國庫的收益率上升可能表明投資者的情緒轉移了美國政府債務

明尼阿波利斯美聯儲的總裁尼爾·卡什卡里（Neel Kashkari）在4月11日談到了國庫收益率上升的問題，這表明他們可能表明投資者情緒從美國政府債務中轉移。

President of Minneapolis Federal Reserve Neel Kashkari addressed the issue of rising Treasury yields on April 11, suggesting that they might indicate a shift in investor sentiment away from United States government debt. Kashkari also mentioned that the Federal Reserve has tools to provide more liquidity if necessary.

明尼阿波利斯美聯儲總裁尼爾·卡什卡里（Neel Kashkari）在4月11日談到了國庫收益率上升的問題，這表明他們可能表明投資者情緒轉移了從美國政府債務中轉移。 Kashkari還提到，美聯儲具有在必要時提供更多流動性的工具。

The current 10-year US government bond yield of 4.5% is not unusual. Even if it approaches 5%, a level last seen in October 2023, this does not necessarily mean investors have lost confidence in the Treasury's ability to meet its debt obligations. For example, gold prices only surpassed $2,000 in late November 2023, after yields had already decreased to 4.5%.

當前的10年美國政府債券收益率為4.5％。即使它接近5％，這是2023年10月最後一次出現的水平，這並不一定意味著投資者對財政部履行其債務義務的能力失去了信心。例如，在收益率已經下降至4.5％之後，2023年11月下旬，黃金價格僅超過2,000美元。

While the Federal Reserve is winding down its quantitative tightening (QT) program, signaled by smaller Treasury and agency mortgage-backed securities (MBS) sales in March 2024 compared to the previous few months, there are no immediate plans to halt QT completely.

與前幾個月相比，美聯儲正在結束其定量收緊計劃（QT）計劃，該計劃在2024年3月由較小的財政部和代理商抵押支持證券（MBS）銷售信號表示，但沒有立即計劃完全停止QT。

The Federal Reserve is also considering two main liquidity injection strategies: purchasing long-term Treasurys to reduce yields or providing low-interest loans through the discount window to give banks immediate liquidity, reducing their need to sell long-term bonds. To offset the liquidity added through bond purchases, the Fed might simultaneously conduct reverse repos—borrowing cash from banks overnight in exchange for securities.

美聯儲還考慮了兩種主要的流動性注入策略：購買長期財政部以降低收益率或通過折扣窗口提供低息貸款，以使銀行立即流動性，從而減少了他們出售長期債券的需求。為了抵消通過購買債券添加的流動性，美聯儲可能同時進行反向存儲庫 - 從銀行借入現金過夜以換取證券。

This approach could stabilize yields quickly but also has limitations. For instance, to counterbalance liquidity injection, the Fed might impose stricter collateral requirements, such as valuing pledged bonds at 90% of their market price. This limits banks' access to cash while ensuring borrowed funds remain tied to collateralized loans. However, if collateral requirements are too restrictive, banks might struggle to obtain sufficient liquidity even with access to discount window loans.

這種方法可以快速穩定產量，但也有局限性。例如，為了平衡流動性注入，美聯儲可能會徵得更嚴格的抵押要求，例如以其市場價格的90％對保證債券進行估值。這限制了銀行獲得現金的機會，同時確保借入的資金與抵押貸款有關。但是，如果抵押要求過於限制，即使獲得折扣窗戶貸款，銀行也可能難以獲得足夠的流動性。

The implications for Bitcoin (BTC) are mixed. Liquidity injection strategies typically boost Bitcoin prices as they indicate a less hawkish Fed and potential economic slowdown, both favorable for the cryptocurrency.

對比特幣（BTC）的影響是混合的。流動性注入策略通常會提高比特幣價格，因為它們表明鷹場不那麼少，潛在的經濟放緩，這兩者都有利於加密貨幣。

However, allowing higher yields could increase borrowing costs for businesses and consumers, potentially slowing economic growth and impacting Bitcoin's price negatively in the short term.

但是，允許較高的收益率可能會增加企業和消費者的借貸成本，從而在短期內對經濟增長降低並影響比特幣的價格。