{"id":189483,"date":"2026-08-24T03:58:19","date_gmt":"2026-08-24T03:58:19","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/189483\/"},"modified":"2026-08-24T03:58:19","modified_gmt":"2026-08-24T03:58:19","slug":"jako-splacet-hypoteku-kreditkou-analytik-sepsul-plan-intervenci-do-americkych-dluhopisu","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/189483\/","title":{"rendered":"Jako spl\u00e1cet hypot\u00e9ku kreditkou. Analytik sepsul pl\u00e1n intervenc\u00ed do americk\u00fdch dluhopis\u016f"},"content":{"rendered":"

Snaha americk\u00e9 vl\u00e1dy zvl\u00e1dat s\u00edl\u00edc\u00ed tlak na trhu st\u00e1tn\u00edch dluhopis\u016f m\u016f\u017ee tento probl\u00e9m jen odsunout do budoucna,\u00a0\u0159ekl<\/a>\u00a0spolu\u0159editel glob\u00e1ln\u00edho v\u00fdzkumu v bance JPMorgan James Sullivan. Prudk\u00fd n\u00e1r\u016fst emis\u00ed dluhopis\u016f po cel\u00e9m sv\u011bt\u011b podle n\u011bj prov\u011b\u0159\u00ed, zda jsou investo\u0159i tento dluh v\u016fbec ochotni kupovat. Sullivan avizovan\u00e9 pl\u00e1ny americk\u00e9ho ministerstva financ\u00ed zv\u00fd\u0161it objem nakupovan\u00fdch st\u00e1tn\u00edch dluhopis\u016f kritizuje a p\u0159irovn\u00e1v\u00e1 je ke snaze spl\u00e1cet hypot\u00e9ku kreditn\u00ed kartou.<\/p>\n

Americk\u00e9 ministerstvo financ\u00ed odkupuje dluhopisy s del\u0161\u00ed dobou splatnosti a z\u00e1rove\u0148 vyd\u00e1v\u00e1 kr\u00e1tkodob\u011bj\u0161\u00ed st\u00e1tn\u00ed pokladni\u010dn\u00ed pouk\u00e1zky. Tato strategie m\u016f\u017ee p\u0159in\u00e9st do\u010dasnou \u00falevu, ale z\u00e1kladn\u00ed dluhov\u00e9 zat\u00ed\u017een\u00ed z\u016fst\u00e1v\u00e1 nezm\u011bn\u011bn\u00e9, \u0159ekl Sullivan v po\u0159adu Squawk Box americk\u00e9 televize CNBC. Ministerstvo ve st\u0159edu ozn\u00e1milo, \u017ee objem odkup\u016f st\u00e1tn\u00edho dluhu v dob\u011b od 9. z\u00e1\u0159\u00ed do 4. listopadu nejm\u00e9n\u011b zdvojn\u00e1sob\u00ed.<\/p>\n

\"Americk\u00fd<\/a>Americk\u00fd dluh p\u0159es\u00e1hl 40 bilion\u016f. Vl\u00e1da intervenuje v\u016f\u010di rekordn\u00edm \u00farok\u016fm, ale p\u0159\u00ed\u010diny krize ignoruje<\/a><\/p>\n

Sullivan tento p\u0159\u00edstup ale p\u0159irovnal k refinancov\u00e1n\u00ed dlouhodob\u00fdch z\u00e1vazk\u016f prost\u0159ednictv\u00edm kr\u00e1tkodob\u011bj\u0161\u00edho zadlu\u017eov\u00e1n\u00ed. \u201eJe to trochu jako spl\u00e1cet hypot\u00e9ku kreditn\u00ed kartou. N\u011bjakou dobu to m\u016f\u017ee fungovat, ale nakonec za\u010dne b\u00fdt ten nesoulad st\u00e1le zjevn\u011bj\u0161\u00ed,\u201c dodal.<\/p>\n

