推动收益率上升的趋势，包括伊朗战争和高额政府债务水平，短期内不太可能消退。
The trends pushing up yields, including the war in Iran and high government debt levels, are unlikely to dissipate soon.
美国10年期国债收益率周四，全球政府债券抛售潮加剧，10年期美国国债收益率达到2002年以来的最高水平。
U.S. 10-Year Treasury Yield A global sell-off in government bonds intensified on Thursday as the yield on 10-year U.S. Treasury notes reached its highest level since 2002.
全球各地的收益率攀升至新高，与此同时油价上涨，尽管中东地区的石油供应量已达到自伊朗战争爆发以来的最高水平。国际基准布伦特原油价格涨至每桶100美元以上。10年期美国国债收益率一度高达5.34%，而10年期法国国债收益率接近5%，这也是自2002年以来的最高水平。债券收益率与价格呈反比关系。
Yields around the world climbed to new highs while oil prices rose, even as more oil is flowing from the Middle East than at any point since the start of the war with Iran. The price of Brent crude, the international benchmark, rose above $100 a barrel. The yield on 10-year U.S. Treasury notes reached as high as 5.34 percent, while the yield on 10-year French bonds approached 5 percent, which was also the highest since 2002. Bond yields and prices have an inverse relationship.
近几个月来债券价格的暴跌导致政府借贷成本飙升。造成这一现象的原因包括投资者对伊朗战争影响、高通胀和沉重公共债务负担的担忧。分析师表示，另一个原因是市场预期央行将进一步加息，尤其是在面对能源冲击时，经济表现依然出人意料地具有韧性。
The slumping price of bonds in recent months has sent governments’ borrowing costs soaring. Among the causes are investor concerns about the impact of the war with Iran, high inflation and heavy public debt loads. Another reason, analysts say, is the anticipation of higher central bank interest rates, especially as the economy has remained surprisingly resilient even in the face of an energy shock.
布鲁塞尔智库布鲁盖尔（Bruegel）非常驻研究员、国际货币基金组织欧洲部前副主任马哈茂德·普拉丹（Mahmood Pradhan）表示，在长期担忧公共债务之后，市场现在“非常紧张”。
Markets are “very nervous” following long-running concerns about public debt, said Mahmood Pradhan, a nonresident fellow at Bruegel, a Brussels-based think tank, and former deputy director of the European department at the International Monetary Fund.
“中东战争确实扭转了一切，”他说道，并补充称，各国央行已恢复加息，而政府应对更多或恶化的经济状况的财政空间有限。
“The Middle East war has really turned everything around,” he said, adding that central banks are back to raising interest rates and governments have limited fiscal space to respond to more or worsening economic conditions.
尽管周四债券价格出现波动，但分析师警告称，推动收益率上升的趋势短期内不太可能消退。一方面，美国人工智能相关投资的繁荣既支撑了经济增长，也增加了市场上的债券供应。
Though bond prices fluctuated on Thursday, the trends pushing up yields are unlikely to dissipate soon, analysts warn. On the one hand, the boom in artificial intelligence-related investment in the United States is both supporting economic growth and increasing the supply of bonds in the market.
与此同时，中东战争正在推高能源价格并加速通货膨胀。各国央行行长们越来越警惕通胀可能长期高于目标水平的威胁。上个月，美联储、欧洲央行和日本央行均上调了利率，交易员预计它们今年还会再次加息。英国央行也暗示可能会提高利率。
At the same time, the war in the Middle East is pushing up energy prices and accelerating inflation. Central bankers are increasingly alert to the threat that inflation could stay above their targets for too long. Last month, the Federal Reserve, European Central Bank and Bank of Japan increased rates and traders expect them to do so again this year. The Bank of England signaled it could raise interest rates, too.
这些更高的借贷成本正与高企的政府债务水平发生碰撞，由于沉重的债务利息支出，政府面临着艰难的预算选择。在欧洲，人们的目光转向了法国，该国正试图通过一项旨在略微减少赤字的预算案。但法国在这一问题上屡屡受挫，即将到来的总统大选也让许多投资者对法国在短期内改善财政状况的能力持怀疑态度。
These higher borrowing costs are colliding with high government debt levels and creating difficult budget choices because of punishing debt interest payments. In Europe, attention has turned to France, which is trying to pass a budget that will slightly reduce its deficit. But the country has repeatedly struggled to do so, and an upcoming presidential election has made many investors skeptical of France’s ability to improve its fiscal situation in the short term.
尽管欧洲各地的收益率都在上升，但法国债券的表现也落后于大盘。法国10年期国债与作为欧洲基准安全资产的德国国债之间的收益率差扩大至近1.3个百分点，创下2012年以来的最高水平。
While yields are rising across Europe, French bonds are also underperforming. The spread between the yield on French 10-year bonds and German bonds, which are Europe’s benchmark safe asset, widened to nearly 1.3 percentage points, the most since 2012.
Eshe Nelson是《纽约时报》驻伦敦记者，负责报道经济和商业新闻。
Eshe Nelson is a Times reporter based in London, covering economics and business news.