미 장기국채 금리 상승분 40%는 AI 투자 열풍이 끌어올렸다

A recent surge in AI-related corporate bond issuances by tech giants such as Oracle, Google, and Amazon has caused a 40% increase in U.S. 10-year Treasury bond yields, according to estimates. The rise in demand for such bonds is attributed to the structural change in the global safe-haven asset status of U.S. Treasuries. A report from the International Monetary Fund revealed that the composition of U.S. Treasury holdings by foreign central banks decreased from $4.2 trillion in early 2020 to $3.8 trillion in June 2023, while the holdings of non-government entities, including hedge funds and asset managers, grew from $2.9 trillion to $5.5 trillion during the same period.

This shift in ownership has increased sensitivity to interest rate changes in the U.S. Treasury market. Analysts predict that the heightened demand for longer-term Treasury bonds due to AI investment and the government's fiscal deficit will exacerbate the challenges in supplying Treasuries.