美國國債供給過剩加上科技巨頭發債排擠，機構要求更高長端風險補償，殖利率面臨持續上行壓力。

Persistent US fiscal deficits adding over $2 trillion annually continue to flood the market with long-term Treasury paper. Discretionary institutional investors are demanding higher yields to absorb this ongoing duration supply, especially as foreign central bank purchases remain flat. While technical buybacks clear off-the-run illiquidity, they cannot suppress the structural upward pressure on long-end yields.

公共債務佔 GDP 破百，且科技巨頭未來三年 1.5 兆美元融資缺口引發史無前例發債潮，長端殖利率看升，資金排擠壓抑債市。