債券殖利率創2007年以來新高，通漲擔憂加劇（1/2）

Recently The New York Times reported the following:

Bond Yields Hit Highest Level Since 2007 as Inflation Fears Set In (1/2)

The 30-year U.S. Treasury yield hasn’t been this high since the lead-up to the global financial crisis. Across Europe and Asia, yields are also elevated.

The NYT - By Joe Rennison - Emmett Lindner contributed reporting. Joe Rennison writes about financial markets, a beat that ranges from chronicling the vagaries of the stock market to explaining the often-inscrutable trading decisions of Wall Street insiders.

May 19, 2026

Bond markets convulsed on Tuesday, pushing the rates on U.S. Treasuries to levels not seen since the global financial crisis nearly 20 years ago, as investors grew increasingly anxious about rising inflation because of the war in Iran.

The yield on the 30-year Treasury note rose to 5.18 percent on Tuesday, its highest level since 2007. Bond yields move inversely to prices.

The rising rates, which are pushing up borrowing costs for governments, homeowners and businesses, could be a critical pressure point for the Trump administration as it continues to pursue its campaign against Iran, which has pushed up oil prices worldwide.

The last time President Trump faced such turmoil in the Treasury market was after he announced in April last year that he would raise tariffs on nearly every U.S. trading partner. The steepening rates were cited as a primary reason that Mr. Trump later backed down from many of his most draconian proposals.

This time, investors across the world are becoming increasingly concerned about the fallout from the monthslong conflict in the Middle East, where, despite a cease-fire between the United States and Iran, efforts to find a lasting peace deal have stalled.

The yields on 30-year bonds in Canada, Germany, France, Spain, Portugal, the Netherlands and Switzerland all traded at their 12-month high on Tuesday. Across the rest of Europe and Asia, the long yield was also elevated

In Britain, the tumult in the government bond market is even more extreme. A leadership crisis facing Prime Minister Keir Starmer has helped push the country’s 30-year bond to its highest level since 1998.

Japan’s 30-year bond yield sits at 4.13 percent, the highest it has ever been, as rising energy prices strain the country’s already struggling economy.

Bond investors around the world are focused on the continued blockade of the Strait of Hormuz, the vital shipping lane that before the war had funneled roughly a fifth of the world’s oil supply, predominantly to Asia and some parts of Europe.

In the United States, the impact of higher oil prices was reflected in a series of inflation reports last week showing consumer and producer prices both rising at their fastest pace in several years.

Another factor weighing on the Treasury market is last weekend’s summit between Mr. Trump and China’s leader, Xi Jinping. Investors’ hopes that the much anticipated meeting would result in China’s help with ending the war in Iran were dashed.

(to be continued)

Translation

債券殖利率創2007年以來新高，通漲擔憂加劇（1/2）

30 年期美國公債殖利率創下自全球金融危機爆發以來的最高水平， 歐洲和亞洲的收益率也同樣居高不下

週二，債券市場劇烈震盪，美國公債殖利率飆升至近20年前全球金融危機以來的最高水平。投資者對伊朗戰爭引發的通漲上升日益擔憂。

週二，30年期美國公債殖利率升至5.18%，創下2007年以來的最高水準。債券收益率與價格呈反向關係。

利率上升推高了政府、房主和企業的借貸成本，這可能成為特朗普政府面臨​​的關鍵壓力點，因為該政府仍在繼續推進其針對伊朗的行動，而伊朗的行動已推高了全球油價。

特朗普總統上一次面臨如此劇烈的國債市場動盪，是在去年4月他宣布將對幾乎所有美國貿易夥伴提高關稅之後。利率飆升被認為是特朗普後來放棄許多最嚴厲提案的主要原因。

這一次，全球投資者越來越擔心持續數月的中東衝突可能帶來的後果。儘管美國和伊朗之間達成了停火協議，但尋求持久和平協議的努力卻陷入了僵局。

週二，加拿大、德國、法國、西班牙、葡萄牙、荷蘭和瑞士的30年期公債殖利率均創下12個月新高。歐洲和亞洲其他地區的長期國債殖利率也升高。

在英國，政府公債市場的動盪更為極端。總理施紀賢面臨的領導危機，推動英國30年期公債殖利率升至1998年以來的最高水準。

日本30年期公債殖利率高達4.13%，創歷史新高，能源價格上漲令該國本已疲軟的經濟雪上加霜。

全球債券投資者關注的焦點是霍爾木茲海峽持續的封鎖。這條重要的航道在戰前曾輸送全球約五分之一的石油，主要運往亞洲和歐洲部分地區。

在美國，上周公佈的一系列通膨報告反映了油價上漲的影響，數據顯示消費者價格和生產者價格均以近幾年來最快的速度上漲。

另一個令美國國債市場承壓的因素是上週末特朗普與中國領導人習近平的峰會。投資人原本寄望於此次備受矚目的會晤能促使中國協助結束伊朗戰爭，但這項希望最終落空。

（待續）