民主党参议员伊丽莎白·沃伦（Elizabeth Warren）向财政部长斯科特·贝森特（Scott Bessent）提出了一系列质询，涉及她所称的对美国国债市场“史无前例且混乱”的干预。
Senator Elizabeth Warren issued a series of questions to Treasury Secretary Scott Bessent on what she dubbed “unprecedented and chaotic” interventions in the US Treasuries market.
身为参议院银行委员会资深成员的沃伦在10月7日致贝森特的一封信中询问，财政部是否计划缩减现金储备来资助回购。她还就财政部为降低长期政府证券收益率而采取的其他举措向贝森特提出了质问，并要求在10月21日前予以回复。
Warren, who is the ranking member on the Senate Banking Committee, asked in a letter to Bessent dated Oct. 7 whether the Treasury Department plans to shrink its cash pile to fund the buybacks. She also quizzed Bessent on what other steps the Treasury is taking to bring down yields on longer-term government securities. She asked for a response by Oct. 21.
贝森特于8月19日宣布扩大回购计划，这令市场参与者感到意外，而就在两周前，财政部才刚刚公布了最新的季度债务管理计划。沃伦表示，政府的这些操纵行为正在破坏财政部长期以来奉行的发行策略“常规且可预测”的原则。
Bessent surprised market participants with the expansion of the buyback program, announced Aug. 19 just two weeks after the Treasury had unveiled its latest quarterly debt-management plan. Warren said the administration’s maneuvers are undermining the Treasury’s longstanding strategy of being “regular and predictable” in its issuance strategy.
在美国与伊朗战争引发的通胀压力的大力推动下，长期借款成本飙升至2000年代初以来的最高水平，财政部长随后采取了上述行动。尽管扩大了回购操作，但基准10年期国债收益率仍在继续攀升，并在本周创下了2002年以来的最高纪录。
The Treasury chief took the action after longer-term borrowing costs hit the highest level since the early 2000s — spurred in large part by inflation pressures caused by the Iran war. Benchmark 10-year yields have climbed further despite the expanded buyback operations, hitting the highest since 2002 this week.
沃伦在提及美国与伊朗的战争时写道：“国债收益率的飙升是作茧自缚。你没有劝告总统降低成本，反而选择在市场上发起史无前例且混乱的干预，显然是希望遏制损害。”贝森特曾表示，政府在经济上孤立伊朗的努力将消除该政权带来的威胁，且一旦冲突结束，能源价格将会下跌。他认为，这反过来又会拉低借款成本。他还表示，更快的经济增长以及他正在制定的财政整合计划将有助于减轻政府的借款负担。
“The surge in Treasury yields is self-inflicted,” Warren wrote, referencing the US’s war with Iran. “Rather than advise the president to lower costs, you have chosen to launch unprecedented and chaotic interventions in the market, apparently in hopes of stemming the damage.”Bessent has said that the administration’s efforts to isolate Iran economically will end threats posed by that regime, and that once the conflict is over energy prices will slide. That in turn will pull borrowing costs back down, he argues. He has also said that faster economic growth and a fiscal-consolidation plan he’s working on will help shrink the government’s borrowing burden.
沃伦询问贝森特，财政部针对利率上升对汽车贷款、住房抵押贷款等面向消费者的各类贷款利率会产生何种影响做过哪些分析。她还追问财政部是否会动用财政部普通账户资金来增加债券回购规模。
Warren asked Bessent what analysis the Treasury has done on the impact of higher yields on broader consumer-facing borrowing rates such as car and home loans. She also pressed whether the department will be draw down the Treasury General Account to expand buybacks.
目前财政部尚未明确是否打算持续减少自身持有的现金储备。起初，市场参与者们曾推测，当局会增加发行期限在一年以内的短期国债，以此来筹措资金用于购买期限更长的债券。
The department hasn’t specified whether it’s prepared to shrink its cash pile on a consistent basis. Market participants had initially assumed officials would ramp up sales of bills — which mature in up to a year — to pay for the purchases of longer-dated securities.