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<新聞> 耶倫表示，如果國會不採取行動，美國可能會在 8 月違反債務上限
一個可大可小，處在要爆與不爆之間的美債上限問題。
應該會是接下來這個月的重點事件。
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華盛頓——美國財政部長珍妮特·耶倫週三表示，除非立法者在此之前提高或暫停聯邦借款限額，否則在國會 8 月休會期間，美國可能沒有空間繼續支付政府的賬單。
國會在 2019 年暫停了借款限額或債務上限，直至 2021 年 7 月 31 日。在那之後，財政部將無法通過出售政府證券籌集額外的現金，並且需要採取緊急措施來繼續支付債務。政府的義務，就像過去一樣。
耶倫女士在參議院小組作證時強調，大流行已經給政府付款的規模和時間帶來了不確定性，因此很難估計財政部何時可能用盡這些措施。
#八百回合經濟談
〔#國家欠我錢？#聊聊美國公債〕
上週的八百回合經濟談，提到聯準會利用無上限的購買美國公債，以解決市場流動性枯竭的問題。
究竟是什麼原因，讓 Fed 不顧一切都要維持美國公債的穩定，甚至連耳熟能詳的殖利率曲線，都跟它息息相關，今天政經八百就要來解答這個問題！
（如果忘記了債券的概念，壯士們可以複習之前的 #債券市場101！）
▌先聊聊公債吧
公債是國家以政府信用為基礎，向大眾募集資金所形成的債權債務關係。
美國公債（US Treasury）則是指美國財政部代表聯邦政府發行的公債，根據償還期限不同，還可分為短期國庫券（T-Bills）、中期票據（T-Notes）和長期國庫債券（T-Bonds）。
▌不可能倒的美國政府與「無風險利率」
由於美國在國際社會和經濟體系中的地位，美國公債被視為信用風險極低的資產，也就是說，美國政府幾乎是不可能會倒的！
投資學中有一個名詞叫「無風險利率」，指的是資產定價的基礎，它影響投資人如何為金融商品訂出一個合理的價格。
而美國公債因為其無信用風險的特性，讓全球大多以其殖利率作為無風險利率。
▌流動性最高的美國公債
除此之外，美國公債市場幾乎是全球「流動性最高」的債券市場。也就是說，如果壯士們想買美國公債，很容易找到賣家；想脫手時，也一定有人跟你買。
因為其高流動性，美國公債的價格和殖利率都比較穩定，適合作為其他金融資產的定價基礎。
▌殖利率曲線也跟美國公債有關？！
在「#總經指標ep3」那篇文中提過所謂的「殖利率曲線」，但大家知道殖利率曲線是如何建構出來的嗎？
事實上便是以美國公債的殖利率為基礎，再透過不同方法，求出各期限公債的「理論即期利率」，最後將各個期限求出的利率連起來，便能繪出殖利率曲線。（順道一提，這條曲線也是許多市場上債券價格的基礎喔！）
▌美國公債究竟多重要
講到這裡，相信大家都知道美國公債對全球金融市場的重要性了！
除了透過其殖利率來評價其他金融資產，它還是 Fed 實施貨幣政策的好夥伴！
在#搞懂景氣循環 提過各國央行透過增加或減少貨幣供給量，來維持景氣以及穩定物價，這其實也是利用「買進或賣出」政府公債或國庫券來達成。
舉例來說，當 BOJ（日本央行）或 ECB（歐洲央行）開始買進公債，代表資金流入市場中，增加了貨幣供給，各類金融資產的價格開始被推升。
相反地，當他們減少買進，甚至是賣出公債或其他有價證券，資金從市場中被抽出，貨幣供給就減少了，市場於是相對緊縮，這就是「公開市場操作」。
在疫情造成金融市場回落的這段時間，各國央行持續搬出法寶來支援經濟，其中購債是重要的一環（特別是美國公債）。
希望各位壯士們讀完這篇後，能對財經新聞中提到的 QE、貨幣政策及美國公債更有概念！
壯士們如果有不懂的地方，可以深入閱讀相關文章，也歡迎在文章下方留言，跟政經八百一起討論交流噢！
😉我們也有IG囉👇
https://instagram.com/p.e.800?igshid=1kqz3s09t22zm
#經濟 #經濟學 #台灣 #科普 #科普經濟學 #政經八百 #總經 #economics #肺炎 #coronavirus #fed #利率 #降息 #美國 #新冠肺炎 #疫情 #投資 #殖利率 #公債 #美國公債 #QE #交易 #懶人包
//Trump signs Hong Kong human rights act
Anchor Muted Background
By Paul LeBlanc, CNN
Updated 0011 GMT (0811 HKT) November 28, 2019
Washington (CNN)US President Donald Trump on Wednesday signed the Hong Kong Human Rights and Democracy Act into law -- a move sure to be hailed by the territory's pro-democracy protesters, who have been calling for the law since the summer.
The US has long maintained a special trading relationship with Hong Kong, a semi-autonomous territory where mass protests have erupted continuously since June over perceived infringement on its autonomy by Beijing, among a host of other issues.
The new law will require the US to annually confirm that Hong Kong's special freedoms are being maintained by Beijing -- failure to do so could result in Washington withdrawing the city's special status, a massive blow to the Hong Kong economy.
The bill also lays out a process for the President to impose sanctions and travel restrictions on those who are found to be knowingly responsible for arbitrary detention, torture and forced confession of any individual in Hong Kong, or other violations of internationally recognized human rights in the Asian financial hub.
However, the US President's statement also indicated the administration would only enforce parts of the measure -- as it interferes with the President's ability to conduct foreign policy.
"Certain provisions of the Act would interfere with the exercise of the President's constitutional authority to state the foreign policy of the United States. My Administration will treat each of the provisions of the Act consistently with the President's constitutional authorities with respect to foreign relations," the White House said in a statement.
In a personal signing statement, Trump added that he had signed the bills "out of respect for President Xi, China, and the people of Hong Kong.
"They are being enacted in the hope that Leaders and Representatives of China and Hong Kong will be able to amicably settle their differences leading to long term peace and prosperity for all."
The Chinese government last week criticized the measure as one that "neglects facts and truth" and "blatantly interferes in Hong Kong affairs and China's other internal affairs."
In a statement released by China's Ministry of Foreign Affairs last week, spokesperson Geng Shuang said "China will have to take strong countermeasures to defend our national sovereignty, security and development interests if the US insists on making the wrong decisions."
The state-owned People's Daily also described the bill as "a piece of waste paper," and a "serious provocation against the entire Chinese people" in an editorial published Thursday.
Trump's announcement comes at a delicate time for US-China relations, as trade negotiators appeared to be edging closer to a trade deal between the US and China.
On Tuesday, Chinese Vice Premier Liu He and his US counterparts, Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin, spoke on the phone to discuss trade negotiations, according to China's Ministry of Commerce.
"Both sides discussed each other's core concerns and reached a consensus on how to resolve these issues. Both sides agreed to maintain communication on the remaining matters in (trade) talks regarding a phase one agreement", the Commerce Ministry statement read.//
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