我们都知道，美国国债收益率一直在飙升，全球各地的债券收益率也是如此。那么，如何解释这种抛售？这是否意味着债券正变得从根本上更具风险？如果投资者不再能用政府债务来对冲股票，会发生什么？对美联储“反应函数”的预期又如何与之相关？
We all know that US Treasury yields have been surging, alongside bond yields all around the world. So what explains the selloff and does this mean that bonds are becoming fundamentally riskier? What happens if investors can no longer hedge stocks with government debt? And how do expectations of the Federal Reserve's "reaction function" fit in?