- 2 days ago
八点最热报 | 最近，美国长期国债收益率一路攀升， 30年期国债收益率一度还冲上5.33%，创下19年来新高。与此同时，美国联邦债务总额也首次突破40万亿美元。星期五特朗普回应，终极干预手段，就是派出军队，一句话，瞬间把原本属于金融市场的债券问题，扯上了军事力量。（主播： 蔡心慧）
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00:00Before watching the video, remember to check out trending websites for more content.
00:04U.S. Treasury bonds have always been considered one of the safest assets in the world.
00:08However, recently, the yield on long-term US Treasury bonds has been rising steadily.
00:12This prompted holders to sell off their US Treasury bonds.
00:15This has made Washington increasingly uneasy.
00:18The yield on 30-year Treasury bonds once surged to 5.33%.
00:23Reaching a 19-year high
00:25at the same time
00:26The total U.S. federal debt also surpassed $40 trillion for the first time.
00:31Facing the pressure of war
00:32U.S. Treasury Secretary Bessant announced an increase in long-term Treasury bond repurchase programs.
00:36Attempting to cool down the market
00:38However, the effect was quite short-lived.
00:40Pre-vibration weakness
00:42Friday
00:43Where are the reporters?
00:43Questions were asked before US President Trump prepared to board Air Force One.
00:47Despite repurchasing US Treasury bonds, yields remain unsuppressed.
00:50When there are no other intervention methods available
00:52Trump didn't think much of it.
00:54Immediately throw out a sentence
00:55The ultimate means of intervention is our army.
00:59If it must be used
01:01We will use
01:02In short
01:03Instantly turning what was originally a bond issue within the financial market into a problem.
01:07Military power was involved
01:08Trump did not elaborate further.
01:10What is the connection between the army he mentioned and the debt crisis?
01:14This immediately caused astonishment and ridicule in the financial world.
01:19Someone asked
01:20Trump is implying that he will create geopolitical conflict.
01:23Will a war trigger safe-haven buying of US Treasuries?
01:28Or are there other forms of military deterrence used to achieve the same goal?
01:31Behind Trump's statement
01:33This exposes America's more realistic anxieties.
01:35That is, the US fiscal pressure is constantly expanding.
01:38$40 trillion in debt
01:41Interest burden continues to rise
01:43This round of long-term US Treasury yields has surged to a 19-year high.
01:47Behind this are inflation and geopolitical risks.
01:49This also reflects investors' concerns about the US fiscal outlook.
01:52The massive scale of bond issuance and the cost of future debt repayment
01:56Increasingly sensitive
01:59$4 billion buyback
02:00It can give the market a breather.
02:02But a desperate measure
02:04Unable to resolve the long-term pressures behind the $40 trillion debt
02:08Debt is what I'm really worried about.
02:10It's never just about whether a single repurchase is big enough.
02:13The real question is whether the United States will be able to control its deficit in the future.
02:17Stabilize inflation and maintain long-term fiscal credit
02:21When conventional financial measures can only provide a brief respite
02:24Trump suddenly called in the military.
02:27Was this just an exaggerated statement that slipped out without thinking?
02:31It still exposes Washington
02:32When facing debt pressure
02:34This has led to increasingly deeper anxiety.
02:37In the past, when Trump faced economic and trade pressures...
02:40The usual approach is to use tariffs and sanctions to exert strong pressure.
02:44Now even the issue of debt has suddenly been brought into military language.
02:50As America First gradually becomes American unilateralism
02:53It is increasingly taking on a tougher, even unilateral, tone.
02:57What we should really be wary of is not the very idea of military intervention.
03:01The question is whether this uncertainty will shake global investors.
03:05Confidence in US policy
03:09The yield on long-term U.S. Treasury bonds has been rising recently.
03:13$40 trillion in debt sounds alarm bells
03:16At a time when the Ministry of Finance was forced to step in and increase its share buyback program
03:19US President Trump made a surprising statement.
03:22A single sentence: deploying the military to intervene
03:24This turmoil, which originally belonged to the financial market, has become a source of chaos.
03:27Suddenly, it stirred up a huge wave in the financial world.
03:30Friday
03:31He was pressed by reporters at Andrews Air Force Base
03:33Regarding whether there are other ways to intervene in US debt...
03:37He gave an unexpected answer.
03:40No, no
03:41He's a very capable man.
03:43His high standards
03:44Very high rules
03:46Regarding finance and financial rules
03:47He did this
03:48You have returned to that time.
03:51Did you mention that he has another kind of production method?
03:53Is it something he can do?
03:54We have many ways of making
03:56That is a kind of
03:57The final production is our party
04:00If we must use those
04:01We will do it
04:02How exactly should the military intervene in the bond market?
04:05Trump did not explain
04:07Use the army meant to deter enemy countries to solve
04:09The problem of their own debt yields skyrocketing
04:12It sounds utterly absurd
04:15But for Trump, a businessman by nature ruthless and unscrupulous,
04:18Does the implication suggest...?
04:21When necessary, troops should be deployed to wage war.
