China and the Federal Reserve dumping Treasury bonds

Video: With China and the Federal Reserve dumping Treasury bonds, yields will soar as US investors step in 隨著中國和聯準會拋售國債，美國投資者介入，殖利率將飆升

China and the Federal Reserve were two of the largest buyers of Treasury bonds since 2010. Now both China and the Fed are selling Treasuries: in China's case to reduce their risk of US dollar holdings, and in the Fed's, to rein in runaway inflation that resulted from decades of Fed policy error.

Japan is the largest foreign holder of US government debt. However Japan now runs chronic trade surpluses, instead of deficits, and have also scaled back their Treasury holdings.

The US government will be rolling over $8 trillion in maturing paper in 2024, and will need to finance an additional $3 trillion in new deficit spending. Almost all this new issuance will be absorbed by US investors, who will demand far higher yields to compensate for higher inflation and opportunity cost.

自2010年以來，中國和聯準會是美國國債的最大買家。幾十年來政策錯誤的結果。

日本是美國政府債務的最大外國持有者。 然而，日本現在長期存在貿易順差，而不是赤字，也縮減了其國債持有量。

美國政府將在 2024 年將超過 8 兆美元的到期票據展期，並需要為額外的 3 兆美元的新赤字支出提供資金。 幾乎所有新發行的債券都將被美國投資者吸收，他們將要求更高的收益率，以補償更高的通膨和機會成本