她补充说，最近汽车行业的私营企业破产也暴露了广泛金融实体中意外的损失和敞口，包括银行、对冲 基金和专业金融公司。她的讲话呼应了美联储理事巴尔的担忧，巴尔本周早些时候曾表示，他将私人信 贷视为一个潜在风险领域。 美联储理事库克表示，鉴于杠杆化公司的"复杂性和相互关联性增加"，官员们应监测私人信贷中意外损 失可能如何蔓延至更广泛的美国金融体系。 今日周五(11月21日)亚盘时段，白银期货目前交投于11898一线下方，今日开盘于12065元/千克，截至发 稿，白银期货暂报11808元/千克，下跌2.65%，最高触及12145元/千克，最低下探11802元/千克，目前来 看，白银期货盘内短线偏向看跌走势。 打开APP，查看更多高清行情>> 【要闻速递】 库克周四还表示，她认为对冲基金在美国国债市场中不断扩大的足迹和资产估值水平是潜在的脆弱性。 库克表示，尽管存在资产价值高企、私人信贷市场的增长和复杂性，以及对冲基金活动可能导致国债市 场混乱的潜在脆弱性，金融体系仍然保持韧性。她说："这些新兴的脆弱性也发生在非常重大的技术变 革的背景下，这最终可能会改善金融稳定，但也涉及可能需要深思熟虑和审慎应对的过渡期和潜在挑 战。 ...

Core Insights - The U.S. debt has surpassed $37 trillion, and the U.S. Treasury market is increasingly viewing stablecoin issuers like Tether and Circle as key buyers [1] - The recently signed GENIUS Act establishes guidelines for the stablecoin industry, promoting explosive adoption of dollar-pegged digital tokens on Wall Street [1] - Analysts suggest that a well-regulated stablecoin market could solidify the dollar's dominance in the digital finance world [1] Stablecoin Market Dynamics - Stablecoin issuers are required to back their tokens with U.S. dollars or high-quality liquid assets on a one-to-one basis, positioning short-term Treasury bills as preferred collateral [1] - Tether and Circle dominate a $250 billion stablecoin market, which is projected to grow by 22% by 2025 [1] - Tether's USDT accounts for approximately 65% of the stablecoin market, while Circle's USDC holds about 25%, together representing 90% of the market share [1] Treasury Market Impact - Currently, stablecoin issuers hold about $125 billion in Treasury securities, which is less than 2% of the total outstanding Treasury debt of $6 trillion [3] - Predictions indicate that the stablecoin market could double to $500 billion by 2028, with estimates reaching $2 trillion and $4 trillion by 2030 and 2035, respectively [3][4] - The U.S. Treasury is increasingly relying on short-term Treasury bill issuance as traditional buyers like China and Japan reduce their purchases [3] Future Demand Projections - Tether is projected to become one of the largest buyers of U.S. Treasuries, potentially surpassing Japan by 2030 [4] - Stablecoins may significantly influence short-term yields, with a $3.5 billion inflow potentially lowering three-month Treasury yields by 2-2.5 basis points [4] - If stablecoin demand exceeds $1 trillion in the coming years, they will become a crucial factor for the Treasury in determining its debt issuance schedule [4] Economic Implications - The shift of funds into stablecoins may reduce bank deposits and lower reserve requirements, potentially impacting loan supply in the economy [5] - Despite concerns, industry participants believe that stablecoins will act as a meaningful accelerator for economic growth both in the U.S. and abroad [5]

Group 1 - The White House is promoting stablecoin legislation to boost the U.S. Treasury market and strengthen the dollar's position in trade settlements [1][2] - The proposed legislation requires stablecoin issuers to hold reserves exceeding one dollar for each coin issued, which must be backed by liquid assets like U.S. Treasury bonds [2][3] - The rise of stablecoins is expected to create new demand for U.S. Treasury bonds, potentially lowering short-term yields amid current selling pressures [2][3] Group 2 - Stablecoins aim to combine the efficiency of digital assets with the reliability of traditional currencies, reinforcing the dollar's dominance in the global monetary system [3][4] - The majority of stablecoins are pegged to the U.S. dollar, which may enhance dollar liquidity and demand, further solidifying its position [3][4] - Stablecoins could transform the international remittance market by offering near-zero transaction fees and instant settlements, thereby increasing the dollar's use in global trade [4][5] Group 3 - Despite the potential benefits, stablecoins cannot address the underlying issues of U.S. debt sustainability and the long-term decline of the dollar's share in global reserves [5] - The dollar's share in global foreign exchange reserves has decreased from 71% in 2000 to an estimated 57.8% by 2025, reflecting concerns over U.S. fiscal sustainability [5]

Core Viewpoint - The U.S. Treasury market is functioning well with appropriate liquidity [1] Group 1 - The liquidity in the U.S. Treasury market is deemed adequate [1]

Core Viewpoint - Federal Reserve Chairman Powell indicates that the US dollar is expected to remain the reserve currency for an extended period, and the US Treasury market is functioning normally [1] Group 1 - The US dollar's status as a reserve currency is projected to persist for a long time [1] - The normal operation of the US Treasury market is highlighted [1]

Group 1 - The core viewpoint of the article is that despite significant volatility, the U.S. Treasury market remains orderly according to the International Monetary Fund [1] Group 2 - The U.S. Treasury market has shown resilience amidst fluctuations, indicating a stable environment for investors [1] - The IMF's assessment highlights the importance of the U.S. Treasury market in the global financial system [1] - The orderly nature of the market suggests confidence among investors, which is crucial for maintaining liquidity and stability [1]

Group 1 - The core viewpoint is that tariffs may significantly hinder the development of the U.S. economy and weaken the labor market, as highlighted by St. Louis Fed President Musalem [1][3] - Musalem emphasized that even with recent tariff reductions between the U.S. and China, the potential negative impacts of tariffs on the U.S. economy remain substantial [3] - The increase in tariffs raises the prices of imported goods, leading to higher consumer costs and increased production costs for businesses reliant on imported materials, which could suppress economic activity [3] Group 2 - Musalem, as a voting member of the FOMC, believes that U.S. monetary policy is well-prepared to respond flexibly to any changes in economic outlook [4] - He stressed the importance of monitoring inflation expectations, indicating that maintaining public confidence in combating inflation is crucial for economic stability [4] - Atlanta Fed President Bostic noted that recent volatility in the U.S. Treasury market could exacerbate existing economic uncertainties, affecting market interest rates and borrowing costs [4][5] Group 3 - Bostic expressed satisfaction with the current policy stance, acknowledging that increased uncertainty may delay the normalization of U.S. monetary policy [5] - He cautioned that aggressive policy adjustments in a high-uncertainty environment could introduce more risks, hindering economic recovery [5]

美联储博斯蒂克：美国国债市场运行良好。 ...

Core Viewpoint - The downgrade of the U.S. credit rating may trigger a chain reaction in the economy, necessitating a wait of 3 to 6 months to observe how uncertainties are resolved [1] Group 1: Economic Implications - The potential chain reaction from the credit rating downgrade could impact various sectors within the economy [1] - The U.S. Treasury market continues to operate effectively despite the downgrade [1] Group 2: Monetary Policy Outlook - There is a preference for a single interest rate cut this year [1]