連邦準備制度、債務発行の急増を受けて量的緩和を再開

連邦準備制度理事会(FRB)は金融引き締め終了に伴い量的緩和を再開しており、ここ数ヶ月で保有資産を数百億ドル規模で拡大させている。

同中央銀行は3月から4月にかけて430億ドルを追加し、5月にはさらに40億ドルを上積みした。この政策転換は、財務省が過去18ヶ月間で4兆ドル近くの新規債務を発行する一方、海外の購入者がその総額の約10%程度しか吸収していない状況下で行われている。

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Bitcoin remains near $65,000 as tensions with Iran boost oil and yields, with strong ETF inflows.
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Bitcoin holds near $65,000 as Iran tensions lift oil and yields

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Bitcoin traded around $65,000 on Thursday as escalating U.S.-Iran conflict drove oil prices higher and pushed Treasury yields to multi-month peaks. Spot Bitcoin ETFs drew nearly $1 billion in inflows over seven sessions. Grayscale Research said the price may have already bottomed.

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.

The Chilean government proposed this week to seek legislative authorization to issue US$6.2 billion in public debt in 2026 to cover expenses mandated by law.

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Rising US Treasury yields reached 5.18 percent on May 20, pressuring Bitcoin prices below $80,000. Spot Bitcoin ETFs recorded net outflows of about 14,000 BTC in the latest week.

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

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The Federal Reserve left its benchmark interest rate unchanged at 3.50%-3.75% on Wednesday in the first policy decision under new Chair Kevin Warsh. Policymakers signaled a more hawkish stance by raising projections for rates and inflation through 2028. Bitcoin and major stock indexes slipped after the announcement.

 

 

 

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