近日，美国财政部长珍妮特·耶伦（Janet Yellen）的高级顾问、前高盛经济学家贝森特（Bessent）公开驳斥了所谓“欧洲正在大规模抛售美国国债”的说法，称其为‘虚假叙事’。他指出，尽管部分欧洲国家在资产配置上有所调整，但整体而言，欧洲投资者对美债的需求依然强劲。数据显示，2023年以来，欧洲央行及主要成员国并未显著减持美国国债，反而在美元走强和美债收益率上升的背景下，继续将其作为核心避险资产持有。贝森特强调，此类‘抛售论’往往源于对短期市场波动的误读，或被地缘政治情绪放大。实际上，美国国债市场深度和流动性仍是全球无可替代的，尤其在经济不确定性加剧时期，其吸引力不减反增。此外，欧洲自身面临经济增长乏力、通胀压力和能源安全等多重挑战，使其更倾向于维持稳健的外汇储备结构，而非激进减持美债。专家认为，将个别机构的战术性调仓解读为系统性撤资，容易误导市场预期。贝森特的表态意在稳定投资者信心，重申美国金融市场的韧性与全球地位。
Recently, Bessent, a senior advisor to U.S. Treasury Secretary Janet Yellen and former Goldman Sachs economist, publicly dismissed claims that ‘Europe is massively selling off U.S. Treasuries,’ calling it a ‘false narrative.’ He noted that while some European countries have made modest adjustments to their asset allocations, European investors overall continue to show strong demand for U.S. government debt. Data from 2023 shows that neither the European Central Bank nor major European member states have significantly reduced their holdings of U.S. Treasuries; instead, they have maintained them as core safe-haven assets amid a stronger dollar and rising Treasury yields.Bessent emphasized that such ‘sell-off narratives’ often stem from misinterpretations of short-term market volatility or are amplified by geopolitical sentiment. In reality, the depth and liquidity of the U.S. Treasury market remain unmatched globally, and its appeal tends to increase—not decrease—during periods of heightened economic uncertainty. Moreover, Europe faces its own challenges, including sluggish growth, inflationary pressures, and energy security concerns, making it more inclined to maintain a stable foreign reserve structure rather than aggressively divest from U.S. debt.Experts caution that interpreting tactical portfolio adjustments by individual institutions as systemic disinvestment can mislead market expectations. Bessent’s remarks aim to reassure investors and reaffirm the resilience and global standing of U.S. financial markets.
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