国库的收益率上升可能表明投资者的情绪转移了美国政府债务

明尼阿波利斯美联储的总裁尼尔·卡什卡里（Neel Kashkari）在4月11日谈到了国库收益率上升的问题，这表明他们可能表明投资者情绪从美国政府债务中转移。

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.

明尼阿波利斯美联储总裁尼尔·卡什卡里（Neel Kashkari）在4月11日谈到了国库收益率上升的问题，这表明他们可能表明投资者情绪转移了从美国政府债务中转移。 Kashkari还提到，美联储具有在必要时提供更多流动性的工具。

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%.

当前的10年美国政府债券收益率为4.5％。即使它接近5％，这是2023年10月最后一次出现的水平，这并不一定意味着投资者对财政部履行其债务义务的能力失去了信心。例如，在收益率已经下降至4.5％之后，2023年11月下旬，黄金价格仅超过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.

与前几个月相比，美联储正在结束其定量收紧计划（QT）计划，该计划在2024年3月由较小的财政部和代理商抵押支持证券（MBS）销售信号表示，但没有立即计划完全停止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.

美联储还考虑了两种主要的流动性注入策略：购买长期财政部以降低收益率或通过折扣窗口提供低息贷款，以使银行立即流动性，从而减少了他们出售长期债券的需求。为了抵消通过购买债券添加的流动性，美联储可能同时进行反向存储库 - 从银行借入现金过夜以换取证券。

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.

这种方法可以快速稳定产量，但也有局限性。例如，为了平衡流动性注入，美联储可能会征得更严格的抵押要求，例如以其市场价格的90％对保证债券进行估值。这限制了银行获得现金的机会，同时确保借入的资金与抵押贷款有关。但是，如果抵押要求过于限制，即使获得折扣窗户贷款，银行也可能难以获得足够的流动性。

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.

对比特币（BTC）的影响是混合的。流动性注入策略通常会提高比特币价格，因为它们表明鹰场不那么少，潜在的经济放缓，这两者都有利于加密货币。

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，允许较高的收益率可能会增加企业和消费者的借贷成本，从而在短期内对经济增长降低并影响比特币的价格。