美国财长贝森特面临G20信誉考验
Bessent Faces G20 Credibility Test | Bloomberg Businessweek Daily 8/31/2026
涉及美国财政与货币政策核心分歧及G20关键节点，直接影响汇率、债市预期与地缘风险定价，建议关注后续政策落地与市场反应。
THIS IS "BLOOMBERG BUSINESSWEEK DAILY," REPORTING FROM THE MAGAZINE THAT HELPS GLOBAL LEADERS TO STAY AHEAD WITH INSIGHT ON THE PEOPLE, COMPANIES, AND TRENDS SHAPING TODAY'S COMPLEX ECONOMY, PLUS GLOBAL BUSINESS, FINANCE, AND TECH NEWS AS IT HAPPENS. "BLOOMBERG BUSINESSWEEK DAILY" WITH CAROL MASSAR AND TIM STENOVEC, LIVE ON BLOOMBERG RADIO, TELEVISION, AND BLOOMBERG ORIGINALS. TIM: GOOD AFTERNOON, EVERYBODY. LIVE FROM THE "BLOOMBERG BUSINESSWEEK" STUDIO IN NEW YORK.
这里是《彭博商业周刊日报》，从帮助全球领导者通过洞察塑造当今复杂经济的人物、公司和趋势来保持领先优势的杂志报道，同时提供实时发生的全球商业、金融和科技新闻。《彭博商业周刊日报》由卡罗尔·马萨尔和蒂姆·斯滕诺维克主持，在彭博广播、电视和彭博原创内容上直播。蒂姆：大家下午好。我们目前在纽约的《彭博商业周刊》演播室进行直播。
WE ARE ON YOUTUBE, WE ARE ON RADIO. I'M TIM STENOVEC. THAT IS KRISTINE AQUINO, THE MANAGING EDITOR OVER AT THE LIVE BLOG, HANGING OUT WITH US TODAY, TOMORROW, MAYBE LATER THIS WEEK, TOO. WE ARE GLAD TO HAVE YOU CURED YOU CAN COMMIT AFTER TODAY'S SHOW. KRISTINE: WE WILL DECIDE TOMORROW. TIM: SHE'S IN FOR CAROL MASSAR. IT IS THE LAST DAY OF AUGUST, 2026. STOCKS AND BONDS LOWER, OIL HIGHER. SPEAKING OF GEOPOLITICS, ALL EYES ON ASHEVILLE, NORTH CAROLINA, WHERE THE G20 IS TAKING OFF.
我们在YouTube和广播频道播出。我是蒂姆·斯滕诺维克。这是克里斯汀·阿基诺，她在博客直播中担任主编，今天、明天，也许本周晚些时候也会和我们在一起。很高兴你能参加今天的节目。克里斯汀：我们明天再决定。蒂姆：她接替了卡罗尔·马萨尔的位置。今天是2026年8月的最后一天。股票和债券下跌，油价上涨。说到地缘政治，所有人的目光都集中在北卡罗来纳州的阿什维尔，那里正在举行G20峰会。
KRISTINE: YEAH. ABSOLUTELY. LOTS TO DISCUSS, OF COURSE, AND WE KNOW TREASURY SECRETARY SCOTT BESSENT IS GOING TO BE THERE. I'M SURE HE WILL GET A LOT OF QUESTIONS OVER FISCAL ISSUES AND WHAT U.S. INTERVENTION HAS BEEN LIKE AS OF LATE. TIM: YEAH. SHAWN DONNAN WILL BE JOINING US. HE HAS A GREAT PIECE ALL ABOUT THE TREASURY SECRETARY AND A CHALLENGE AFTER THIS INTERVENTIONIST SUMMER. KALSHI TOOK A HIT AFTER AN APPEALS COURT SAID SPORTS BETS ARE NOT SWAPS.
