<p>周二，国债收益率下滑，投资者对美欧贸易谈判取得进展的迹象表示欢迎，同时也缓解了日本近期债券市场的恐慌。这一举动为寻求收益的投资者提供了另一个——或许是短暂的——机会，以获取近二十年来最高的政府债券利息。</p>
<p>30 年期国债收益率回落至约 4.96%，比上周的峰值低约 14 个基点，此前特朗普总统将计划中的对欧盟进口 50% 的关税推迟至 7 月 9 日，布鲁塞尔同意加快谈判。短期债券收益率也随之下滑，尽管对政策敏感的两年期国债仍徘徊在 4.90% 左右，等待周五的核心个人消费支出通胀数据发布。</p>
<p><strong>不要错过：</strong></p>
<ul>
<li><strong>市场预期降息，但你的收益不必受影响：今天锁定 7.2% 的债券收益率，直到 2028 年。</strong></li>
<li><strong>通过高收益现金账户让你的储蓄更有效，年利率 4.1%，无费用，无最低余额要求，且无限次取款。</strong></li>
</ul>
<p>全球主权债务的反弹增加了动能。东京暗示将在近期减少债券发行，此前日本 30 年期收益率因剧烈抛售而创下历史新高。来自全球第三大债券市场的稳定供应前景帮助美国收益率下滑，而美元则对主要货币上涨。</p>
<p>股市对此表示欢呼。道琼斯工业平均指数上涨约 600 点，纳斯达克综合指数上涨超过 2%，因为消费者信心数据创下四年来最大月度增幅。然而，固定收益部门警告称，如果贸易言辞降温和通胀数据走软，可能会促使美联储更公开地讨论降息，从而迅速缩小锁定高收益的窗口。</p>
<h2><strong>为何锁定收益很重要</strong></h2>
<p>即使在周二的变动之后，基准收益率仍远高于 30 年平均水平。10 年期国债交易接近 4.50%，仍提供超过疫情前区间两倍的收益。投资级公司债的利差保持紧缩，为储户提供了一个罕见的机会，以确保中等单利的利息，而无需深入垃圾债领域。</p>
<p>货币市场基金和在线储蓄账户的利率也超过 4%，但这些利率在美联储转向时会迅速重置。相比之下，2026 年或 2027 年到期的国债阶梯和存款证可以锁定今天的高收益，同时在经济放缓时保护资本。</p>
<p>机构投资者开始关注。根据 EPFR Global 的数据，债券基金在周二的反弹前看到三个月以来最大的周流入，而上周的国债拍卖尽管穆迪最近下调了美国主权信用评级，仍吸引了强劲的投标覆盖比。</p>
<h2><strong>可能进一步降低收益率的因素</strong></h2>
<ul>
<li>贸易缓和：达成的欧盟与美国关税妥协将消除对全球供应链和增长预期的重大威胁，从而提升对安全资产的需求。</li>
<li>美联储言辞：政策制定者普遍预计将维持利率稳定，但任何暗示通胀放缓或信贷条件收紧可能在 2026 年初引发降息的迹象，都将增强对债券的需求。</li>
<li>外国需求：美元走弱——已经在连续第五个月下跌的轨道上——使得国债对海外买家更便宜。如果国内收益率保持受限，日本养老金基金可能会加大购买。</li>
</ul>
<h2><strong>投资者可以采取的行动</strong></h2>
<p>一些专家建议在不同到期日之间分批购买——从四周期国债到五年期国债——以捕捉当前的利息，同时保持流动性。阶梯式投资也可以降低在收益率急剧下降时再投资一笔资金于较低利率的风险。</p>
<p>对于那些愿意承担适度信用风险的投资者，短期投资级债券 ETF 的收益率仍在 5% 左右。税收优惠的市政债券在国债反弹中滞后，现在为高收入家庭提供了有吸引力的税后等效收益。</p>
<p>现金仍然是灵活性的王者，但债券市场的重新定价表明，轻松获得的资金可能不会持久。随着期限溢价随着贸易紧张局势的缓解而下降，周二的高收益率可能代表了周期的上限——这是在收益率消退之前锁定它们的又一个理由。</p>
<p><strong>浏览下一步：</strong></p>
<ul>
<li><strong>这家由杰夫·贝索斯支持的初创公司让你在短短 10 分钟内成为房东，最低投资仅需 100 美元。</strong></li>
<li><strong>拥有 20 万美元或更多可投资资产？与财务顾问进行免费咨询，了解退休和节税策略。</strong></li>
</ul>
<p><em><strong>图片来源：Shutterstock</strong></em></p>