Ministerstvo financ\u00ed ozn\u00e1milo v\u00fdrazn\u00e9 zv\u00fd\u0161en\u00ed odkup\u016f st\u00e1tn\u00edch dluhopis\u016f v reakci na v\u00fdprodej dluhu na trz\u00edch. V\u00fdnos americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f se splatnost\u00ed 30 let se toti\u017e v \u00fater\u00fd dostal a\u017e na 5,34 procenta, co\u017e bylo nejv\u00edce za 19 let. Po ozn\u00e1men\u00ed ministerstva sice v\u00fdnos klesl a ve st\u0159edu se dostal na 5,18 procent, v p\u00e1tek u\u017e se ale pohyboval nad 5,23 procenta.<\/p>\n

Intervence m\u016f\u017ee pomoci v kr\u00e1tkodob\u00e9m horizontu \u0159\u00eddit n\u00e1klady na financov\u00e1n\u00ed. Sullivan se v\u0161ak ob\u00e1v\u00e1, \u017ee p\u0159\u00edli\u0161 ne\u0159e\u0161\u00ed v\u011bt\u0161\u00ed probl\u00e9m: nar\u016fstaj\u00edc\u00ed objem st\u00e1tn\u00edho a podnikov\u00e9ho dluhu, kter\u00fd mus\u00ed nakonec n\u011bkdo koupit. \u201eSnahy vl\u00e1d m\u00edt nad trhem kontrolu v\u011bt\u0161inou nejsou zrovna p\u0159\u00edb\u011bhem, kter\u00fd by p\u016fsobil atraktivn\u011b,\u201c dodal.<\/p>\n

Probl\u00e9m se net\u00fdk\u00e1 pouze Spojen\u00fdch st\u00e1t\u016f, jejich\u017e dluh tento t\u00fdden poprv\u00e9 p\u0159ekro\u010dil 40 bilion\u016f dolar\u016f (824 bilion\u016f K\u010d). Sullivan poukazuje i na zhruba 76 bilion\u016f dolar\u016f, co\u017e jsou dluhy vl\u00e1d vysp\u011bl\u00fdch ekonomik po cel\u00e9m sv\u011bt\u011b. K tomu se p\u0159id\u00e1v\u00e1 rekordn\u00ed objem emis\u00ed podnikov\u00fdch dluhopis\u016f.<\/p>\n

\"Tajemstv\u00ed<\/a>Tajemstv\u00ed m\u011bnov\u00e9 intervence: obranou japonsk\u00e9ho jenu chr\u00e1n\u00ed Amerika hlavn\u011b sama sebe <\/a><\/p>\n

I p\u0159i velmi siln\u00fdch ekonomick\u00fdch z\u00e1kladech m\u00e1 podle Sullivana pro trhy v\u00fdznam samotn\u00fd prudk\u00fd n\u00e1r\u016fst nab\u00eddky dluhopis\u016f. V\u011bt\u0161\u00ed objem dluhu si mus\u00ed naj\u00edt kupce, co\u017e m\u016f\u017ee emitenty p\u0159im\u011bt nab\u00edzet investor\u016fm atraktivn\u011bj\u0161\u00ed v\u00fdnosy.<\/p>\n

\u201eJedin\u00fd zp\u016fsob, jak vyv\u00e1\u017eit nab\u00eddku a popt\u00e1vku, je prost\u0159ednictv\u00edm ceny,\u201c \u0159ekl Sullivan. Tato rovnice se st\u00e1v\u00e1 slo\u017eit\u011bj\u0161\u00ed, proto\u017ee n\u011bkte\u0159\u00ed tradi\u010dn\u00ed kupci americk\u00e9ho vl\u00e1dn\u00edho dluhu ustupuj\u00ed. Nap\u0159\u00edklad objem americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f, kter\u00e9 dr\u017e\u00ed \u010c\u00edna, je na 18let\u00e9m minimu. Objem americk\u00fdch st\u00e1tn\u00edch dluhopis\u016f dr\u017een\u00fdch v \u00faschov\u011b pro zahrani\u010dn\u00ed vl\u00e1dy je pak nejni\u017e\u0161\u00ed za 14 let, p\u00ed\u0161e CNBC.<\/p>\n

