I recenti sviluppi politici negli Stati Uniti, in particolare quelli relativi all'inflazione e alla sostenibilità del debito a lungo termine, hanno avuto implicazioni significative per i mercati obbligazionari globali. Con le prospettive fiscali sempre più tese, è un momento interessante per valutare come stanno reagendo i mercati e come gli investitori dovrebbero posizionarsi nell'attuale contesto.

The US government, like in many other countries, has a significant amount of debt outstanding. This debt is financed for the majority through the issuance of Treasury securities, which include Treasury bills (short-term), Treasury notes (medium-term), and Treasury bonds (long-term), and these securities serve as key instruments in financial markets. The investors include individuals, corporations, pension funds, the Federal Reserve, and other governments. Broadly, this is referred to the debt held by the public.

“Javier Milei’s dollarization and fiscal austerity proposals overlook the complexities of modern economies, ignore lessons from historical crises, and open the door for accentuating already severe inequalities.”