周四美国财政部标售的短期国债收益率降至一年多来的最低水平，因固定收益市场的现金过剩，使借款成本维持在接近零的水平。
美国财政部周四发行的4周期国债收益率为0%，为去年3月份疫情爆发以来首次，发行规模为400亿美元。同时，美国财政部还以0.01%的收益率发行了400亿美元的八周期国债。
上次四周期国债收益率处于该水平，还是在一年前焦虑的投资者纷纷转而投资货币市场基金的时候。美国短期国债收益率最近一直在承压，因为财政部减少了短期债券的发行，以减少其庞大的现金余额，这样做能够让政府在满足债务上限水平的前提下还能支付财政开支。
Jefferies的经济学家Thomas Simons在给客户的报告中写道：
“考虑到债券供给的前景，未来零收益率将会是常态。”
隔夜一般抵押品回购利率一直维持在零的水平，而三月期或时间更短的国库券收益率在-0.018%到+0.01%。因此，市场对隔夜逆回购的需求达到了一年多来的最高水平。
据纽约联储在周四公布的数据，有担保利率承载的压力也蔓延到了无担保利率上。截至4月28日，隔夜银行拆借利率下降了1个基点，到了0.05%的水平。
不过，美联储尚未开始调整他们用于控制短期借贷成本的基准利率。美联储的关键目标利率水平仍在0%到0.25%的范围内，货币市场状况十分良好，但是鲍威尔也承认利率还有进一步下行的压力。
在5月5日宣布债券再融资公告之前，美国财政部对交易商进行了一项调查，了解了他们对一些问题的看法，包括关于恢复债务水平上限对国债市场，或者是其他金融市场的影响、未来三个月债券的预期供给水平以及对于债券发行的调整措施的看法。
根据现行法律，财政部的现金余额必须在7月30日前恢复到约1300亿美元的水平，即暂停举债上限时的水平。财政部目前的现金余额为9590亿美元，为了完成目标，除了支付最近的财政刺激计划的预算之外，还要减少债务。这意味短期利率的下行压力不太可能得到缓解。
财政部今年已经偿还了约4150亿美元的债务。瑞士信贷估计，美国政府还需要继续偿还5000亿美元的债务。而道明证券的分析师们认为，在7月底之前财政部还需要再削减3000亿至4000亿美元的债务。
道明证券的分析师Gennadiy Goldberg指出，货币基金的投资者将要承受更多损失，未来可能没有足够债券的提供给投资者，这是推动前端利率走低的原因。
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