04:24Is the market being forced to buy US Treasury bonds as a safe haven?
04:26Looking back a few days ago
04:28The yield on 30-year US Treasury bonds has been rising steadily.
04:31Reaching a 19-year high
04:33The pressure behind it is not just one
04:35US debt continues to balloon
04:37The government continues to issue large amounts of bonds
04:39Adding to concerns that the situation in the Middle East is pushing up oil prices and inflation
04:42and large-scale corporate financing
04:44All of these factors lead investors to demand higher long-term returns.
04:47At this very moment, the Ministry of Finance announced
04:49Starting in September, the scale of partial repurchase of 10- to 30-year Treasury bonds will be reduced.
04:54From the original maximum of $2 billion per transaction
04:57At least double to $4 billion
05:00Attempting to use real money to prop up the market
05:02However, the market believes
05:04Using repurchase agreements to suppress government bond yields
05:07This is not the long-term solution to the problem.
05:17Each buyback of at least $4 billion sounds like a lot.
05:21But it primarily addresses market liquidity.
05:24Rather than the $40 trillion debt itself
05:26JPMorgan Chase executive James Sullivan two days ago
05:29During a live interview with CNBC, he stated
05:32Government forcibly intervenes in the bond market
05:34It's like using a credit card to pay off a mortgage.
05:37Short-term pain relief
05:38Long-term purchase of landmines
05:53But facts speak louder than words.
05:55As expected, the market provided a ruthless answer.
05:58Yields following Bessant's statement
06:00Brief pullback
06:01But the good times didn't last long.
06:03Selling pressure quickly reappeared
06:05The 30-year yield has returned to above 5.2%.
06:09Almost wiped out the previous decline.
06:11And it is precisely because Bessant was a failure
06:14Trump's statement that the ultimate intervention would be by the military seemed particularly abrupt.
06:19Spencer, founder of Toru Capital Management, then posted on social media
06:23Body rhetorical question
06:23Is he planning to bombard the bond market?
06:26However, to take this absurdity to its extreme
06:30Or Nobel laureate in economics Paul Krugman
06:33How long after Trump finished speaking?
06:36The economist recorded a video titled "Defending Bonds".
06:40He put on a helmet directly.
06:42He announced that he was ready to take the field.
07:07Krugman puts on his helmet
07:08Using Churchill's classic speech from World War II to satirize Trump
07:12However, the real problem of US debt behind the joke has not disappeared.
07:17With rising debt and inflationary pressures
07:19Investors will demand higher returns.
07:21The cost of borrowing for both the government and the private sector will also rise.
07:25Bessen's buyback may temporarily alleviate market pressure.
07:29But the real solution to whether the bond market can be stabilized...
07:32Or fiscal deficit, inflation, and the Fed's policy?
07:36And does Washington have a credible long-term debt solution?
07:39What America really needs to defend now
07:41Perhaps not bond prices
07:43Rather, it reflects market confidence in the creditworthiness of the U.S. treasury.
07:49Trump's remarks in front of Air Force One
07:52Perhaps it was just an impromptu, exaggerated statement.
07:55But a politician's slip of the tongue
07:57His true thoughts were often revealed.
08:00What exactly can the military that Trump talks about actually do?
08:04It leaves a huge space for imagination for the outside world.
08:06One association is that once geopolitical conflicts escalate...
08:09Global funds often seek safe-haven assets.
08:13Demand for US Treasury bonds may increase as a result.
08:16US Treasury bonds will become hot commodities.
08:18Then the yield will naturally fall.
08:21Another, bolder interpretation is...
08:24Will the US adopt a tougher political stance?
08:27Even military posture
08:29It was also used as leverage to exert pressure on other countries.
08:31Especially Japan
08:33Currently, it remains the largest foreign holder of US Treasury bonds.
08:36This statement has sparked many absurd associations.
08:41Of course, these are just interpretations drawn from the outside world.
08:44But when a debt problem
08:46The US president suddenly responded with the military.
08:49This in itself is enough to surprise the financial markets.
08:53But whatever Trump really wants to express...
08:56$40 trillion debt mountain
08:58It will not become lighter because of military intervention.
09:02Long-term government bond yields exceeding 5%
09:05It won't automatically lower itself because of the presence of the gun barrel.
09:08A country's fiscal credit
09:11Ultimately, it comes down to the ability to repay debts.
09:14Above fiscal discipline and policy credibility
09:17The Ministry of Finance can repurchase bonds
09:19To give the market a breather
09:21Politicians can also use the toughest language
09:24Calling out to the market
09:25But in the end, the capital market still looks at the most practical issues.
09:30Does the United States have the ability to control capital expenditures?
09:33Stabilize inflation
09:34And make investors believe
09:35You can still pay this debt.
09:37And you're willing to pay it back.
09:40Under the weight of $40 trillion in debt
09:42What America truly needs to defend
09:45Not just US Treasury prices
09:47Rather, it is the credit that underpins the entire US Treasury bond and dollar system.
09:52Thank you for watching.
09:55YoYo Television Series Exclusive
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