The world’s go-to safe haven asset, US government bonds are the cornerstone of the global financial system. But the $30tn Treasury market has shown new signs of strain due to shifting demand dynamics, large US deficits and shocks from unpredictable policymaking. Long-term yields have crept higher: the benchmark 10-year rate has largely been above 4 per cent in recent years, while last month a new issue of 30-year debt launched at a yield of 5 per cent for the first time since 2007. Treasury markets also appear more fragile, as seen in the bond market response to President Donald Trump’s “liberation day” tariffs in April of last year. Washington will need to address these risks if it is to avoid higher and more volatile borrowing costs.
美国国债一向被视为manbetx app苹果 首选避险资产，是manbetx app苹果 金融体系的基石。但规模达30万亿美元的美国国债市场，正因需求格局变化、美国财政赤字庞大以及难以预测的政策带来的冲击，而出现新的紧张迹象。长期收益率已逐步攀升：过去几年，基准10年期国债收益率大多维持在4%以上，而上个月新发行的30年期国债收益率则达到5%，为2007年以来首次。国债市场的脆弱性也有所上升，这在去年4月美国总统唐纳德•特朗普(Donald Trump)宣布“解放日”关税后债券市场的反应中表现得十分明显。若要避免融资成本走高且波动加剧，华盛顿必须正视并化解这些风险。