美国财政部数据显示，8月18日联邦债务总额升至40.047万亿美元，单日增加约610亿美元。 其中，公众持有债务为32.266万亿美元，政府内部账户持有7.782万亿美元。美国前十个月利息支出已升至约1.1万亿美元，赤字扩大推动发债，长债收益率上升又抬高再融资成本，利息支出增加后进一步扩大赤字。美国财政部随后在8月19日把10—30年期美债单次回购上限由20亿美元提高至至少40亿美元，但回购仍需通过其他期限发债融资，只能改善长债流动性，无法减少赤字。

JPMorgan says the Bank of Japan faces an increasingly difficult policy loop: rising yen depreciation pressure could force earlier rate hikes, but a September move seen by markets as a direct response to the currency may encourage bets on faster follow-ups and raise policy-expectation uncertainty. After June’s tightening, a September hike would shorten the interval to three months, faster than the previously signalled gradual, data-dependent pace. JPMorgan cautions that if markets price a ‘weaker yen → BoJ hikes’ feedback, future tightening may become market-driven, increasing the sensitivity of the yen and JGBs to exchange-rate swings; it therefore expects policy adjustments in September and December, advancing BoJ normalization.

Stifel：黑色素瘤疫苗消息“从概念上看对Maravai有利”。