German Chancellor Merz said the country's governance system has become overly complex.

乌克兰总统泽连斯基：感谢美国总统签署林赛·格雷厄姆法案（对俄制裁法案）成为法律。

Wall Street banks expect the US to borrow roughly $1tn by issuing short-term Treasuries over the next year to meet rising financing needs, the Financial Times reports. BofA projects net new cash borrowing excluding refunding in the fiscal year to Sept 2027 at about $1.07tn; JP Morgan forecasts $1.09tn of short-term issuance in 2027; Goldman sees $961bn. The rise in bill issuance arrives as long-term borrowing costs sit at their highest since 2007; Treasury Secretary Scott Bessent has pushed to expand 10-30yr buybacks to lower the long end. BofA expects outstanding short-term Treasuries to climb to roughly $8tn by next Sept, about 24.3% of marketable debt; Goldman projects 24.3% next year and 24.9% in 2028 — near pandemic highs and above the Treasury Borrowing Advisory Committee’s ~20% suggested long-run share. Analysts say heavier bill issuance can reduce near-term financing costs but increases future refinancing risk; BofA rates strategist Mark Cabana warned large bill supply could make interest expense larger and more volatile. The Fed’s purchases of short-term Treasuries this year and roughly $8tn in money market fund assets are supporting demand for bills.