![\"アングル：ムーディーズ格下げで一層募る米財政不安、債券「自警団」出動も\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/ZMGM3BK3HZIDNEOOVCKWCWZDOQ.jpg\")
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\u30e0\u30fc\u30c7\u30a3\u30fc\u30ba\u30fb\u30a2\u30ca\u30ea\u30c6\u30a3\u30af\u30b9\u306f\u683c\u4ed8\u3051\u90e8\u9580\u3068\u306f\u5225\u7d44\u7e54\u3002\u30b6\u30f3\u30c7\u30a3\u6c0f\u306f\u30b3\u30e1\u30f3\u30c8\u3092\u62d2\u5426\u3057\u305f\u3002<\/p>\n
\uff1c\u6301\u7d9a\u4e0d\u80fd\u306e\u9053\u7b4b\uff1e<\/p>\n
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\u6295\u8cc7\u5bb6\u3082\u5fc3\u914d\u3057\u59cb\u3081\u3066\u304a\u308a\u3001\uff18\u6708\u306b\u6e80\u671f\u3092\u8fce\u3048\u308b\u8ca1\u52d9\u7701\u77ed\u671f\u8a3c\u5238\uff08\uff34\u30d3\u30eb\uff09\u306e\u5229\u56de\u308a\u306f\u3001\u305d\u306e\u524d\u5f8c\u304c\u6e80\u671f\u306e\uff34\u30d3\u30eb\u3088\u308a\u3082\u9ad8\u3044\u3002<\/p>\n
![\"The](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/1747646357_139_chart.png\")
The chart shows that the average yield on Treasury bills due in August, when the U.S. government could run out of funds to cover all its obligations, is higher than yields on T-bills with adjacent maturities.<\/p>\n
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\u30b0\u30c3\u30b2\u30f3\u30cf\u30a4\u30e0\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30ba\u30fb\u30a4\u30f3\u30d9\u30b9\u30c8\u30e1\u30f3\u30c8\u30fb\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u306e\u30a2\u30f3\u30fb\u30a6\u30a9\u30eb\u30b7\u30e5\u6700\u9ad8\u6295\u8cc7\u8cac\u4efb\u8005\u306f\u3001\u653f\u6cbb\u306e\u4e16\u754c\u3067\u6b73\u51fa\u30ec\u30d9\u30eb\u3092\u5927\u5e45\u306b\u898b\u76f4\u3059\u53d6\u308a\u7d44\u307f\u306b\u672c\u683c\u7684\u306a\u9032\u5c55\u304c\u306a\u3044\u9650\u308a\u3001\u7c73\u8ca1\u653f\u306e\u9053\u7b4b\u306b\u304a\u3044\u3066\u610f\u7fa9\u306e\u3042\u308b\u6539\u5584\u306f\u898b\u8fbc\u3081\u305d\u3046\u306b\u306a\u3044\u3068\u8ff0\u3079\u3001\u73fe\u5728\u305f\u3069\u3063\u3066\u3044\u308b\u9053\u7b4b\u306f\u6301\u7d9a\u4e0d\u80fd\u3060\u3068\u5f37\u8abf\u3057\u305f\u3002<\/p>\n
\u79c1\u305f\u3061\u306e\u884c\u52d5\u898f\u7bc4\uff1a\u30c8\u30e0\u30bd\u30f3\u30fb\u30ed\u30a4\u30bf\u30fc\u300c\u4fe1\u983c\u306e\u539f\u5247\u300d, opens new tab<\/p>\n
![](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/https:\/\/s3.amazonaws.com\/arc-authors\/reuters\/f8a61e64-a566-4390-93a3-2d7dbd358ebb.png\"\/)
<\/p>\n
Davide Barbuscia covers macro investment and trading out of New York, with a focus on fixed income markets. Previously based in Dubai, where he was Reuters Chief Economics Correspondent for the Gulf region, he has written on a broad range of topics including Saudi Arabia\u2019s efforts to diversify away from oil, Lebanon\u2019s financial crisis, as well as scoops on corporate and sovereign debt deals and restructuring situations. Before joining Reuters in 2016 he worked as a journalist at Debtwire in London and had a stint in Johannesburg.<\/p>\n","protected":false},"excerpt":{"rendered":"
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