克里斯汀：是的。绝对如此。当然有很多话题要讨论，我们知道财政部长斯科特·贝森特将会出席。我确信他会收到很多关于财政政策的问题，以及美国近期的干预措施是什么样的。蒂姆：是的。肖恩·多南将加入我们。他有一篇关于财政部长及其在这个干预主义夏季之后面临的挑战的精彩文章。Kalshi在上诉法院表示体育博彩不是互换合约后遭受打击。
WE HAVE THE FORMER CFTC COMMISSIONER BRIAN QUINTENZ JOINING US, WHERE IT GOES FROM HERE. THAT'S THE BIG QUESTION WE WILL POST TO HAVE CURED A BLOOMBERG EXCLUSIVE, NVIDIA'S JENSEN HUANG INTERVIEWED EARLIER BY ED LUDLOW, AND ED WILL JOIN US LATER. HERE HE IS, CHARLIE PELLETT. CHARLIE: THANK YOU, TIM AND KRISTINE. NVIDIA SHARES GAINING .9%, THE DOW, THIS IS, NASDAQ ALL DECLINING RIGHT NOW. THE NASDAQ 100 INDEX AND RUSSELL 2000 INDEX, SMALL CAPS SHARES.
我们有前商品期货交易委员会（CFTC）委员布莱恩·昆岑兹加入我们的讨论，接下来会发生什么。这是我们即将发布的彭博独家新闻的大问题，英伟达的杰森·黄早些时候接受了埃德·卢德洛的采访，埃德稍后会加入我们。他是查理·佩莱特。查理：谢谢蒂姆和克里斯汀。英伟达股价上涨0.9%，道琼斯指数、纳斯达克指数现在都在下跌。纳斯达克100指数和罗素2000指数，小盘股。
THIS AS OIL ADVANCES. OIL RALLIED BY 2.5 PERCENT. TALKING BRENT ABOVE $90, $90.30 ON BRENT CRUDE, WEST TEXAS INTERMEDIATE, $85.61, A BARREL NOW HIGHER BY 0.26%. A FLAREUP IN GEOPOLITICAL RISKS SENDING STOCKS LOWER. THOU INDUSTRIALS DOWN 3.16, A DROP OF .6%. NASDAQ COMPOSITE INDEX DOWN .3%, WHILE THE NASDAQ 100 AND NEXT DOWN BY .1%. THE STOCKS PUSHING HIGHER. THE PHILADELPHIA STOCK EXCHANGE SEMICONDUCTOR INDEX DOWN. THE TWO-YEAR 4.75%, AND THE 30-YEAR 5.25%.
随着油价上涨。油价反弹2.5%。布伦特原油价格超过90美元，达到90.30美元，西德克萨斯中质原油为85.61美元，每桶价格上涨0.26%。地缘政治风险的加剧导致股市下跌。工业股下跌3.16%，跌幅为0.6%。纳斯达克综合指数下跌0.3%，而纳斯达克100指数和下一指数下跌0.1%。推动股价上涨的股票。费城证券交易所半导体指数下跌。两年期国债收益率为4.75%，30年期国债收益率为5.25%。
WILL MEANWHILE DOWN .5%, $44 34 THE BARREL, BY 4.26 PERCENT. EXXON MOBIL UP 2.2% TO CHEVRON UP BY 1.5%. CONOCOPHILLIPS UP BY 1.4%. RECAPPING, S&P LOWER BY .4%. TIM AND CHRISTINE, THAT IS A BLOOMBERG BUSINESS FLASH. TIM: CHARLIE, APPRECIATE THAT ON THIS MONDAY. WE WILL BE CHECKING WITH CHARLIE FOR THE LATEST ON MARKET AND BUSINESS NEWS. TREASURY SECRETARY SCOTT BESSENT, HIS SUMMER COME ALREADY FACING CREDIBILITY QUESTIONS, NOW FACING TESTS FROM GLOBAL FEARS GET AHEAD OF A MEETING FROM G20 FINANCE MINISTERS IN ASHEVILLE, NORTH CAROLINA, THE TREASURY SECTOR HAS DODGE CONVERSATIONS AMONG THE TOP POLICYMAKERS TO THE CORE SUBJECT OF BOOSTING GROWTH.
