最近美债的不稳定，会导致高杠杆的流动性风险
High leverage can significantly increase liquidity risk in the market.
High Leverage Leads to Liquidity Risk
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Leverage Amplifies Exposure:
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When firms or investors use leverage, they're borrowing to increase their market exposure.
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That means even a small drop in asset prices can lead to outsized losses, forcing rapid liquidation.
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Forced Selling Under Stress:
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If a leveraged position moves against the holder, margin calls kick in.
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Investors often have to sell assets quickly to meet margin requirements, creating fire-sale pressure.
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Market Liquidity Dries Up:
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If many players are deleveraging at once (e.g., during a market correction), there may not be enough buyers.
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This leads to widening bid-ask spreads, falling prices, and a liquidity crunch.
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Systemic Risk:
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If leverage is widespread (e.g., among hedge funds or banks), the unwinding process can ripple across markets.
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We saw this during the 2008 financial crisis and more recently with the Archegos Capital collapse in 2021.
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