Vlna zadlu\u017eov\u00e1n\u00ed se neomezuje pouze na vl\u00e1dy. Rovn\u011b\u017e korporace ve velk\u00e9m vyu\u017e\u00edvaj\u00ed dluhov\u00e9 trhy, proto\u017ee ekonomick\u00fd r\u016fst je st\u00e1le kapit\u00e1lov\u011b n\u00e1ro\u010dn\u011bj\u0161\u00ed, mimo jin\u00e9 v d\u016fsledku investic do infrastruktury pro um\u011blou inteligenci (AI), n\u00e1vratu v\u00fdroby ze zahrani\u010d\u00ed a investic souvisej\u00edc\u00edch s n\u00e1rodn\u00ed bezpe\u010dnost\u00ed.<\/p>\n

Velk\u00e9 firmy p\u016fsob\u00edc\u00ed v oblasti um\u011bl\u00e9 inteligence letos podle Sullivana zat\u00edm vydaly dluhopisy v objemu 200 miliard dolar\u016f, co\u017e p\u0159edstavuje meziro\u010dn\u00ed n\u00e1r\u016fst o 80 procent. V\u00fddaje na datov\u00e1 centra a dal\u0161\u00ed infrastrukturu souvisej\u00edc\u00ed s AI d\u00e1l zvy\u0161uj\u00ed celkovou konkurenci v boji o z\u00edsk\u00e1n\u00ed kapit\u00e1lu.<\/p>\n

\"USA<\/a>USA po 28 letech pou\u017eily mimo\u0159\u00e1dn\u00fd z\u00e1sah. Japonsk\u00fd probl\u00e9m m\u016f\u017ee zas\u00e1hnout i sv\u011btov\u00e9 trhy<\/a><\/p>\n

D\u016fsledky se t\u00fdkaj\u00ed rovn\u011b\u017e akci\u00ed. Vy\u0161\u0161\u00ed v\u00fdnosy dluhopis\u016f mohou zp\u016fsobit, \u017ee n\u00e1stroje s pevn\u00fdm v\u00fdnosem budou \u010d\u00edm d\u00e1l konkurenceschopn\u011bj\u0161\u00ed v\u016f\u010di akci\u00edm, zejm\u00e9na v dob\u011b, kdy je ocen\u011bn\u00ed akci\u00ed proti dlouhodob\u00fdm pr\u016fm\u011br\u016fm vy\u0161\u0161\u00ed.<\/p>\n

Podle \u00fadaj\u016f banky JPMorgan jsou nyn\u00ed v\u00fdnosy dluhopis\u016f vy\u0161\u0161\u00ed ne\u017e v\u00fdnos ze zisk\u016f firem z indexu S&P 500, co\u017e investor\u016fm je\u0161t\u011b v\u00edce komplikuje rozhodov\u00e1n\u00ed mezi jednotliv\u00fdmi t\u0159\u00eddami aktiv. \u201eRozhodov\u00e1n\u00ed o alokaci aktiv bude do budoucna v\u00fdrazn\u011b slo\u017eit\u011bj\u0161\u00ed, kdy\u017e sledujeme, jak se ta situace vyv\u00edj\u00ed,\u201c uvedl Sullivan.<\/p>\n","protected":false},"excerpt":{"rendered":"Snaha americk\u00e9 vl\u00e1dy zvl\u00e1dat s\u00edl\u00edc\u00ed tlak na trhu st\u00e1tn\u00edch dluhopis\u016f m\u016f\u017ee tento probl\u00e9m jen odsunout do budoucna,\u00a0\u0159ekl\u00a0spolu\u0159editel glob\u00e1ln\u00edho…\n","protected":false},"author":2,"featured_media":189484,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[10],"tags":[412,2138,2046,17,21,1313,20340,1099,44242,43673,16,18,19,22,845,964,20],"class_list":["post-189483","post","type-post","status-publish","format-standard","has-post-thumbnail","category-zpravy","tag-akcie","tag-dluhopis","tag-dolar","tag-headlines","tag-hlavni-udalosti","tag-hypoteka","tag-intervence","tag-investor","tag-james-p-sullivan","tag-kreditni-karta","tag-news","tag-top-news","tag-top-stories","tag-udalosti-dne","tag-umela-inteligence","tag-vlada","tag-zpravy"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/117148483988101409","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/189483","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=189483"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/189483\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/189484"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=189483"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=189483"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=189483"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}