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A |     　　美国财政部长贝森特周一表示，尽管美国财政部已决定增加10至30年期美国国债的回购规模，但仍将继续按原定计划进行常规的债券标售，包括长期债券的标售。　　在周一这场以伊朗制裁为主题的新闻发布会上，当被问及财政部未来债券回购计划及标售规模时，贝森特表示，该部门将“继续执行8月初宣布的常规标售计划”。他还示意，在11月初下一次所谓的季度再融资公告发布之前，不会作出调整。

B |     British Prime Minister Boris Johnson is fighting for his political life but his opponents have few options for replacing him — so say two senior academics.,Calls for Johnson to go have reached fever pitch since Chris Pincher, the Conservative MP he appointed as deputy chief whip in February, was sacked for drunkenly groping two men at a posh private members' club in London.,This week it emerged that Johnson had been informed of earlier sexual assault claims against Pincher before he promoted him — leaving cabinet colleagues were embarrassed at having to defend the ever-changing official line.,Laura McAllister, professor of public policy at the Wales Governance Centre, told Sputnik nobody should take Johnson's political demise for granted.,"He survived so much in a way that few other politicians have ever managed to, particularly those in senior public office and prime minister," McAllister says. "He operates by a completely different set of rules and principles and ethics, which we would assume would be his undoing, but actually in reality he seems to have been able to ride the storm".,The academic points to Johnson's survival of the scandals around his advisor Dominic Cummings, 'Partygate', his handling of the COVID-19 pandemic before the Pincher affair. But she conceded that the spate of ministerial resignations led by Sajid Javid as health secretary and Rishi Sunak as chancellor of the exchequer were "hugely significant.","Two Cabinet members who sat in Cabinet yesterday morning had resigned without warning by the evening," the professor stresses "I think it's also fair to say that both of those individuals are thinking about their own potential bids to stand as the next leader of the Conservative Party and therefore timing is very much predicated on that.",McAllister says things have changed since the days of Margaret Thatcher, who resigned in 1990 after failing to win a leadership challenge by an overwhelming margin.,"[T]here was a much stronger Cabinet code, a ministerial code that was upheld broadly, or if it wasn't upheld, then there were consequences," she says "That's not the case now, and it seems very likely that Johnson will not resign of his own accord.","He still has a base of support, of course, even though that’s dwindling away now," she adds.,The academic also doubts that a general election would break the political deadlock.,"Whilst Labour are a few percentage points ahead, they clearly aren’t making sufficient headway to be confident of winning a majority," McAllister says. "The best they could hope for in the current polling would be a minority government and potentially having to seek coalition partners".,Those could include the Liberal Democrats and the Scottish National Party (SNP), who would demand a repeat of the 2014 independence referendum as the price of their support. Ironically, independence for Scotland and its 59 parliamentary seats would shore up the Conservative majority in Westminster and make Labour nigh on unelectable.,"[Labour leader] Keir Starmer has already ruled out any deals with the SNP for obvious constitutional reasons, and therefore with Plaid Cymru in Wales," she points out, "So it seems unlikely that that route to power is open".,McAllister believes a new Tory leader would at least enjoy a "honeymoon period" bounce in the polls.,"And who knows, were Johnson to be defenestrated, it might be that a new leader might choose to capitalize on the honeymoon period and call an earlier election," she speculates.,Beleaguered BoJo Battles With Opposition at Weekly PM's Questions12:52 GMT,No 'Coup', But Then Who?,Mark Garnett, a politics professor at Lancaster University and author of the books "The British Prime Minister in an Age of Upheaval" and "From Anger to Apathy: The British Experience" thinks Johnson has no hope of survival. But he does not see how the party can push the PM out if he refuses to jump.,He says Javid and Sunak's resignations are "serious blows" to Johnson, but they are only "symptoms of a more general crisis of leadership".,"Johnson has been involved in too many incidents which raise questions about his personal integrity," Garnett says, with ministers told to defend the PM against allegations that turned out to be true. "In effect, they have been asked to lie in public on his behalf. Their patience has finally snapped.",But the professor does not see the near simultaneous resignations as a "coup", stressing: "The most surprising thing is that ministers have tolerated Johnson for so long".,While Sunak was seen as the favorite to succeed Johnson just six months ago "he is being held at least partly responsible for the country's economic problems and his chances of becoming prime minister are now very remote," Garnett says. "Sajid Javid's chances are greater, but Conservative members (who make the final decision) seem more attracted to the Defence Secretary, Ben Wallace, who has not resigned.",The academic believes MPs are worried that Johnson is now an "electoral liability" who could cost them their seats at the next general election. "The party has just lost two by-elections in crucial seats, and the main reason given by those who voted against them was Boris Johnson's leadership," he stresses.,But the problem of how to remove Johnson from office if he will not quit remains.,"Currently the party's rules make it impossible to hold a vote of confidence for another year," Garnett points out. "It is very likely that those rules will be changed within the next ten days". But he believes if a vote could be held now, "Johnson would certainly lose and be forced to resign".。

