美债流动性“灾难性”萎缩，小摩预计将出现“一场混乱”

U.S. Treasury liquidity has contracted "catastrophically", and JPMorgan expects "a state of chaos" in the Treasury market

【环球网财经综合报道】近日，美债收益率持续收涨，截至上周末，2年期美债收益率涨8.76个基点报3.9558%，3年期美债收益率涨9.8个基点报4.0123%，5年期美债收益率涨8.99个基点报4.158%，10年期美债收益率涨6.86个基点报4.4876%，30年期美债收益率涨0.72个基点报4.8723%。

[Comprehensive Report by Huanqiu Finance] Recently, U.S. Treasury yields have kept rising. As of last weekend, the 2-year U.S. Treasury yield rose 8.76 basis points to 3.9558%, the 3-year yield climbed 9.8 basis points to 4.0123%, the 5-year yield increased 8.99 basis points to 4.158%, the 10-year yield went up 6.86 basis points to 4.4876%, and the 30-year yield rose 0.72 basis points

与此同时，美债市场流动性出现“灾难性”萎缩，30万亿美元市场面临巨大不确定性。摩根大通CEO戴蒙表示，他预计美国国债市场将出现“一场混乱”，从而促使美联储介入干预。

Meanwhile, liquidity in the U.S. Treasury market has contracted "catastrophically", leaving the $30 trillion market facing immense uncertainty. Jamie Dimon, CEO of JPMorgan Chase, stated that he anticipates "a state of chaos" in the U.S. Treasury market, which would prompt the Federal Reserve to step in and intervene.

另有华尔街分析师认为，美国总统反复无常的关税政策引发投资者对美国资产的大幅撤离，对美债大规模的抛售显示出市场对美元资产的信心正在崩塌；上周 10年期美债收益率上涨近50个基点，创下2001年以来的最大涨幅，30年期美债收益率上涨44个基点，亦表明市场对长期债券的需求急剧下滑。（闻辉）

Other Wall Street analysts argue that the U.S. president’s erratic tariff policies have triggered a massive withdrawal of investors from U.S. assets. The large-scale sell-off of U.S. Treasuries indicates that market confidence in dollar-denominated assets is collapsing. Last week, the 10-year U.S. Treasury yield rose by nearly 50 basis points, marking the biggest increase since 2001, while the 30-year U.S. Treasury yield climbed 44 basis points—also a sign that market demand for long-term bonds has plummeted. (Jian Hui)