美國國債拋售加劇
The US bond market has suffered a fierce sell-off as investors fret that central banks will move more aggressively than anticipated to end their crisis-era economic stimulus programmes, with some high-profile debt investors declaring a new era for fixed income.
The yield of 10-year Treasuries on Wednesday approached levels not seen since the “Trumpflation” retreat nearly a year ago, hitting a nine-month high of nearly 2.6 per cent on expectations cash freed up by the recent US tax cut will finally help spark higher inflation driven by stonger economic growth.
10年期美國國債的收益率週三逼近自近一年前“特朗普通脹”(Trumpflation)消退以來未見的水平，達到近2.6%的9個月高點，原因是市場預期近期美國減稅所釋放的資金，加上更強勁的經濟增長，將終於幫助推高通脹。An eagerly anticipated auction of 10-year US Treasuries later produced the highest ratio of demand since 2016, underscoring how higher yields can entice investors back into the nond market. That helped trim the yield rise to 2.57 per cent by early afternoon.
市場殷切期待的一場10年期美國國債拍賣，後來產生了自2016年以來最高的需求比例，突顯高收益率如何能吸引投資者重返債券市場。這幫助收益率在午後收窄升幅，至2.57%。
The global government bond market has started 2018 on the back foot, and yields rose sharply on Tuesday after data showed the Bank of Japan slowed some of its long-dated bond purchases. That stoked speculation that the Bank of Japan would join the European Central Bank and US Federal Reserve in scaling back stimulus programmes this year.
全球政府債券市場在2018年開局不利，週二收益率大幅上升，因爲數據顯示，日本央行(Bank of Japan)放緩了一部分長期債券購買操作。這引發人們猜測日本央行今年將加入歐洲央行(ECB)和美聯儲(Federal Reserve)的行列，開始縮減刺激計劃。The sell-off deepened on Wednesday amid market speculation that Chinese authorities viewed US government bonds as less attractive. The sense that the three-decade bond bull market was coming to a close was reinforced by Bill Gross, the so-called bond king, who publicly declared he had shorted US Treasuries.
週三拋售加劇，其背景是市場揣測中國當局認爲美國政府債券吸引力下降。有“債券之王”之稱的比爾?格羅斯(Bill Gross)強化了持續30年的債券牛市即將結束的感覺，他公開宣告已開始賣空美國國債。Jeffrey Gundlach, the founder of DoubleLine Capital who is viewed as Mr Gross’s rival and is a closely followed bond investor, lent his weight to the bearish sentiment, saying central bank policy was shifting to an “era of quantitative tightening”.
Doubleline Capital創始人傑弗裏?岡拉克(Jeffrey Gundlach)是另一位受到緊密追隨的債券投資者，被視爲格羅斯的競爭對手。他表態贊同看空情緒，稱央行政策正在轉向“量化收緊時代”。While the Japanese central bank’s trimming of long-dated bond purchases was not announced as an official change of policy, it was enough to reinforce the sense 2018 will become a turning point in the post-crisis era of ultra-stimulative monetary policy.
儘管日本央行縮減長期債券購買並未被宣佈爲正式的政策轉變，但此舉足以強化市場的感覺，即2018年將成爲後危機時期超級刺激性貨幣政策的轉折點。
