美国国债收益率的飙升令投资者感到不安，他们正在关注这一上升何时会开始对股市产生负面影响。
The spike higher in U.S. Treasury yields is unnerving investors, who are watching for the moment when the rise will start to hurt stocks.
较高的债券收益率可能通过多种方式对股市构成压力：投资者可以从债券中获得更高的回报，而无需承担股市的风险；同时，较高的收益率还会降低企业未来的利润（尤其是成长型企业）。然而，即便收益率达到数十年来的高点，股市仍未出现明显下跌。
Higher bond yields can pressure equities for several reasons. Investors can get a higher rate of return from bonds without taking on the risk in the equity market. They can also lower the future profits of companies in today's dollars — especially growth companies. But, even with yields at multi-decade highs, stocks have yet to take a meaningful hit.
作为抵押贷款关键基准的10年期美国国债收益率最近一度超过5.21%，30年期国债收益率也超过了5.5%，但标普500指数仍仅比8月13日创下的盘中高点7,816.70点低1.4%。如果历史可以作为参考，股市应该能够承受更高的收益率。
The yield on the 10-year U.S. Treasury yield — which is the key benchmark for mortgages — was last above 5.21%. The 30-year Treasury yield was also above 5.5%. Yet the S & P 500 remains just 1.4% below an intraday record of 7,816.70 reached Aug. 13. If history is any indication, stocks should be able to withstand even higher yields.
美国银行汇编的数据表明，10年期收益率需要升至7%左右才会对股市产生实质性影响。
Data compiled by Bank of America suggests that the 10-year yield will have to approach 7% to meaningfully hurt stocks.
该银行发现，自1986年以来，当10年期收益率在0%到7%之间波动时，标普500指数的市盈率基本稳定在16倍左右；而一旦收益率超过7%，市盈率中位数降至12.1倍。
Going back to 1986, S & P 500 forward price-to-earnings multiples remained relatively stable around 16 when the 10-year yield trades between zero and 7%, the bank found. However, the multiple drops to a median 12.1, once the yield goes above 7%.
10年期国债收益率最后一次突破7%是在1996年7月8日，达到7.06%。
The 10-year Treasury yield last closed with a 7-handle back on July 8, 1996 — at 7.06%.
美国银行利率策略师Meghan Swiber认为，在她的基本假设下，10年期收益率不太可能升至7%。
In her base case, BofA rates strategist Meghan Swiber doesn't see the 10-year yield rising to 7%.
但她指出，市场对美联储加息的预期以及强劲的经济增长和通胀压力将持续对债券市场构成压力。她写道：‘我们预计未来利率会继续上升。
However, she thinks expectations of higher interest rates from the Federal Reserve, in addition to robust growth and higher inflation, will continue add pressure to the bond market. "We continue to see higher rates ahead," she wrote.
虽然供需动态可能会增加压力，但我们认为利率尚未高到足以阻止这一趋势。’该银行仍看淡2年期利率，并建议投资者减少对长期债券的投资。
"While supply-demand dynamics may add pressure, we do not see rates as restrictive enough yet to halt the move." The firm said it remains short 2-year rates and recommends staying underweight duration.