--- title: "凯雷：美国财政部和美联储的角色将变得模糊" description: "凯雷集团指出，特朗普政府要求美联储降息，加上短期债券发行增加，可能扰乱国债市场，推高长期借贷成本。杰森·托马斯表示，债券持有人希望美联储维护本金价值，但若美联储更关注政府融资，可能导致债券抛售和期限溢价上升。特朗普施压美联储降息以刺激经济，同时财政部可能转向短期国库券以节省利息支出。" type: "news" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/256748371.md" published_at: "2025-09-10T12:31:33.000Z" --- # 凯雷：美国财政部和美联储的角色将变得模糊 > 凯雷集团指出，特朗普政府要求美联储降息，加上短期债券发行增加，可能扰乱国债市场，推高长期借贷成本。杰森·托马斯表示，债券持有人希望美联储维护本金价值，但若美联储更关注政府融资，可能导致债券抛售和期限溢价上升。特朗普施压美联储降息以刺激经济，同时财政部可能转向短期国库券以节省利息支出。 凯雷集团称，特朗普政府呼吁美联储大幅降息，加上美国短期债券发行增加的前景，有可能扰乱国债市场，最终可能推高长期借贷成本。凯雷集团全球研究与投资策略主管杰森·托马斯表示：“债券持有人希望相信，美联储的职责是维护其本金的实际价值。如果他们反而觉得美联储更关注政府融资，那么可能会出现债券抛售和期限溢价上升的情况。” 问题的核心在于，特朗普持续向美联储决策者施压，要求下调基准利率，以刺激美国经济——这一举措也将为财政部通过转向发行短期国库券、而非在当前高收益环境下锁定长期债务，来节省利息支出打开通道。美国财政部长贝森特最近几个月提出了这种设想。 ### Related Stocks - [CG.US - 凯雷集团](https://longbridge.com/zh-CN/quote/CG.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | Onyx Bridge Wealth Group LLC Purchases New Shares in Carlyle Group Inc. $CG | Onyx Bridge Wealth Group LLC acquired 24,951 shares of Carlyle Group Inc. (NASDAQ:CG) valued at approximately $1.56 mill | [Link](https://longbridge.com/zh-CN/news/275759440.md) | | Lam Research Corporation $LRCX Shares Acquired by Assetmark Inc. | Assetmark Inc. increased its stake in Lam Research Corporation (NASDAQ:LRCX) by 5.3% in Q3, owning 284,257 shares valued | [Link](https://longbridge.com/zh-CN/news/275971359.md) | | Lowe's Companies, Inc. $LOW Shares Purchased by ING Groep NV | ING Groep NV increased its stake in Lowe's Companies, Inc. by 285.4% in Q3, owning 6,352 shares valued at $1.6 million. | [Link](https://longbridge.com/zh-CN/news/275975518.md) | | Terex Corp Officer Sells Over $1 Million in Company Stock | Michael Edward Virnig, President of Specialty Vehicles at Terex Corp, sold 16,330 shares of common stock on February 12, | [Link](https://longbridge.com/zh-CN/news/275944570.md) | | Aon plc $AON Shares Purchased by Varma Mutual Pension Insurance Co | Varma Mutual Pension Insurance Co increased its stake in Aon plc by 8.8% in Q3, now holding 41,000 shares valued at $14. | [Link](https://longbridge.com/zh-CN/news/275904601.md) | --- > **免责声明**：本文内容仅供参考，不构成任何投资建议。