据Georgia Hall报道，美国国债价格持续下跌，推动30年期国债收益率回升至2002年以来的最高水平。油价上涨引发了市场对通胀加速以及央行可能进一步加息的担忧。
Treasuries resumed their retreat, lifting the 30-year yield back to its highest since 2002 as climbing oil prices raised concern about faster inflation and more central bank interest-rate increases.
美国债市的这一走势也波及欧洲市场：英国30年期国债收益率重新回到6%水平，法国同类债券收益率则上涨了14个基点。截至报道时，美国30年期国债收益率达5.72%。
The moves in US debt markets trickled into Europe, helping send UK 30-year gilt yields back to 6% and equivalent French yields up as much as 14 basis points. The US 30-year yield was at 5.72%.
政府财政赤字持续扩大，加之中东地区冲突导致能源价格飙升，共同推动各国外债收益率升至数十年来的高位。周三，伊朗对霍尔木兹海峡的船只发动新一轮袭击，促使布伦特原油价格突破每桶102美元。这一情况也驳斥了部分投资者关于债券价格下跌已过度、收益率已具备吸引力的观点。
Ballooning government deficits and the energy-price spike from continued fighting in the Middle East have hoisted sovereign yields to their highest levels in decades. On Wednesday, fresh attacks by Iran on vessels in the Strait of Hormuz pushed Brent past $102 a barrel, eclipsing arguments from some investors that bond declines are overdone and yields look appealing.
瑞穗国际的多资产策略师Evelyne Gomez-Liechti指出：“我们认为市场目前正处于两难境地：一方面债券收益率水平确实具有吸引力，另一方面油价上涨的压力始终存在。”
“We continue to think the market remains caught between attractive outright yield levels and an oil story that refuses to fade,” said Evelyne Gomez-Liechti, Mizuho International Plc multi-asset strategist.
目前衍生品市场显示，美联储本月加息的概率约为24%，而全年加息的预期也已完全被市场定价。
Swaps markets now show a 24% chance of a rate hike from the Federal Reserve this month, with a hike fully priced by the end of the year.
交易员们持续增持针对美国国债的空头头寸，表明这一抛售行情可能还将延续。
Traders extended their short bets against US government bonds, signaling that the selloff may have further to run.
近期这一走势的主要驱动力是期限溢价的上升——即投资者持有长期债券所要求的额外收益。自美联储9月会议以来，这一溢价水平持续攀升。彭博经济研究的数据显示，截至周二，美国30年期国债的期限溢价已升至2011年以来的最高水平。
Much of the latest move has been driven by a higher term premium — the extra yield investors demand to hold long-term bonds — which has climbed since the Federal Reserve’s September meeting. The term premium on 30-year Treasuries was at its highest level since 2011 as of Tuesday, according to Bloomberg Economics data.
美国银行利率策略师Ralf Preusser表示：“今年以来的债券熊市，本质上是市场对央行政策预期重新定价的结果。”
“The bond bear market since the start of the year is primarily a story of central bank repricing,” said Bank of America rates strategist Ralf Preusser.