William Blair：2025年经济周评：美联储独立性、财政主导权以及政府债务问题的表现报告（英文版）

One of the questions we often hear from clients concerns the size of the U.S. debt and deficits, and at what point these will become a major problem for the U.S. What these investors seem to be really asking, however, is when will bond investors balk at the size of the debt and refuse to fund the Treasury, and we start to see failed auctions, interest rates skyrocket, and a classic emerging market-type debt crisis start to unfold? That sort of crisis does not seem likely anytime soon, even th