周一美国国债再度承压，长期收益率触及数十年来的新高，债券延续了数月来的跌势。
Treasuries came under renewed pressure Monday, pushing longer-dated yields to fresh multi-decade peaks as bonds extended their monthslong slide.
10年期和30年期美债收益率均上升至少7个基点，分别达到5.34%和5.7%，创下2002年以来的最高水平。短端美债收益率则上涨了约2至4个基点。
Both the 10-, and 30-year yields rose at least 7 basis points to 5.34% and 5.7%, respectively, reaching the highest levels since 2002. Shorter-dated Treasuries climbed some 2 to 4 basis points.
自8月中旬以来，随着经济在蓬勃发展的人工智能基础设施支出的推动下不断扩张，同时高通胀使美联储进一步加息的前景挥之不去，收益率持续攀升，投资者对判断收益率见顶仍保持谨慎。周一的一份美国服务业报告显示，上个月成本压力创下四年多来的最大增幅。
Investors remain wary of calling a top in yields after a steady march higher from mid-August as the economy expands amid booming AI infrastructure spending, while elevated inflation sustains the prospect of further Federal Reserve rate hikes. A report on US services on Monday showed cost pressures grew the most in more than four years last month.
BMO资产管理公司固定收益主管厄尔·戴维斯（Earl Davis）周临彭博电视采访时表示，美国30年期国债收益率突破6%是“不可避免的”，而且很可能在今月发生，因为当前债券市场的波动形成了一个推动利率走高的循环。长期国债收益率自2000年以来就没有达到过这么高的水平。
A 30-year US Treasury yield above 6% is “inevitable” — and likely this month, as current bond-market volatility creates a cycle driving rates higher, Earl Davis, head of fixed income at BMO Asset Management, told Bloomberg TV on Monday. The long-bond yield hasn’t been that high since 2000.
周一公布的9月ISM服务业数据显示，该行业扩张速度放缓，而支付价格超过预期，读数达到74，为2022年7月以来的最高水平。
The ISM services figures for September released Monday showed the sector expanded at a slower pace, while prices paid beat forecasts and at a reading of 74 was the highest level since July 2022.
BMO资本市场策略师维尔·哈特曼（Vail Hartman）在一份报告中写道，该报告的整体基调“指向不断上升的通胀压力和强劲的名义增长，巩固了过去几周债券市场看跌的核心基础”。
The overall tone of the report “points to mounting inflationary pressures and strong nominal growth, reinforcing a central bond-bearish underpinning over the past several weeks,” Vail Hartman, strategist at BMO Capital Markets, wrote in a note.
利率互换显示，交易员定价美联储在10月会议上加息的概率约为25%，并预计在12月会议前会完全加息25个基点。
Interest-rate swaps showed traders priced in around a 25% chance that the Fed lifts benchmark borrowing costs at its October gathering, with a full quarter-point hike seen by the December meeting.
随着收益率攀升，本周进行的10年期和30年期国债拍卖被视为对投资者对长期债券需求的一次考验。附息国债拍卖周期于周二开始，首先招标发售580亿美元的3年期国债。
This week’s auctions of 10- and 30-year debt are seen providing a test of investor demand for longer-dated bonds as yields climb. The coupon auction cycle begins Tuesday with a $58 billion sale of 3-year notes.