Fed återupptar kvantitativa lättnader mitt under våg av skuldemissioner

Federal Reserve har startat om sina kvantitativa lättnader efter att ha avslutat åtstramningspolitiken, och har under de senaste månaderna lagt till tiotals miljarder i sin balansräkning.

Centralbanken tillförde 43 miljarder dollar under mars och april innan ytterligare 4 miljarder dollar lades till i maj. Denna kursändring sker samtidigt som finansdepartementet har emitterat nästan 4 biljoner dollar i nya skulder under de senaste 18 månaderna, varav internationella köpare endast har absorberat cirka 10 procent av den totala summan.

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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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