周三，随着全球债券市场最新一轮抛售潮加剧，美国关键国债收益率升至24年来的新高。法国和意大利的基准国债收益率也大幅上升，有望创下自3月伊朗战争爆发冲击全球市场以来最大的单日涨幅。英国30年期国债收益率则达到1998年以来的最高水平。债券价格下跌时，其收益率会上升。紧随这一走势，美国10年期国债收益率一度升至5.35%，30年期国债收益率则达到5.73%——均为2002年以来的最高水平。
The yield on key U.S. Treasury bonds rose to fresh 24-year highs Wednesday, as the latest global bond sell-off picked up steam. Benchmark government bonds in France and Italy also rose sharply and were on pace for their biggest one-day jump since March, when the launch of the Iran war rattled global markets. The yield on the U.K. 30-year government bond hit its highest level since 1998. When bonds fall, their yields rise. Closely tracking those moves, the 10-year Treasury yield rose as high as 5.35% and the 30-year Treasury yield hit 5.73% — the highest levels for each since 2002.
债券市场的暴跌导致股市大跌，投资者担忧债券收益率上升将推高企业借贷成本并侵蚀利润。欧洲斯托克600指数下跌1%。法国和德国的基准指数跌幅均超过1%，意大利FTSE MIB指数的股票则下跌近2.5%。周三上午，美国股市也出现下跌，而就在一天前，纳斯达克和标普500指数还分别创下历史新高。在早盘交易中，标普500指数下跌0.6%，纳斯达克综合指数则下跌0.8%。
The bond rout sent stocks tumbling, as investors bet that rising bond yields would raise corporate borrowing costs and cut into profits. Europe’s broad Stoxx 600 index fell 1%. Benchmark indexes in France and Germany were off by more than 1%, and stocks in Italy on the country’s FTSE MIB index slid nearly 2.5%. U.S. stocks also dipped Wednesday morning, just a day after both the Nasdaq and S&P 500 closed at record highs. In early trading, the S&P 500 was down 0.6% and the Nasdaq Composite declined by 0.8%.
随着股市下跌，油价小幅上涨，进一步推高了债券收益率。布伦特原油在早盘交易中上涨1%，达到每桶102美元以上。美国财政部将于东部时间周三下午2点发行390亿美元的旗舰10年期国债，市场将密切关注投资者的反应。近期债券收益率的上升，给那些自年初以来借贷成本飙升的政府带来了更多压力。隔夜，国际货币基金组织总裁克里斯塔利娜·格奥尔基耶娃警告称，各国政府必须紧急采取措施，控制其前所未有的债务水平。她还预测，由于人工智能热潮持续扩张，全球政府债券收益率仍将面临压力。
As stocks fell, oil prices ticked up, adding pressure to bond yields. Brent crude oil rose 1% in early trading, to more than $102 per barrel. The Treasury Department will sell a $39 billion tranche of flagship 10-year notes at 2 p.m. ET Wednesday, and investors will be closely watching how markets react. The recent rise in bond yields only adds more pain to governments that have seen their borrowing costs soar since the start of the year. Overnight, International Monetary Fund chief Kristalina Georgieva warned that governments urgently need to take steps to get their unprecedented debt under control. She also predicted that government bond yields around the world would remain under pressure because of the ever-expanding artificial intelligence boom.
“过去17年里，政策制定者的日子相对轻松，因为在此期间，利率一直低于GDP增长率，”乔治耶娃在接受彭博电视台采访时说，“而现在，更高的利率终结了这种情况。”她的这番言论是在多份报道称埃隆·马斯克的SpaceX计划筹集400亿美元现金，用于从英伟达购买人工智能芯片之后发表的。NBC新闻尚未独立证实这些报道，而SpaceX也未立即回应置评请求。
“Policymakers had a relatively easy ride over the last 17 years, as for all that time interest rates were stuck below GDP growth rates,” Georgieva said in a Bloomberg Television interview. “Higher interest rates now put an end to that.”Her comments followed multiple reports that Elon Musk’s SpaceX is planning to raise $40 billion in cash to buy AI chips from Nvidia. NBC News has not independently confirmed the reports and SpaceX did not immediately reply to a request for comment.
但如果该公司真的付诸行动，这400亿美元贷款将加入近年来与人工智能相关的公司所发行的数千亿美元债券之中。这些公司正利用这笔资金建设数据中心，并购买用于填充这些中心的相关设备。一些经济学家认为，私营人工智能公司所借用的巨额资金可能会给政府债券收益率带来额外压力。“法国可能正面临全面债务危机的边缘，”雅尔代尼研究公司总裁埃德·雅尔代尼在周日写道。
But if the company follows through, that borrowed $40 billion would join hundreds of billions more in bond sales by AI-linked companies in recent years. The companies are using the money to build data centers and buy equipment with which to fill them. Some economists believe that the vast sums of money being borrowed by private AI companies could pile additional pressure on government bond yields. “France may be on the verge of a full-blown debt crisis,” wrote Ed Yardeni, president of Yardeni Research on Sunday.
他指出，今年法国10年期政府债券的收益率在所有主要经济体中上升幅度最大。美国位居第二，而意大利——一个在债券市场传统上被视为风险更高的国家——则排在第三。阿波罗经济策略师胡·范·斯泰尼斯在周三的一份报告中写道：“今年，超大规模科技公司以欧洲货币计价的债券融资额已达480亿美元，这已经超过了2025年全年的三倍。”
He noted that the yield on French 10-year government bonds has risen the most of any major economy this year. Coming in second is the United States, while Italy, a country traditionally viewed as far more risky by the bond markets, comes in third. Apollo economic strategist Huw van Steenis wrote in a Wednesday note, “Hyperscalers have raised $48 billion in bonds in European currencies this year, which is already more than triple the entire amount of 2025.”