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Joseph Wang - Markets Weekly August 22, 2026

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以下是内容的中文翻译: 8月22日,《市场周刊》强调,美国财政部意外干预了债券市场,原因是财政部长贝桑特正在应对无休止上涨的长期债券收益率,目前已达5.3%。这一飙升水平是2008年金融危机前所未见的,被财政部认为“历史性高位”且“不可接受”。 导致这些收益率上升的因素有:受伊朗战争和能源价格飙升推动的全球趋势;对美联储实现通胀目标的承诺的担忧(尤其是在“凯文”最近发表模棱两可的声明之后);以及市场动态,例如超大规模企业(hyperscalers)挤出美债,或者强劲的股市使得5%的债券收益率显得缺乏吸引力。 作为回应,财政部上周做出了一项“非同寻常”且计划外的宣布,将扩大其长期债券回购计划的规模。该计划最初由上届政府推出,主要有两个目的:现金管理(利用不规律税收流入的闲置现金);更重要的是,流动性管理。国债市场复杂,每期发行都有唯一的识别码(QSIP)。新发行的“当期”(on-the-run)国债流动性很强,而较旧的“非当期”(off-the-run)债券则逐渐变得缺乏流动性。回购计划旨在通过允许财政部充当“最后的做市商”,回购缺乏流动性的非当期证券,从而鼓励一级交易商对这些证券进行做市,以改善这一状况。上届政府强调,这是久期中性的,通过发行更多相同久期的债券来为回购提供资金。 然而,贝桑特部长明确将当前行动称为“财政部扭曲操作”(Treasury Twist),预示着一个重大转变。与原计划不同,贝桑特打算发行短期票据来回购长期债券,从而缩短未偿国债的整体久期。这类似于美联储2012年的“扭曲操作”(Operation Twist),旨在对长期利率施加下行压力。尽管最初市场反应是长期债券收益率下降了约9个基点,但很快就逆转了,部分原因是油价上涨。然而,演讲者认为,财政部拥有充足的“火力”(firepower)使这一策略奏效。 除了简单地扩大当前回购计划的规模,财政部还拥有广泛的工具箱,可以进行进一步干预: 1. **削减发行规模:** 财政部可以直接减少新发行长期债券的供应,日本最近就对其40年期债券采取了这一策略,并对收益率产生了显著(尽管是暂时的)影响。 2. **鼓励银行购买:** 美国政府可以利用其监管权力,向商业银行施压(例如在合并审批期间或通过调整资本要求),要求它们增加国债持有量,将其塑造成一种“爱国”义务。 3. **利用政府支持企业(GSEs):** 房利美和房地美等实体可以被指示购买国债,类似于它们过去被命令购买抵押贷款债券以降低利率的方式。 4. **美联储介入(核选项):** 终极工具是“收益率曲线控制”(YCC),即美联储积极地设定长期收益率上限。美国在20世纪40年代曾这样做,日本近期也采取了此举。美联储的第三项使命——“适度长期利率”——可以为此类极端措施提供政治理由,尽管它可能会对货币产生影响。 总之,演讲者断言,财政部认为5.3%的长期债券收益率是不可接受的水平,他们将全力致力于将其降低。凭借其全面的工具箱,他们有信心管理局势,尽管伊朗战争的解决将是实现收益率持续下降的“最佳途径”。市场将在未来几周考验财政部长的决心。

On August 22nd, Markets Weekly highlighted the U.S. Treasury's unexpected intervention in bond markets, as Secretary Besant addresses relentlessly rising long-bond yields, currently at 5.3%. This surge, reaching levels not seen since before the 2008 financial crisis, is deemed "historically high" and unacceptable by the Treasury. Several factors contribute to these rising yields: a global movement driven by the Iran war and escalating energy prices, concerns about the Federal Reserve's commitment to its inflation targets (especially following recent ambiguous statements from "Kevin"), and market dynamics like hyperscalers crowding out Treasuries or a strong equity market making 5% bond yields appear unattractive. In response, the Treasury last week made an "extraordinary" and unscheduled announcement to upsize its buyback program in the long-end sector. This program, initially introduced by the previous administration, had two primary aims: cash management (deploying excess cash from lumpy tax inflows) and, more importantly, liquidity management. The Treasury market is complex, with each issuance having a unique identifier (QSIP). Newly issued "on-the-run" Treasuries are very liquid, while older "off-the-run" issues become progressively illiquid. The buyback program aimed to improve this by allowing the Treasury to act as a "dealer of last resort," buying back illiquid off-the-run securities, thus encouraging primary dealers to make markets in them. The prior administration emphasized that this was duration-neutral, financing buybacks by issuing more of the same duration. However, Secretary Besant has explicitly called the current action a "Treasury Twist," signaling a significant shift. Unlike the original program, Besant intends to issue short-term bills to buy back long-term bonds, thereby shortening the overall duration of outstanding Treasury debt. This is analogous to the Fed's "Operation Twist" in 2012, which aimed to put downward pressure on long-dated rates. While the initial market reaction saw long bond yields drop by about nine basis points, this was quickly reversed, partly due to rising oil prices. The speaker believes, however, that the Treasury possesses ample "firepower" to make this strategy effective. Beyond simply upscaling the current buyback program, the Treasury has a broad toolkit for further intervention: 1. **Cutting Issuance Sizes:** The Treasury could directly reduce the supply of new long-end bonds, a strategy recently employed by Japan for its 40-year bonds, which led to a notable (though temporary) impact on yields. 2. **Encouraging Banks to Buy:** Leveraging its regulatory power, the U.S. government could pressure commercial banks (e.g., during merger approvals or by adjusting capital requirements) to increase their Treasury holdings, framing it as a "patriotic" duty. 3. **Utilizing Government-Sponsored Enterprises (GSEs):** Entities like Fannie Mae and Freddie Mac could be directed to purchase Treasury bonds, similar to how they were commanded to buy mortgage bonds in the past to lower interest rates. 4. **Fed Involvement (The Nuclear Option):** The ultimate tool is "yield curve control" (YCC), where the Federal Reserve actively caps long-term yields. This was done in the U.S. in the 1940s and more recently by Japan. The Fed's third mandate—"moderate long-term interest rates"—could provide the political justification for such an extreme measure, though it would likely have implications for the currency. In conclusion, the speaker asserts that 5.3% is an unacceptable level for long-bond yields in the eyes of the Treasury, and they are fully committed to bringing them down. With a comprehensive toolkit at their disposal, they are confident in their ability to manage the situation, though a resolution to the Iran war would be the "best thing" for a sustained reduction in yields. The market is set to test the Treasury Secretary's resolve in the coming weeks.