摩根大通首席執行官傑米·戴蒙（Jamie Dimon）正在為接近3億美元的美國財政市場造成破壞

戴蒙（Dimon）的評論是隨著債券收益率提高和市場波動的提高而出現的。收益率上升表明投資者正在從流行的行業中退縮

Amid heightened market volatility and the looming threat of a U.S. Treasury market disruption, JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon has urged the Federal Reserve to step in and prevent a crisis, similar to its actions during the early stages of the COVID-19 pandemic.

摩根大通（NYSE：JPM）首席執行官傑米·戴蒙（Jamie Dimon）敦促美聯儲敦促美聯儲介入和防止危機，類似於在Covid-19 Pandemic的早期階段，在美國財政部市場中斷的迫在眉睫的威脅和迫在眉睫的威脅中，與其行動相似。

During a Friday earnings call, Dimon expressed his views on the potential for trouble in the vast, nearly $30 trillion Treasury market, which could arise from current regulations hindering banks' ability to provide liquidity when needed.

在周五的收入電話會議上，戴蒙（Dimon）對在近300萬億美元的財政部市場中遇到麻煩的潛力表示了自己的看法，這可能是由於當前的法規阻礙了銀行在需要時提供流動性的能力。

"There will be a kerfuffle in the Treasury markets because of all the rules and regulations," he said, adding that the Fed will only intervene "when they start to panic a little bit."

他說：“由於所有規則和規定，財政部市場將有一個kerfuffle。”他補充說，美聯儲只會在恐慌時才干預。 ”

His comments come as bond yields have soared and market turbulence has increased. The surging yields suggest that investors are pulling back from trades that exploited price discrepancies between Treasury futures and underlying bonds, further pressuring a market already strained by trade tensions in the U.S.-China trade war.

隨著債券收益率飆升，市場動盪有所增加，他的評論就會增加。飆升的收益率表明，投資者正在從利用價格差異和基礎債券之間的價格差異的交易中退縮，這進一步迫使已經受到美中國貿易戰貿易緊張局勢緊張的市場施加了巨大的壓力。

Dimon noted that post-2020 regulations have limited banks' participation as buyers when liquidity dries up, as seen in 2020 when the Fed had to launch a multi-trillion-dollar bond-buying program to keep the market functioning.

戴蒙（Dimon）指出，2020年後的2020年後法規在流動性乾燥時作為買家的參與有限，正如2020年美聯儲不得不啟動一項千萬億美元的債券購買計劃以保持市場運作的那樣。

He is advocating for reforms that would grant banks greater leeway to act as intermediaries. One proposal under consideration is to exclude Treasuries from leverage ratio calculations, enabling institutions to acquire more government debt without affecting their capital ratios.

他倡導改革，這將使銀行更大的迴旋餘地成為中介。正在考慮的一項提案是將國債排除在槓桿率計算之外，使機構能夠在不影響其資本比率的情況下獲得更多的政府債務。

"If they don't [change the rules], the Fed will have to intermediate, which I think is just a bad policy idea," Dimon stated.

戴蒙說：“如果他們不[更改規則]，美聯儲將必須中間，我認為這只是一個不好的政策想法。”

The Treasury market plays a crucial role in global finance, influencing various aspects such as mortgage rates and corporate bond yields. Dimon cautioned that if the system seizes up again, the implications will be far-reaching for the broader economy.

財政市場在全球金融中起著至關重要的作用，影響了抵押貸款利率和公司債券收益等各個方面。戴蒙（Dimon）警告說，如果該系統再次抓住，那麼對更廣泛的經濟的影響將是深遠的。

A Treasury market disruption that necessitates Fed intervention could also lead some investors to seek refuge in bitcoin (BTC), which is often perceived as a hedge against monetary uncertainty. This scenario unfolded in 2020 when bitcoin's price soared in response to the Fed's large-scale stimulus measures. However, other factors, including bitcoin's halving in 2020, may have also contributed to the cryptocurrency's price surge.output: JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon is bracing for a disruption in the nearly $30 trillion U.S. Treasury market that could force the Federal Reserve to step in, just as it did during the early days of the COVID-19 pandemic.