油价将同时下跌0.5%，至每桶44.34美元，跌幅为4.26%。埃克森美孚上涨2.2%，雪佛龙上涨1.5%。康菲石油上涨1.4%。总结一下，标普指数下跌0.4%。蒂姆和克里斯汀，这是一则彭博商业快讯。蒂姆：查理，感谢你在周一提供这些信息。我们将继续向查理了解市场和商业新闻的最新动态。财政部长斯科特·贝森特，其夏季伊始就已面临可信度质疑，如今又因全球担忧而在G20财长会议前接受考验。在北卡罗来纳州阿什维尔举行的G20财长会议之前，财政部高层政策制定者之间就刺激增长这一核心议题展开了讨论。
SHAWN DONNAN JOINS US FROM OUR WASHINGTON, D.C. BUREAU. I LIKE TO GET TO WITH YOU. FIRST OF ALL, I WANT TO DRIVE EVERYBODY TO THIS STORY. IT'S A THING AHEAD OF THE G20 AND AS THE G20 HAPPENS. THE IDEA OF GROWTH HERE, HOW MUCH MORE CONFIDENT AS GROWTH IN THE U.S. IN THE FACE OF TARIFFS AND THE STRAIT OF HORMUZ, THAT IS NOT COMPLETELY REOPENED? SHAWN: YEAH. LOOK, SECRETARY BESSENT HAS GOT INTO THE MEETING STARTING TODAY IN ASHEVILLE, THAT WILL RUN THROUGH TOMORROW, AND HE REALLY WANTS TO GET THE WORLD ON HIS SIDE AND BUY INTO TRUMPONOMICS, THIS IDEA THAT DEREGULATION WILL GET TO STRONGER GROWTH.
肖恩·多南从我们的华盛顿特区办事处加入我们。我想和你深入探讨一下。首先，我想让大家关注这个故事。这是在G20之前以及G20期间正在发生的一件事。这里的想法是，面对关税和霍尔木兹海峡尚未完全重新开放的情况，美国的增长信心有多大？肖恩：是的。看起来，贝森特部长今天开始在阿什维尔参加会议，该会议将持续到明天，他确实希望让世界各国站在他的立场上，支持“特朗普经济学”，即认为放松管制将带来更强的增长。
WE HAVE NOT FULLY SEEN THAT HERE IN THE U.S., BUT GLOBALLY WE'VE ALSO SEEING GROWTH TICK DOWN. AND IF YOU TALK TO PEOPLE OUTSIDE THE U.S., AND WE HEARD THIS DIRECTLY FROM THE GERMAN FINANCE MINISTER, HEADING TOWARDS THIS MEETING, THE REAL BIG THREATS TO GLOBAL GROWTH HAS BEEN THE IRAN WAR, THE ATTACK ON ENERGY PRICES, THAT THEY WAR THAT WAS LAUNCHED BY PRESIDENT TRUMP, ALONGSIDE THE ISRAELIS, AND ALSO TARIFFS, WHICH HAVE ACTED ON A KIND OF DAMPER ON GROWTH AROUND THE WORLD AND ALSO HERE IN THE UNITED STATES.
我们在这里的美国还没有完全看到这一点，但在全球范围内，我们也看到增长放缓。如果你与美国以外的人交谈，我们直接从德国财政部长那里听到了这一点，他在前往这次会议的途中表示，对全球增长的最大威胁一直是伊朗战争、对能源价格的冲击，这场由特朗普总统与以色列人共同发动的战争，以及关税，这些都在全球范围内乃至美国国内起到了抑制增长的作用。
SO, YOU KNOW, THE REST OF THE WORLD IS COMING TO TOWN, AND THEY ARE SAYING, OK, WE HAVE TO TALK ABOUT GROWTH AND DOING WHAT WE CAN TO BOOST GROWTH, BUT REALLY RIGHT NOW, LOOKING OUT AT THE WORLD, THE U.S. IS THE ONE SUPPLYING TWO BIG BREAKS ON GROWTH. THERE'S ONE OTHER SIDE TO IT, OF COURSE, THERE'S A HUGE AI INVESTMENT BOOM GOING ON IN THE UNITED STATES, AND THERE ARE CERTAINLY COUNTRIES OUT THERE BENEFITING FROM IT, ANYONE WHO EXPORTS CHIPS TO THE UNITED STATES, WHETHER TAIWAN OR SOUTH KOREA, THEY ARE REALLY BOOMING AS A RESULT, BUT THE BROAD STORY FOR MOST PEOPLE, THERE IS HIGH ENERGY PRICES, TARIFFS, AND THAT'S NOT GREAT FOR GROWTH.
