貨幣市場基金如何爲潛在的債務上限危機做準備?
貨幣市場基金資產已飆升至創紀錄水平,以其避險吸引力和遠超銀行存款的收益率吸引了投資者。
這些基金傳統上被認爲是低風險和具有流動性的,因爲它們投資於包括短期國債在內的高質量資產。然而,如果立法者無法就提高國家借貸限額達成協議,從而爲違約奠定基礎,那麼依賴美國政府債務的基金可能會成爲一個潛在的麻煩點,儘管到目前爲止不太可能。
貨幣市場基金有多大?
Investment Company Institute的數據顯示,截至3月29日,美國貨幣市場基金管理的資產總額達到創紀錄的5.2萬億美元,其中包括純國債基金、優質基金和政府基金。
Crane Data總裁彼得·克蘭表示,這些基金在3月份創下了有史以來第三大月度流入量,這主要是由於硅谷銀行存款擠兌引發的銀行業壓力。
基金增長的另一個原因是它們相對於銀行存款的收益優勢。在美聯儲去年將聯邦基金利率目標上調至4.75%-5%後,貨幣基金的平均利率爲4.5%並趨向5%,而銀行存款的平均利率不到1%,Federated Hermes全球流動性市場首席投資官Deborah Cunningham表示。
什麼是債務上限?
債務上限是美國政府爲履行其財政義務所能借入的最高金額。當達到上限時,財政部不能再發行任何票據、債券或票據。
一些投資者擔心,共和黨在國會的微弱多數可能會讓該黨的強硬派佔據上風,從而更難就提高2023年債務上限達成協議。
美國財政部長珍妮特·耶倫表示,政府只能在不提高限額的情況下支付到6月初的賬單。一些分析師預測,政府將在第三或第四季度的某個時候耗盡其現金和借貸能力——即所謂的“X日期”。
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