美国政府本周通过出售国库券和国债借款创纪录的 8390 亿美元 —— 既用于偿还到期债务持有人，也用于筹集联邦赤字所需的额外资金。
The US government borrowed a record $839 billion this week via its sales of Treasury bills and notes — both to repay holders of maturing debt and to raise the additional capital needed to finance the federal deficit.
本周国库券、浮息债券以及 2 年、5 年和 7 年期国债的拍卖规模总和超过了上一纪录，后者为去年同期创下的 8340 亿美元。
This week’s auctions of bills, floating-rate notes and Treasuries due in two, five and seven years eclipsed the previous record of $834 billion, set in the same period a year ago.
这 8390 亿美元是 11 场拍卖规模的总和，其中大部分用于偿还到期国库券持有人。仅 1060 亿美元代表美国政府的新增借款，并未接近纪录水平。纪录出现在 2020 年 3 月和 4 月，当时为应对疫情拍卖规模激增，单周净新增现金峰值曾接近 3620 亿美元。
The $839 billion is the sum of the 11 auction sizes, and the majority of it went to repay holders of maturing bills. Only $106 billion represented new borrowing by the US government, and it’s not close to record levels. Those were set in March and April 2020, when auction sizes surged to finance pandemic response measures, and weekly net new cash peaked near $362 billion.
每周借款总额差异很大，主要取决于有多少债务即将到期。本周的纪录总额凸显了累积债务及其不断上升的融资成本，正推动美国政府走向规模越来越大的拍卖。
Gross weekly debt totals vary widely depending mainly on how much debt is slated to mature. This week’s record total underscores how the accumulated debt — and the rising cost of financing it — is driving the US government toward ever-larger auction sizes.
Mischler Financial Group 利率销售交易董事总经理 Tony Farren 表示：“美国财政部每周总发行量创纪录高位，不会有什么好事。最大的风险是投资者会要求更高收益率。”过去两年，财政部通过扩大每周国库券拍卖规模来满足不断增长的借款需求，同时维持每月七场、期限从 2 年到 30 年不等的国债和长期债券拍卖规模不变。
“Nothing good is coming from Treasury gross weekly issuance at a record high,” said Tony Farren, managing director in rates sales and trading at Mischler Financial Group. “The No. 1 risk is that people are going to demand higher yields.”Over the past two years, the Treasury Department has met growth in its borrowing need by increasing the size of its weekly bill auctions, while maintaining the sizes of its seven monthly auctions of notes and bonds with maturities ranging from two to 30 years.
这种情况最终必须改变 —— 否则国库券在总债务中的占比会上升，因为国库券到期更频繁，会让美国纳税人面临利率上升的风险。自 2024 年初以来，财政部的季度政策声明均称预计将维持拍卖规模稳定“至少未来几个季度”。债券市场策略师预计，下一次声明将于 11 月 4 日发布，届时该指引将会改变。
That will have to change eventually — or else risk bills growing as a share of the total debt, which exposes US taxpayers to rising interest rates because bills mature more frequently. Since early 2024, the Treasury’s quarterly policy statements have said it expects to keep auction sizes steady “for at least the next several quarters.”Bond market strategists expect that guidance to change when the next statement is made on Nov. 4.