The Fed kembali melakukan pelonggaran kuantitatif di tengah lonjakan penerbitan utang

Federal Reserve telah memulai kembali pelonggaran kuantitatif setelah berakhirnya pengetatan, dengan menambahkan puluhan miliar ke neraca keuangannya dalam beberapa bulan terakhir.

Bank sentral tersebut menambahkan $43 miliar pada bulan Maret dan April sebelum menambah $4 miliar lagi pada bulan Mei. Pergeseran ini terjadi seiring dengan Departemen Keuangan yang telah menerbitkan utang baru senilai hampir $4 triliun selama 18 bulan terakhir, dengan pembeli internasional hanya menyerap sekitar 10 persen dari total tersebut.

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Illustration of Bitcoin ETF outflows near $1B with rising yields and financial charts for a news article.
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Bitcoin ETF outflows near $1 billion amid rising yields

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Bitcoin spot ETFs saw nearly $1 billion in outflows over May 18-19 as Treasury yields rose and Federal Reserve rate-hike odds increased, ending a six-week inflow streak.

The Federal Reserve has cut interest rates multiple times since late 2024, yet long-term borrowing costs have remained elevated as bond markets no longer follow the central bank's lead.

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Tokenized U.S. Treasuries climbed to a new high of 15.35 billion dollars in value locked on May 13. Bitcoin held above 80,000 dollars but showed limited upside as traders weighed rising odds of a Federal Reserve rate increase. The shift comes ahead of key inflation data and political meetings.

Global financial markets reacted on Monday to renewed surges in oil prices and geopolitical tensions in the Middle East, continuing the economic ripple effects first seen after the Iran conflict and Hormuz blockade earlier this year.

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Crescat Capital has published analysis warning of persistent inflation driven by US fiscal imbalances.

The Ethiopian government has deferred its eurobond payment to the next fiscal year as part of efforts to improve its debt profile under the G20 Common Framework.

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Egypt has issued $1 billion in social and development bonds, marking the first sovereign issuance of its kind in the Middle East and North Africa since the Iran conflict escalation. The eight-year bonds carry a 6.7% yield and drew subscriptions more than five times the targeted amount.

 

 

 

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