兩位“債券之王”宣告?zhèn)M(jìn)入熊市

A sell-off in US government debt intensified on Tuesday, sending 10-year Treasury yields clearly above 2.5 per cent and prompting two “bond kings” to proclaim a new era for fixed income.

周二，美國(guó)政府債券遭到進(jìn)一步拋售，10年期美國(guó)國(guó)債收益率明確突破2.5%關(guān)口，兩位“債券之王”也宣布固定收益的新時(shí)代來(lái)臨。

Bill Gross, the long-time fixed income investor, said that a “bond bear market [was] confirmed today”, after yields on the 10-year note rose by 7 basis points.

長(zhǎng)期的固定收益投資者比爾•格羅斯(Bill Gross)表示，10年期美國(guó)國(guó)債收益率上升7個(gè)基點(diǎn)后，“債券熊市今日已得到確認(rèn)”。

Meanwhile, Jeffrey Gundlach, the founder of DoubleLine Capital, declared that central bank policy was shifting to an “era of quantitative tightening”, following the Bank of Japan’s decision to trim its purchases of long-dated Japanese government debt.

與此同時(shí)，Doubleline Capital創(chuàng)始人杰弗里•岡拉克(Jeffrey Gundlach)宣稱(chēng)，央行政策正轉(zhuǎn)向“量化緊縮時(shí)代”。此前，日本央行(BoJ)決定減少購(gòu)買(mǎi)長(zhǎng)期日本國(guó)債。

Yields on the 10-year Treasury have climbed in five of the past six trading days as inflation expectations have risen, and the yield settled on Tuesday at its highest since last March. The BoJ decision spurred the latest sell-off, investors and strategists said.

隨著通脹預(yù)期的升溫，10年期美國(guó)國(guó)債收益率在過(guò)去6個(gè)交易日中上漲了5日，周二達(dá)到去年3月以來(lái)的最高水平。投資者和策略師表示，日本央行的決定引發(fā)了這波最新的拋售。

The move by the BoJ has also added to the sense that 2018 will become an inflection point in the post-crisis era of ultra-accommodative monetary policy, and government bond yields rose across the world.

日本央行此舉還讓人們更加感到，2018年將成為實(shí)行超寬松貨幣政策的后危機(jī)時(shí)代的拐點(diǎn)。全球各地的政府債券收益率都有所上升。

The 10-year Treasury ended the day at 2.55 per cent. The 10-year UK Gilt yield climbed 5bp to 1.28 per cent and the equivalent German Bund yield rose 4bp to 0.46 per cent.

10年期美國(guó)國(guó)債收益率昨日收于2.55%，10年期英國(guó)國(guó)債收益率攀升5個(gè)基點(diǎn)，至1.28%，10年期德國(guó)國(guó)債收益率上升4個(gè)基點(diǎn)，至0.46%。

The Fed plans to lift interest rates three times this year and has started to reduce the size of its crisis-bloated balance sheet, while the European Central Bank is expected to end its own QE programme later this year.

美聯(lián)儲(chǔ)(Fed)計(jì)劃今年加息3次，并已開(kāi)始收縮其因應(yīng)對(duì)危機(jī)而擴(kuò)充的資產(chǎn)負(fù)債表，而歐洲央行(ECB)預(yù)計(jì)將在今年晚些時(shí)候結(jié)束它自己的量化寬松計(jì)劃。