congress passed a large tax and spending bill in May, which is projected to increase the deficit by $2.8 trillion over the next ten years, raising concerns about the long-term fiscal health of the U.S. [3] - Moody's downgraded the U.S. long-term issuer rating from Aaa to Aa1, citing the ongoing large fiscal deficits and their implications for government debt and interest expenses [3] Group 3 - In May, U.S. Treasury investors faced multiple challenges, including uncertainty over tariffs, rising government debt, and a downgrade in sovereign ratings, leading to a decline of over 1.2% in Treasury indices [3] - The Federal Reserve maintained its interest rate target range at 4.25% to 4.50%, indicating increased uncertainty in the economic outlook, despite stable unemployment rates [4] - Fed Chairman Powell noted that the impact of tariffs has not yet fully manifested in economic data, and the evolving policies of the Trump administration contribute to economic uncertainty [4][5]