不再是Triple-A- Moody在債務和市場混亂中剝奪了我們的最高評級

週五，信用評級機構穆迪（Moody）將美國的長期信用評級從AAA降低到AA1，指出了十年的債務和利息支付壓力的升級。

Credit rating agency Moody’s has downgraded the United States’ long-term credit rating from Aaa to Aa1, highlighting a decade of rising debt and escalating interest payment burdens amid turbulent market conditions and disjointed activity across bonds.

信用評級機構穆迪（Moody's）已將美國的長期信用評級從AAA降低到AA1，突出了十年的債務上升，並在動蕩的市場條件和各個債券的活動中脫穎而出的利息支付負擔不斷增加。

The agency, a Nationally Recognized Statistical Rating Organization (NRSRO) authorized under U.S. securities law to evaluate government credit, said the U.S. continues to operate with sizable deficits without engaging in substantial fiscal tightening—either through spending restraint or increased taxation—leading to a snowballing debt load and diminishing capacity to manage interest obligations.

該機構是根據美國證券法授權評估政府信貸的全國認可的統計評級組織（NRSRO），他說，美國繼續以巨大的赤字運作，而無需進行大量財政收緊 - 通過支出限製或增加稅收或增加的稅收，這是為了使滾雪球的債務負擔和減少利息的能力，以管理利息的利息。

“The downgrade of the U.S. government's rating is driven by the administration's escalating budgetary strains, which are unfolding amid a turbulent macroeconomic landscape and escalating geopolitical tensions,” said Moody’s Chief Credit Officer, John Porter.

穆迪首席信貸官約翰·波特（John Porter）表示：“美國政府的評級降級是由政府不斷升級的預算壓力所驅動的，這在動蕩的宏觀經濟景觀和地緣政治緊張局勢上升，這正在不斷發展。”

Federal debt is projected to rise noticeably, advancing from 98% of GDP in 2024 to 134% by 2035. Meanwhile, federal deficit is projected to widen to nearly 9% of GDP over that period, the agency said.

該機構說，聯邦債務的上漲將明顯上升，從2024年的GDP的98％到2035年的134％。與此同時，該機構在此期間預計聯邦赤字將擴大到GDP的近9％。

To worsen matters, interest on the debt could consume 30% of federal revenue by 2035, a sharp increase from 18% in 2024 and just 9% in 2021, Moody’s said.

穆迪說，到2035年，債務的利息可能會消耗30％的聯邦收入，從2024年的18％急劇增加，而在2021年只有9％。

The U.S. is now grappling with recession concerns, turbulent market behavior, and disorder in fixed-income markets—largely driven by a mix of aggressive tariff regimes and elevated borrowing costs. In early April, President Trump introduced sweeping duties on all trading partners, setting a baseline levy with steeper penalties for nations having significant trade surpluses against the U.S.

現在，美國正在努力應對固定收入市場的經濟衰退問題，動蕩的市場行為和混亂，這是由積極的關稅政權和借貸成本提高的混合所驅動的。在4月初，特朗普總統對所有貿易夥伴介紹了龐大的職責，為對美國的貿易盈餘大量盈餘的國家設定了較高的罰款

These broad trade actions, now encompassing trillions in imports, have roiled financial markets, dampened confidence in the S&P 500, sparked distress signals in bond pricing, and contributed to a softer U.S. dollar.

這些廣泛的貿易行動，如今已包含數万億美元的進口，使金融市場震驚，對標準普爾500指數的信心抑制了信心，引發了債券價格的遇險信號，並促成了柔和的美元。

Moody’s noted the enduring pillars of the U.S. economy—its vast scale, technological dynamism, and the unrivaled status of the U.S. dollar as the world’s primary reserve currency. However, these foundational attributes no longer fully counterbalance the nation’s worsening fiscal trajectory.

穆迪（Moody）指出，美國經濟的持久支柱 - 龐大的規模，技術活力以及美元作為世界主要儲備貨幣的無與倫比的地位。但是，這些基本屬性不再完全平衡國家惡化的財政軌跡。

Despite retaining a high credit rating, the downgrade may incrementally elevate borrowing costs and dampen investor enthusiasm for U.S. sovereign debt.

儘管保留了高信用等級，但降級可能會逐步提高借貸成本，並削弱了投資者對美國主權債務的熱情。

Moody’s said America’s fiscal standing is deteriorating not only in absolute terms but also in comparison to its affluent peers. At its core, Moody’s sees a government deeply tethered to debt financing, showing little inclination to change direction—casting a deepening shadow on the long-term viability of U.S. public finances.

穆迪說，美國的財政狀況不僅在絕對方面都在惡化，而且與富裕同行相比。穆迪（Moody's）以此為核心，看到一個政府深深地依靠債務融資，幾乎沒有改變方向的傾向，這是美國公共財政的長期生存能力的深度陰影。