美国财政部长贝森特扩大债券回购计划未能稳定债市

美国财政部长斯科特·贝森特宣布将债券回购计划规模从20亿美元增至40亿美元，并表示可能继续扩大该计划，试图压低长期借贷成本1。然而这一举措并未如期奏效，10年期国债收益率在周四反弹至4.69%1。

美国国债规模持续扩张加剧了市场忧虑1。美国国债总额在周三突破40万亿美元1，而国会预算办公室估计年度预算赤字将超过2万亿美元1。美国政府本季度需发行近5500亿美元债券来融资1。

债市压力来自多个方面1。大型科技公司为人工智能数据中心融资导致债券供应增加1，而市场对美联储是否能坚守抗通胀承诺也存有疑虑1。此外，地缘政治因素亦有影响，布伦特原油价格近来达到每桶94美元左右，相比战争前约72美元的水平有所上升1。

Treasury Secretary Scott Bessent announced a significant expansion of the government's bond repurchase program, doubling it from $2 billion to $4 billion in an effort to lower long-term borrowing costs 1. Despite this intervention, the 10-year Treasury yield rebounded to 4.69% on Thursday, signaling that market concerns remain unabated 1.

The timing of Bessent's move comes as mounting fiscal pressures weigh on Treasury markets 1. The nation's total debt surpassed $40 trillion on Wednesday, while the Congressional Budget Office projects the annual budget deficit will exceed $2 trillion 1. The government faces the need to issue approximately $550 billion in bonds this quarter alone to finance its operations 1. Market participants appear increasingly worried about the sustainability of government debt levels, alongside concerns about expanded corporate debt issuance as major technology companies finance artificial intelligence data centers 1. These supply-side pressures, combined with lingering uncertainty about the Federal Reserve's commitment to controlling inflation, have constrained the effectiveness of the Treasury's stabilization efforts 1. Federal Reserve Chair Kevin Warsh is scheduled to deliver remarks at the Jackson Hole Economic Symposium next Friday, an event that market participants may view as an opportunity for clarity on monetary policy direction 1.