Anleihen: Investoren verlangen Rekord-Renditen für 30-jährige US-Bonds
Washington muss seinen Schuldnern so viel Geld bieten wie seit 2001 nicht mehr, damit sie langlaufende Schuldpapiere kaufen. Die Nachfrage bleibt hoch, doch die Kosten für Washington auch.
In a recent auction of 30-year US government bonds, investors have demanded record-high yields, last seen in 2001. The return on these long-term securities reached 5.216 percent on Thursday, marking the highest level in 25 years. The previous day, yields for ten-year bonds were also called, not achieved since the 2007 financial crisis.
This development puts pressure on US President Donald Trump and his Secretary of the Treasury, Scott Bessent, whose policies are based on massive government deficits and substantial new borrowing.
Michal Stanczyk, a portfolio manager at Allspring Global Investments, told Bloomberg that investors worldwide should absorb an increasing portion of government debt while deficits remain high and inflation outlooks remain uncertain. He believes that sustainable yields significantly above five percent are realistic. Rising inflation risks due to the war between the US and Israel and Iran, high energy prices, and the Federal Reserve (Fed) potentially keeping interest rates at a higher level for several years, due to high energy prices, contributed to the increase in yields for long-term bonds.
Additionally, the already large US government deficit, a larger supply of corporate bonds for financing the AI boom, and declining demand from traditional investors such as pension funds and retirement funds all played a role in the situation.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Bonds: Yields on 30-year US bonds rise to 25-year high handelsblatt.com
