美國國債市場再次暴跌 美元飆升至13年來的高點
The US government bond market ¬suffered a fierce, renewed sell-off and the dollar powered to a 13-year high ¬yesterday, as stronger economic data bolstered the case for an interest-rate increase and reinforced the view that the multi-decade bond bull market has reached a turning point.
美國政府債券市場昨日再次暴跌，美元飆升至13年來的高點。經濟數據更爲強勁提升了加息理由，並強化了幾十年債券牛市已迎來拐點的觀點。
The Republican sweep of the White House and Congress, coupled with president-elect Donald Trump’s promise to unleash a $1tn economic stimulus package of tax cuts and infrastructure investment, has caused a seismic shift in global bond markets, with prices tumbling and borrowing costs rising as investors bet that inflation will finally reappear.
共和黨掌控了白宮和國會，再加上候任總統唐納德.特朗普(Donald Trump)承諾推出1萬億美元減稅和基礎設施投資的經濟刺激方案，導致全球債券市場出現重大轉變，債券價格暴跌，借款成本上升，投資者押注通脹終將捲土重來。
European bond yields had already jumped on the back of reports that the European Central Bank was considering changes to its securities lending programme, which would ease a bond shortage.
由於有報道稱，歐洲央行(ECB)正考慮改變其證券出借計劃——這將緩解債券短缺的局面——歐洲債券收益率已經飆升。
The moves were reinforced by strong US durable goods data, and exacerbated by thin trading in bond markets ahead of the US Thanksgiving holiday.
讓這些舉措更具效力的是，美國耐用品數據強勁，以及美國感恩節假日前夕債券市場交易淡靜。
In what was supposed to be a quiet day, bond vigilantes are putting it to the Treasury market, said Andrew Brenner, head of international fixed income at National Alliance Capital Markets.
National Alliance Capital Markets的固定收益主管安德魯.布倫納(Andrew Brenner)表示：在本應交易淡靜的一天，‘債券義勇軍’在美國國債市場掀起波瀾。
The 10-year Treasury yield shot up by as much as 10 basis points, its biggest move since the presidential election, to over 2.4 per cent, for the first time since the summer of 2015.
美國10年期國債收益率一度飆升10個基點——這是自美國大選以來的最大漲幅——自2015年夏季以來首次升至2.4%上方，收盤時漲幅爲4個基點，報2.35%。
The two-year note yield — the most acutely sensitive to interest rate expectations — climbed to a six-year high of 1.14 per cent.
對利率預期最爲敏感的兩年期債券收率飆升至1.15%，創下6年來的高點。
