Market Mover Treasury a sconto, conviene comprare?
Jul 12, 2025
Marzia Redelli, an expert on investing in U.S. treasuries, shares valuable insights on navigating the current financial landscape. She discusses the appealing yields of U.S. Treasury securities compared to Italian BTPs amidst dollar fluctuations. Risks associated with rising yields and geopolitical tensions are examined, alongside the dollar's resilience as a global reserve currency. Redelli also offers strategic advice for Italian investors considering U.S. securities, weighing the benefits of direct purchases against mutual funds and ETFs.
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US Treasury Yields and Dollar Weakness
- US Treasury yields are currently higher than Italian BTP yields, which is unusual since Italian debt generally pays more due to higher risk.
- The US dollar is weak, having lost over 11% against the euro this year, affecting Treasury investment returns for euro investors.
Risks Priced into US Treasuries
- The risks associated with buying US Treasuries are partly priced in, reflected in rising yields and falling prices due to perceptions of US debt reliability and deficit expansion.
- Political and economic factors including inflation, fiscal policies, and Federal Reserve rate decisions create short-term uncertainty for Treasury investments.
Dollar Dominance Faces Long Road
- Despite current attacks, the US dollar remains the dominant global reserve and transaction currency due to extensive use in trade and financial markets.
- Displacing the dollar as a reserve currency requires prolonged financial, economic, and political changes, making it a long-term process.