所以，你知道，世界其他地区正来到现场，他们说，好吧，我们必须谈论增长，并尽我们所能促进增长，但事实上，放眼世界，美国是唯一在踩下增长两大刹车的一方。当然，还有另一面，美国正在进行一场巨大的AI投资热潮，确实有一些国家从中受益，任何向美国出口芯片的国家，无论是台湾还是韩国，都因此蓬勃发展，但对于大多数人来说，总体情况是能源价格高企、有关税，这对增长不利。
"BUSINESSWEEK -- KRISTINE: YEAH. SHAWN, I'M SURE THAT TREASURY SECRETARY WILL ALSO BE ASKED BY WHAT WE CALL THAT INTERVENTIONIST SUMMER, GIVEN THE TREASURY'S ROLE IN INTERVENTIONS AND OF COURSE THE MOST RECENT ANNOUNCEMENT FOR UPSIDE IN BUYBACKS. HOW DO YOU THINK THAT WILL BE RECEIVED AT THE G20, AND IS THIS SOMETHING THAT COULD RAISE SOME EYEBROWS AMONGST HIS CONTEMPORARIES, GIVEN THAT THIS IS PROBABLY THE MOST INVOLVE THE TREASURY HAS BEEN IN THESE MATTERS IN A WHILE, RIGHT?
"《商业周刊》——克里斯汀：是的。肖恩，鉴于财政部在干预措施中的作用，以及最近关于回购上调的公告，我确信财政部长也会被问及我们所谓的‘干预主义夏季’的问题。你认为这将在二十国集团（G20）上受到怎样的反响？考虑到这可能是财政部一段时间以来介入此类事务最深的一次，这是否会引起他同僚们的侧目？"
SHAWN: ABSOLUTELY. IT FEELS LIKE SCOTT BESSENT THIS SUMMER HAS KIND OF REWRITTEN WHAT THE TREASURY SECRETARY'S ROLE LOOKS LIKE, RIGHT? WE'VE CERTAINLY SEEN THE MOST INTERVENTIONIST TREASURY SECRETARY OUTSIDE OF A CRISIS IN A LONG TIME, AND IT IS VERY UNUSUAL FOR THE UNITED STATES TREASURY TO DIP INTO FOREIGN-EXCHANGE MARKET AND SUPPORT ANOTHER CURRENCY, RIGHT? IT IS INCREDIBLY UNUSUAL FOR THE TREASURY SECRETARY TO LOOK AT BOND MARKETS, TARGET LONG END YIELDS.
肖恩：绝对如此。感觉斯科特·贝森特这个夏天某种程度上重新定义了财政部长的角色，对吧？我们肯定看到了自危机以来最具干预主义的财长，而且美国财政部涉足外汇市场并支持另一种货币是非常不寻常的，对吧？财长关注债券市场、瞄准长期收益率更是极其罕见。
WE SAW STAN DRUCKENMILLER WRITE AN OP-ED IN THE "WASHINGTON JOURNAL -- "WALL STREET JOURNAL," KIND OF SMACKING HIS MEN SEE, AND THEN YOU HAVE THIS -- HIS MENTEE. AND THEN YOU HAVE THE IRAN SITUATION, YOU ARE WITH US OR AGAINST US, AND WE WILL COME AFTER YOUR FINANCIAL INSTITUTIONS IF YOU ARE NOT WITH US, AND THREATENING TO KICK SYSTEMS OUT OF THE DOLLAR SYSTEM. EVERYONE ELSE IS COMING TO ASHEVILLE AND HAS LANDED THERE, CERTAINLY HAS ALL THAT IN MIND.
我们看到斯坦·德鲁肯米勒在《华盛顿日报》——实际上是《华尔街日报》上发表了一篇评论文章，狠狠地敲打了他门下的弟子们，然后你就有了这位——他的门徒。接着还有伊朗局势，要么与我们站在一起，要么反对我们，如果你不与我们站在一起，我们将追究你的金融机构的责任，并威胁将系统踢出美元体系。其他人都来到了阿什维尔并抵达那里，他们心中肯定都装着这一切。
TRY TO FIGURE OUT WHAT SCOTT BESSENT IS UP TO. THEY ARE ALSO LOOKING AT WHAT FEELS LIKE A DIVERSIONS AND GOALS BETWEEN SCOTT BESSENT AND KEVIN WARSH, THE NEW FED CHAIR. IT SEEMS LIKE SCOTT BESSENT WANTS TO SEE LOWER INTEREST RATES, AND WE KNOW, OF COURSE, THAT KEVIN WARSH ON FRIDAY WAS TALKING ABOUT INFLATION AND MAKING CLEAR THAT RAISING INTEREST RATES IS ON THE TABLE. THOSE ARE TWO DIAMETRICALLY OPPOSED GOALS. WE SHOULD SAY SCOTT BESSENT TODAY SPOKE WITH REPORTERS AND SAID THAT HE AND KEVIN WARSH ARE ON THE SAME PAGE.
