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cover of episode House Budget Battle Keeps Rising Yields in Focus

House Budget Battle Keeps Rising Yields in Focus

2025/5/22
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Schwab Market Update Audio
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Kathy Jones
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Keith Lansford
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Keith Lansford: 作为施瓦布市场更新播客的主持人，我观察到投资者对美国国债收益率的担忧日益加剧，尤其是在10年期国债收益率飙升至近4.6%的情况下。这导致了华尔街的抛售，因为市场担心不断膨胀的美国债务。预算谈判是市场关注的焦点，因为任何增加债务的提案都会受到密切关注。此外，我提到小盘股受到的打击最大，而科技股受到的损害较小，美元下跌可能有助于科技等海外敞口较大的行业，尽管目前的贸易环境可能不支持这一理论。 Kathy Jones: 作为施瓦布的首席固定收益策略师，我认为市场对当前的预算提案并不满意，因为该提案预计将在未来10年内增加3万亿至5万亿美元的债务。市场希望看到更多的财政约束。此外，美联储近期多次重申政策将维持一段时间不变，因此今年降息的预期有所下降。我认为，这些因素共同导致了市场对国债收益率的担忧。

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The bond market is closely watching the House budget battle, as rising yields are causing concerns about the U.S. debt. The proposed budget could significantly increase the national debt, leading to market anxieties and impacting stock performance. Ongoing negotiations in Congress will determine the bill's fate and its potential impact on the economy.
  • Benchmark 10-year yield rose to nearly 4.6 percent
  • Longer-term yields reached above 5 percent
  • Budget proposal expected to add $3 trillion to $5 trillion to the debt over 10 years
  • Market appears to be voting against the bill
  • Futures trading indicated a low chance of a rate cut in June and July

Shownotes Transcript

The bond market could keep leading stocks today after Wall Street tumbled Wednesday on spiking yields. The budget debate in Congress puts deficit worries front and center.

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