Anleihen: Auch die G20 schafft kein Vertrauen an den Märkten

The G20 financial summit in North Carolina failed to reassure markets and reduce anxiety about global debt levels. This was evident in the rising bond yields across the United States, Europe, and Asia during the meeting. The chaotic organization of the event, with only one podium occupied, mirrored the strained relationships between the United States and Europe.

Notably, Russian Finance Minister was present, which angered Klingbeil. The U.S. had recently sold Euro reserves without consulting EU countries to support the Japanese Yen, further aggravating European resentment and market uncertainty. The core question before the summit was whether the G20 could calm the markets, but the markets' response was clear – it did not.

Despite attempts to defend U.S. intervention in bond markets, both Bessent and European officials discussed the recent Euro sales privately. While Klingbeil called for stability and multilateralism, the message seemed to fall on deaf ears in the U.S. The U.S. suggested growth as a solution, but mounting resistance to high national debts, including pressure on U.S. Treasury bonds, suggests otherwise.

Global bond yields, especially for U.S. and Japanese bonds, reached record highs. The U.S. inflation rate, already above the 2% target for over five years, contributed to this pressure. Artificial intelligence investments further fueled price pressures. The era of cheap money seemed to be over, putting pressure on the incoming U.S. administration ahead of key elections.

Bessent defended his bond purchases, but the effect was minimal. Even the Federal Reserve doubted the U.S. was strong enough to grow its way out of high debt levels. While Klingbeil emphasized the need for growth-enhancing debt programs like those in Germany, the U.S. showed no sign of changing its financial policy. The uncertainty remains whether Bessent's bond interventions will have lasting effects.