財政市場的破壞需要美聯儲干預措施也可能導致一些投資者尋求比特幣（BTC）的庇護，這通常被認為是抵抗貨幣不確定性的對沖。這種情況在2020年展開，當時比特幣的價格響應美聯儲的大規模刺激措施。然而，其他因素，包括比特幣在2020年減半，也可能導致了加密貨幣的價格上漲。投資：摩根大通（JPMorgan Chase＆Co）（NYSE：JPM）首席執行官傑米·迪蒙（Jamie Dimon）努力破壞近30美元的美國品價市場，這可能會迫使美聯儲迫使美聯儲在早期的情況下逐漸發展。

Dimon, known for his blunt pronouncements on the financial system, said on Friday that current regulations could keep banks from stepping in as buyers when liquidity dries up in the critical market.

戴蒙（Dimon）以金融體系上的直率聲明而聞名，他週五表示，噹噹前的法規在流動性在關鍵市場上枯竭時，當前的法規可能會阻止銀行介入作為買家。

"There will be a kerfuffle in the Treasury markets because of all the rules and regulations," Dimon said during a call with reporters to discuss the bank's second-quarter earnings.

戴蒙在與記者致電時，討論該銀行的第二季度收益時說：“由於所有規章制度，財政部市場將在國庫市場中有一個kerfuffle。”

His comments come as bond yields have spiked and market volatility has risen in recent months. The rising yields have suggested that investors are pulling back from popular trades that exploit gaps between Treasury prices and futures, adding stress to a market already rattled by trade tensions under the escalating U.S.-China trade war.

隨著債券收益率提高，近幾個月來市場波動率上升，他的評論就會出現。收益率上升表明，投資者正在從利用財政價格和期貨之間差距的流行交易中撤退，從而為在不斷升級的美國 - 中國貿易戰升級下的貿易緊張局勢的市場增加了壓力。

"If they don't change the rules, the Fed will have to intermediate, which I think is just a bad policy idea," Dimon added.

戴蒙補充說：“如果他們不更改規則，美聯儲將不得不介入，我認為這只是一個不好的政策想法。”

The Treasury market plays a central role in global finance, setting the tone for everything from mortgage rates to corporate bond yields. Dimon warned that if the system locks up again, the consequences could ripple across the economy.

財政市場在全球金融中發揮著核心作用，為從抵押貸款利率到公司債券收益率的所有方面都奠定了基調。戴蒙（Dimon）警告說，如果系統再次鎖定，後果可能會在整個經濟中蕩漾。

"It's not a good idea to have the Fed be the only intermediary in the biggest, most important market in the world to shut down," he said.

他說：“讓美聯儲成為世界上最大，最重要的市場中唯一的中介不是一個好主意。”

The Fed stepped into the market in a big way in 2020 to keep it functioning after the coronavirus pandemic triggered massive outflows from money market funds, part of the broader credit markets freeze. The central bank's multi-trillion dollar bond-buying program was a key part of the urgent rescue package deployed by the Fed to keep the financial system afloat.

在冠狀病毒大流行引發了貨幣市場基金的大量流出之後，美聯儲在2020年大大進入市場，以保持其運轉，這是貨幣市場基金的大量流出，這是更廣泛的信貸市場的一部分。中央銀行的數億美元債券購買計劃是美聯儲為保持金融體系持續發展而部署的緊急救援計劃的關鍵部分。

Dimon said current regulations, enacted in the wake of the 2008 financial crisis, are preventing banks from playing the same role as intermediaries.

戴蒙（Dimon）表示，在2008年金融危機之後製定的當前法規正在阻止銀行扮演與中介機構相同的角色。

"The point is that if you don't have private-sector activity, you'll have public-sector activity, which I think is a bad idea," he said.

他說：“關鍵是，如果您沒有私營部門活動，您將擁有公共部門活動，我認為這是一個壞主意。”

One idea under discussion is exempting Treasuries from leverage ratio calculations, which could allow institutions to buy more government debt without hitting capital buffers.

討論中的一個想法是免除國庫的槓桿比率計算，這可以使機構在不碰到資本緩衝的情況下購買更多的政府債務。

"We're happy to help and participate, but we can't be put in a box where we're not allowed to do it," Dimon said.

戴蒙說：“我們很樂意提供幫助和參與，但是我們不能被放在不允許這樣做的盒子裡。”