{
  "id": 3807984,
  "title": "USA: Heißer Herbst am Anleihemarkt: Wie Amerikas Schuldenexperiment die Investoren aufschreckt",
  "url": "https://urgent.news/2026/08/27/usa-hei-er-herbst-am-anleihemarkt-wie-amerikas-schuldenexperiment-die",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-27T20:00:00.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/finanzen/maerkte/anleihen/usa-wie-amerikas-schuldenexperiment-investoren-aufschreckt/100249301.html"
  },
  "original_language": "de",
  "account": "The United States is embarking on a precarious path towards fiscal dominance, which poses a significant risk to bond markets and the global economy. Five chapters explain how this situation arose and how the US could find its way out of its debt impasse without triggering the next financial crisis. The era of low interest rates is over, altering the landscape for investors. Three experts offer advice on how to adjust your investments and which classic is poised for a comeback. In an interview, currency expert Robin Brooks discusses the consequences of the power struggle between the Treasury Department and bond markets, and why America's dollar privilege continues to cause damage. At a press conference in Washington, Scott Bessent attempts to divert attention. The US Treasury Secretary discusses the fruitless war in Iran, threatens parts of the world due to their economic cooperation with the Mullah regime, and ends up comparing Iranian revolutionaries to former East German soldiers: \"Remember, when the Berlin Wall fell, ordinary soldiers decided not to shoot their own fellow citizens,\" says Bessent. However, the issue everyone is interested in on the markets is ignored. This aligns with Bessent's behavior since interest rates for long-term US bonds surged to their highest level since the 2007/08 global financial crisis in mid-August. President Donald Trump had hired the former hedge fund manager to demonstrate competency and reliability to his old Wall Street buddies. However, Bessent's actions are unpredictable and even his former colleagues find it hard to predict his behavior. Currently, he faces pressure like no US Treasury Secretary has faced in nearly 20 years since the global financial crisis almost two decades ago. The US debt level, which breached a symbolic threshold just a week ago with almost $40 trillion, was increased by more than a quarter by President Trump's two terms, despite his intention to make the state leaner and more efficient. Instead, through his war in Iran and his touted \"Big Beautiful Bill\" tax cuts, he created the prerequisites for another debt increase. The liabilities are expected to continue growing to around $46 trillion by 2030, according to the Congressional Budget Office (CBO). The United States is still the strongest and most vital economic area in the world. With its unbridled growth in AI and other sectors, it could theoretically afford such growing debt. However, the belief in the US mix of wars, inflation, and tax cuts benefiting the wealthy is fading on the markets. A sale on the bond market drove yields of US Treasury bonds to the highest levels in decades. What is needed is an ambitious austerity program from the US government. However, instead of a serious commitment to responsible budgeting, Bessent bluffed in a CNBC interview, claiming he would \"intensify fiscal consolidation.\" He then hedges his bets with interventions at the market, leaving serious financial policy in favor of improvisation. Instead of serious fiscal discipline, the art of improvisation takes precedence, putting the stability of the largest bond market at risk and risking unforeseeable consequences for the rest of the world. Debt continues to deteriorate faster than even the independent budget watchdogs of the CBO predicted, warns independent capital market advisor Ed Yardeni, the so-called \"bond watcher\" par excellence. Only the astonishing profit series of US corporations, especially in the AI euphoric tech sector, has managed to keep the stock markets from suffering. However, distrust is being expressed through other channels: investors are dumping the dollar, with Swiss francs and classic crisis currencies rising in value, and the price of gold and even Bitcoin experiencing unexpected recoveries. Samy Chaar, Chief Investment Officer of Lombard Odier, believes the markets are \"on a tight path at the top of a mountain – and on both sides it goes steep downhill.\" Martin Lück, Chief Investment Strategist of Franklin Templeton in Germany, fears a loss of control and an implosion of the world's leading currency should Bessent's experiment fail and the bond market continue to face pressure: \"There is a lot at stake.\" How did we get here and how will the US find its way out of its debt impasse without triggering the next financial crisis?",
  "summary": "Unter Druck des Anleihemarkts geht das US-Finanzministerium immer mehr ins Risiko. Die Folgen für die Märkte könnten noch drastischer werden – und reichen weit über die USA hinaus.",
  "key_points": [
    "US debt level breached $40 trillion just a week ago",
    "US debt expected to reach $46 trillion by 2030",
    "US Treasury Secretary Bessent faces unprecedented pressure"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}