利率定价：关键在于更大规模的股票回购，而非融资方式

关键论点

• 通过TGA融资回购等同于是票据发行；真正的影响是未来可能扩张的信号。
• 30年期互换利差在宣布加倍长期回购时收窄4个基点，周一进一步收窄3个基点。
• 欧元区数据持续超预期，积极惊喜上次出现是在2023年，给欧元利率带来上行风险。

对应原文证据

1. The key messaging here is not on how the buybacks are financed, but on the threat that the buybacks could be increased again, and again, in the future should the US Treasury deem it a suitable policy. · medium_term
2. The eurozone’s economic data have consistently beat consensus expectations over the past few months. In fact, the last time economic surprises were this much tilted into positive territory was in 2023. · short_term
3. An improving growth picture combined with still very positive market sentiment means more upside risk for euro rates. · short_term