试图弄清楚斯科特·贝森特在搞什么名堂。他们也在观察斯科特·贝森特与新任美联储主席凯文·沃什之间看似存在的分歧和目标冲突。似乎斯科特·贝森特希望看到利率下降，而我们当然知道，凯文·沃什周五在谈论通胀，并明确表示加息已在讨论之中。这是两个截然相反的目标。我们应该说，斯科特·贝森特今天对记者表示，他和凯文·沃什意见一致。
HE TRIED TO PLAY DOWN THOSE REPORTS. HE'S ALSO TRIED TO PLAY DOWN SOME OF THE INTERVENTIONS THAT HE'S DONE OVER THE SUMMER, BOTH IN TERMS OF THE YEN AND THE BOND YIELDS, BUT, YOU KNOW, THIS IS A VERY DIFFERENT LOOKING TREASURY SECRETARY, AND GOING INTO A MEETING TODAY THAT IS, WHEN YOU THINK ABOUT IT IN THE KIND OF LONG RUN, IS AN IMPORTANT ONE IN TERMS OF AMERICA AND ITS ABILITY TO PROJECT ECONOMIC POWER. HIS CREDIBILITY REALLY IS AT STAKE IN A VERY INTERESTING WAY IN THE NEXT FEW DAYS.
他试图淡化这些报道。他还试图淡化他在夏天进行的某些干预措施，无论是日元方面还是债券收益率方面，但是，你知道的，这是一位看起来截然不同的财政部长，而今天即将参加的会议，当你从长远角度考虑时，对于美国及其展示经济实力的能力来说，是一次重要的会议。在接下来的几天里，他的可信度以一种非常有趣的方式处于危险之中。
TIM: CREDIBILITY, THOUGH, FOR WHOM? IS IT FOR U.S. INVESTORS, FOR G20 COLLEAGUES, OTHER FINANCE MINISTERS OF DEVELOPED NATIONS AROUND THE WORLD? WHO IS THE CREDIBILITY MOST AT RISK, WITH REGARD TO? SHAWN: YEAH. LOOK, I THINK WHAT WE SEE IN THE LAST FEW WEEKS HAS BEEN CREDIBILITY IN THE MARKETS, RIGHT? THAT'S THE LAST BIG QUESTION. THE YEN INTERVENTION ON FRIDAY, GO BACK TO BE 160 LEVEL THAT HAD TRIGGERED THE INTERVENTION IN THE FIRST PLACE.
TIM：然而，可信度对谁而言？是对美国投资者、G20同事，还是全球其他发达国家的财政部长？就可信度而言，谁面临的最大风险？SHAWN：是的。看，我认为过去几周我们看到的是市场的可信度，对吧？这是最后一个大问题。周五的日元干预，回到最初触发干预的160水平。
SO THE MARKETS HAVE NOT REALLY BOUGHT INTO THE RIGHT OF INTERVENTION. WE ARE SEEING THE SAME THING IN THE BOND MARKETS, RIGHT? WE SEE IN THIS PUSHBACK FROM STAN DRUCKENMILLER AND OTHERS, REALLY KIND OF RAISING THIS QUESTION OF WHAT THE TREASURY SECRETARY IS DOING. THE NEXT QUESTION IS THE KIND OF GEOPOLITICAL ONE, AND THAT IS, YOU KNOW, THE TREASURY SECRETARY IS A KEY ECONOMI
因此，市场并没有真正接受干预的权利。我们在债券市场也看到了同样的情况，对吧？我们看到了来自斯坦·德鲁肯米勒和其他人的这种反弹，实际上是在提出关于财政部长正在做什么的问题。下一个问题是地缘政治类型的问题，也就是说，你知道，财政部长是关键的经济
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更进一步：量化金融体系
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