Exclusive Interview with Shu Chang, Chief Asia-Pacific Economist at Bloomberg: From "Excess Savings" to "Excess Investment" Who Is Rewriting the Pricing Logic of U.S. Treasuries?

Shu Chang, Chief Asia-Pacific Economist at Bloomberg, said that Federal Reserve rate hikes mainly affect the short end of the curve, while the wave of debt issuance driven by tech capital expenditure is a factor pushing up long-end rates, with the two belonging to different dimensions of macroeconomic variables. At present, the world is undergoing a historic shift from "excess savings" to "excess investment." Intensive debt issuance by tech giants not only intensifies competition for long-end U.S. Treasury liquidity, but has also become a new structural force driving the global long-term interest rate center higher.