由于市场预计人工智能（AI）支出的增加将推动经济增长，同时中东地区的紧张局势加剧了通胀风险，因此对美国国债的压力持续存在。
The selling pressure on US Treasury bonds continues due to expectations that increased artificial intelligence (AI) spending will accelerate economic growth, while Middle East tensions contribute to persistent inflation risks.
由于中东的地缘政治紧张局势以及俄乌战争带来的风险，全球多个地区的能源供应问题日益严重；对能源设施的攻击进一步加剧了通胀压力。
Energy supply concerns are rising across various regions due to both geopolitical tensions in the Middle East and the risks of the Russia-Ukraine war, as the targeting of energy facilities intensifies inflationary pressures.
随着油价上涨，全球各国央行被普遍预期会加快货币政策的紧缩步伐。
Central banks worldwide are increasingly expected to accelerate their monetary policy tightening processes amid rising oil prices.
目前正在进行的人工智能投资有望通过提高生产率来促进经济增长，但人工智能领域的发展情况以及通胀尚未得到有效控制的事实，继续导致债券市场波动加剧。
Ongoing AI investments are expected to support potential economic growth via gains in productivity, but developments on the AI side and the fact that inflation has yet to be brought under control continue to fuel volatility in the bond markets.
美联储于9月将基准利率上调25个基点，至3.75%-4%，这是自2023年以来的首次加息。
The Fed raised its policy rate by 25 basis points in September to 3.75-4%, its first rate hike since 2023.
美联储、欧洲央行（ECB）和日本央行（BoJ）采取的紧缩货币政策并未缓解通胀担忧，反而提高了投资者对更高实际利率的需求。
The Fed, the European Central Bank (ECB) and the Bank of Japan’s (BoJ) hawkish steps did not ease inflation concerns, raising investor demand for higher real interest rates.
美国10年期国债收益率周二攀升至2007年以来的最高水平（5.3%），周三最终稳定在5.24%；经济的韧性以及持续的通胀压力使得市场预计美联储将继续加息。
The US 10-year Treasury yield hit its highest since 2007 at 5.3% on Tuesday before settling at 5.24% on Wednesday. The economy’s resilience and persistent inflationary pressures strengthened estimates that the Fed will continue to hike rates.
3月份，两年期国债收益率上涨了超过60个基点，达到5%；周二其收益率一度触及2024年5月以来的最高水平（4.97%），周三最终稳定在4.9%。
The two-year yield rose more than 60 basis points this March, reaching 5%. The yield tested its highest since May 2024 at 4.97% on Tuesday before settling at 4.9% on Wednesday.
分析师警告称，这些飙升的国债收益率已成为全球市场的基准，直接推高了从企业债务到消费者抵押贷款等各种资产的借贷成本。
Analysts warn that these surging Treasury yields serve as a benchmark for global markets, directly inflating borrowing costs across various assets, ranging from corporate debt to consumer mortgages.
IS Investment公司的副总经理Sant Manukyan在接受Anadolu采访时指出，人工智能已成为推动经济增长和改变债券市场格局的重要因素。
Sant Manukyan, deputy general manager at IS Investment, told Anadolu that AI has been a factor accelerating real growth and altering bond market dynamics.
马努基扬表示，亚特兰大联邦储备银行预计第三季度美国经济将实现约5%的强劲增长；若考虑到通货膨胀因素，实际经济增长率将达到约7%。
Manukyan stated that the Atlanta Fed is expecting strong economic growth of around 5% in the third quarter, marking a nominal expansion of roughly 7% when considering inflation.
他说道：“由于人工智能公司大量进行长期借款，投资者的投资组合正在发生变化——他们选择购买更少的美国国债，转而投资这些负债较高的企业的公司债券。同时，我们发现通胀预期对债券市场的卖出压力并没有人们通常认为的那么大。通胀预期的恶化确实在一定程度上推动了债券收益率的上升，但人们对美国债务状况的担忧依然存在。”
“We’re seeing shifts in portfolios due to heavy long-term borrowing of AI companies as investors are opting to buy fewer US Treasuries and opt for the corporate bonds of these firms that are heavily indebted over the long term,” he said. “We’re also seeing that inflation expectations are not as dominant a factor in the selling pressure on the bond market as is often suggested.”Manukyan noted that deteriorating inflation expectations played a key role to a certain extent in the rise in bond yields, but some concerns over US debt dynamics are still on the table.
他还指出，债券收益率的飙升反映了全球投资格局的转变：全球投资者正在远离传统的避险资产。这一趋势体现在法国10年期政府债券的收益率上——最近，法国债券的收益率首次在较长时间内超过了意大利债券的收益率。
He added that the yield spike reflected a broader global realignment, as global investors shifted away from traditionally safe-haven assets, reflected in the yields on 10-year French government bonds that recently began to outpace Italian bonds for the first time in an extended period.