全球债券市场因高通胀、加息预期和长期债务负担而遭遇大规模抛售，给家庭和企业带来压力，并威胁到公共财政。
Global bond markets have been seeing a sweeping selloff amid high inflation, rate hike expectations, and chronic debt burdens, pressuring households and companies while threatening to affect public finances.
美国经济第二季度增长超预期，而个人收入和消费者支出指数显示通胀仍远高于美联储2%的目标。
The US economy grew above expectations in the second quarter, while the personal income and consumer spending indexes showed inflation remained well above the Fed’s 2% target.
美国发布的宏观经济数据显示经济和消费需求依然强劲，推高了美国10年期国债收益率，市场担忧货币政策进一步收紧，导致全球股市大幅抛售。
The macroeconomic data released in the US showed that the economy and consumer appetite remain strong, pushing up the US 10-Year Treasury yield amid concerns of further monetary policy tightening, leading to a sharp selloff in stocks across the globe.
关键全球借贷成本指标升至2002年以来未见的5.34%水平，而美国所有国债收益率在第三季度上涨约90个基点，创下本世纪最大单季涨幅。
The key global borrowing cost indicator reached a level unseen since 2002 at 5.34%, while all US Treasury bond yields rose around 90 basis points in the third quarter, the largest quarterly surge of the century.
投资者在预期美联储将于10月底继续加息的背景下持续抛售债券，经济学家指出美国经济出现过热迹象。
Investors continue to sell more and more bonds amid expectations that the Fed will continue raising its policy rate at the end of October, while economists point to signs of overheating in the US economy.
所有目光聚焦于周五即将发布的9月就业报告，市场预期美国失业率将维持在4.1%。
All eyes turned to the September labor report set to be released on Friday, as markets expect the US unemployment rate to remain at 4.1%.
随着债券收益率飙升，最常见的30年期固定利率抵押贷款利率自2025年初以来首次突破7%。
The interest rate on the most common 30-year mortgage exceeded 7% for the first time since early 2025 as bond yields surged.
根据国际金融协会（IIF）数据，主要经济体的利息支付超过了全球人工智能（AI）、国防和清洁能源投资。
Interest payments in major economies outpaced global artificial intelligence (AI), defense, and clean energy investments, according to the Institute of International Finance (IIF).
美伊紧张局势持续推高油价，助长通胀并推高利率，进而加剧长期债务担忧。
The US-Iran tensions continue to drive up oil prices, fueling inflation and driving interest rates, which in turn exacerbate chronic debt concerns.
美国债务总额超过40万亿美元，除德国外，七国集团（G7）国家的债务占国内生产总值（GDP）比率均维持在100%或以上。激增的AI投资也在不断攀升的债务中扮演着结构性角色。
The US posted a total debt burden of over $40 trillion, while the debt-to-gross domestic product (GDP) ratio among G7 countries excluding Germany remains at or above 100%. Surging AI investments are also playing a structural role in the mounting debt.
今年，五大AI科技巨头发行了2200亿美元债券，以融资数据中心投资，而不断增长的借贷需求持续推高利率。
The five largest AI tech firms issued $220 billion in bonds this year to finance data center investments, while the rise in borrowing needs continues to push interest rates even higher.
政府债券收益率飙升并非美国独有，英国30年期国债收益率自1998年以来首次突破6%，法国10年期国债收益率触及2002年以来高位，日本国债收益率也创下数十年新高。
The surge in government bonds is not exclusive to the US, as the yield on the UK’s 30-year bond exceeded 6% for the first time since 1998, while France’s 10-year bond hit its highest since 2002, and Japan’s yields also saw multi-decade highs.
美国财政部长斯科特·贝森特表示，这些问题不应掩盖美国经济的整体实力。
US Treasury Secretary Scott Bessent says these issues should not overshadow the overall strength of the American economy.
财政部决定将长期债券回购操作规模至少扩大一倍，这一举措支持了市场流动性，但最终仍不足以缓解债券市场的压力。专家建议要求更高利率的投资者采取财政纪律，削减过度支出。
The Treasury Department’s decision to at least double the size of its long-term bond buyback operations supported market liquidity, but ultimately this decision was not enough to ease the pressure on the bond market. Experts advise investors demanding higher interest rates to adopt fiscal discipline and reduce their excessive spending.
分析师称，油价潜在下跌可能带来短期缓解，但只有政府采取措施减少债务，长期借贷成本才能从根本上降低。债券市场局势正给欧元区和外汇市场带来压力。
Analysts say a potential drop in oil prices could bring some short-term relief but long-term borrowing costs can be reduced for good if governments take steps to reduce their debt. The situation in the bond markets is pressuring the eurozone and foreign exchange markets.
KCM Trade全球首席市场分析师蒂姆·沃特表示，除非油价大幅下跌或美伊达成解决方案，否则债券收益率将维持高位，而宏观经济压力正在加剧欧洲的脆弱性。
Tim Waterer, a global chief market analyst at KCM Trade, stated that bond yields will remain high unless oil prices significantly drop or the US and Iran reach a resolution, while the macroeconomic pressure is worsening Europe’s fragility.
法国兴业银行外汇策略师弗朗切斯科·佩索莱表示，巴黎的预算声明未能解决结构性赤字，导致法德10年期国债收益率差扩大至130个基点，且该利差有进一步扩大至150个基点的风险。
Francesco Pesole, foreign exchange strategist at the ING Group, stated that the French-German 10-year bond yield spread reached 130 basis points after Paris’ budget announcement fell short of resolving structural deficits, while the spread is threatening to widen as much as 150 basis points.
债券市场的波动正对欧元构成下行压力，尽管欧元/美元汇率表现出韧性，但预计欧元将对这些事态发展变得更加敏感。
The volatility in the bond market is putting downward pressure on the euro, as the currency is expected to grow more sensitive to these developments despite the resilience of the euro/US dollar exchange rate.
Pesole表示，如果收益率利差继续扩大，汇率可能回落至1.110。
Pesole said the exchange rate could retreat to 1.110 if yield spreads continue to widen.