C | 　　他补充称，财政部尚未就扩大规模的回购计划购入任何债券。按照美国财政部上周发布的公告，9月9日是美国财政部加码长期美债回购措施正式生效的日期。　　被誉为“索罗斯门徒”的贝森特，在职业生涯里曾长期担任对冲基金经理，在主权债务和外汇市场拥有丰富经验。上周，当长期债券收益率达到近二十年来最高水平时，他宣布美国财政部将把季度长期债券回购规模翻倍，此举令全球债券投资者大感意外。　　贝森特的策略虽然在短期内帮助压低了10年期国债以及20年期和30年期国债的收益率，使政府得以从高企的债券收益率中获得一定缓解——这些收益率正迅速推高联邦债务偿还成本。但到上周末，长期债券的收益率已基本收复了此前录得的跌幅。　　在周一的最新讲话中，贝森特尚未透露国债回购的资金来源，但隔夜有美国媒体援引美国财政部高级官员爆料称，美国财政部可以动用规模接近1万亿美元的财政部一般账户(TGA)，为其近期宣布的扩大美国国债回购计划提供资金。　　动用该账户可避免通过发行新的短期国债来为回购提供资金，但会侵蚀美国政府的现金储备。与美联储不同，美国财政部无法随意创造货币，因此需要利用现有现金资源或借贷来支付回购款项。

D | 任何额外借款都必须以较短期限进行，以免破坏回购行动的目标——即提高长期债券市场的流动性。　　TGA账户实质上是联邦政府的支票账户，用于支付政府日常运营开支，如联邦雇员工资、国防合同以及财政部的利息和本金偿付义务。截至上周三，该账户余额约为9400亿美元。　　干预主义倾向日益加深　　贝森特在最新表态中还认为，鉴于美国经济的蓬勃发展，收益率飙升至近二十年高位的现象是毫无根据的。他还指出，特朗普政府计划削减政府支出——正是这些支出导致美国对全球的债务总额超过了40万亿美元。　　作为贝森特日益干预主义举措的最新一环，美国财政部上周表示，将在未来一个季度内将其在10至30年期债券领域的回购规模翻倍，每次操作金额至少达到40亿美元。根据美国财政部对9月9日至11月4日期间的日程安排显示，该期限区间内的回购总额最高可达140亿美元。

E | 　　贝森特本月早些时候还执行了15年来首次针对日元汇率的美日联合干预。

F | 　　这位美国财长上周曾解释称，其政策目标在于为交投相对冷清的市场区域提供流动性支持——尤其是在交易淡季8月，长期国债眼下还不得不与高收益率的大量企业债(特别是人工智能基础设施领域的融资)争夺资金。　　然而，城堡证券指出，财政部的这些举措构成了“金融压制”，有可能削弱美元汇率并加剧通胀。城堡证券欧洲、中东及非洲地区固定收益销售主管Nohshad Shah表示，发生这种情况是因为较低的收益率将削弱美元资产的吸引力，并可能推高进口商品价格。　　而预测市场平台上的不少交易员，目前也并不看好贝森特干预的成效，他们认为这些举措并无法推动收益率大幅下降。　　相关事件合约显示，Kalshi平台上的交易员认为，10年期美国国债收益率在2026年底位于4.75%或以上的概率为56%，该收益率在年底前突破5%的概率为31%。截至周一纽约时段尾盘，10年期美债收益率约为4.64%。　　在Polymarket平台上，投机者预测10年期美国国债收益率在2026年某个时点突破4.8%的概率为67%。即便是在近期国债遭到抛售期间，收益率也尚未突破这一水平。　　上周，随着美伊冲突尚未解决，市场开始评估潜在更高通胀的风险，全球债券市场遭遇抛售。美国联邦债务总额也在上周突破了40万亿美元，对美债收益率施加了进一步压力。尽管美国财政部此后进行了紧急干预，但预测市场的交易员押注，收益率的下行将只是暂时的，随后仍将继续攀升。

G | （文章来源：财联社）。

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