美债市场指数 ETF - Vanguard

<p>随着贸易紧张局势缓解，国债收益率小幅下跌，30 年期收益率降至约 4.96%。投资者被鼓励在美联储可能降息之前锁定高利率。市场反应积极，道琼斯指数上涨 600 点。机构投资者注意到债券基金出现显著资金流入。专家建议在不同到期日之间分批购买，以捕捉当前收益率，同时保持流动性。高企的收益率可能代表周期的顶峰，促使人们在进一步下降之前确保锁定这些收益</p>

<p>Treasury yields slipped Tuesday as investors welcomed signs of progress in U.S.–European Union trade talks and relief from a recent bond-market scare in Japan. The move gives income-seekers another—perhaps fleeting—chance to capture the highest government bond coupons in nearly two decades.</p>
<div class="lb-trans"><p>周二，国债收益率下滑，投资者对美欧贸易谈判取得进展的迹象表示欢迎，同时也缓解了日本近期债券市场的恐慌。这一举动为寻求收益的投资者提供了另一个——或许是短暂的——机会，以获取近二十年来最高的政府债券利息。</p>
</div><p>The 30-year Treasury yield retreated to about 4.96%, roughly 14 basis points below last week's peak, after President Donald Trump postponed a planned 50% tariff on EU imports until July 9 and Brussels agreed to fast-track negotiations. Shorter maturities followed suit, though the policy-sensitive two-year note still hovered near 4.90% ahead of Friday's core PCE inflation release.</p>
<div class="lb-trans"><p>30 年期国债收益率回落至约 4.96%，比上周的峰值低约 14 个基点，此前特朗普总统将计划中的对欧盟进口 50% 的关税推迟至 7 月 9 日，布鲁塞尔同意加快谈判。短期债券收益率也随之下滑，尽管对政策敏感的两年期国债仍徘徊在 4.90% 左右，等待周五的核心个人消费支出通胀数据发布。</p>
</div><p><strong>Don't Miss:</strong></p>
<div class="lb-trans"><p><strong>不要错过：</strong></p>
</div><ul>
<li><strong>Markets expect rate cuts, but your earnings don't need to suffer: lock in a 7.2% yield on bonds until 2028 today.</strong></li>
<li><strong>Make your savings work harder with a high-yield cash account with 4.1% APY, with no fees, no minimum balance requirements, and unlimited withdrawals.</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>市场预期降息，但你的收益不必受影响：今天锁定 7.2% 的债券收益率，直到 2028 年。</strong></li>
<li><strong>通过高收益现金账户让你的储蓄更有效，年利率 4.1%，无费用，无最低余额要求，且无限次取款。</strong></li>
</ul>
</div><p>A global rally in sovereign debt added momentum. Tokyo hinted it would trim upcoming bond issuance after a sharp sell-off had driven Japanese 30-year yields to record highs. The prospect of steadier supply from the world's third-largest bond market helped drag U.S. yields lower, while the dollar advanced against major peers.</p>
<div class="lb-trans"><p>全球主权债务的反弹增加了动能。东京暗示将在近期减少债券发行，此前日本 30 年期收益率因剧烈抛售而创下历史新高。来自全球第三大债券市场的稳定供应前景帮助美国收益率下滑，而美元则对主要货币上涨。</p>
</div><p>Stocks cheered the reprieve. The Dow Jones Industrial Average jumped about 600 points and the Nasdaq Composite climbed more than 2% as consumer-confidence data posted its largest monthly gain in four years. Yet fixed-income desks cautioned that the window to lock in premium yields could narrow quickly if cooling trade rhetoric and softer inflation data encourage the Federal Reserve to talk more openly about rate cuts.</p>
<div class="lb-trans"><p>股市对此表示欢呼。道琼斯工业平均指数上涨约 600 点，纳斯达克综合指数上涨超过 2%，因为消费者信心数据创下四年来最大月度增幅。然而，固定收益部门警告称，如果贸易言辞降温和通胀数据走软，可能会促使美联储更公开地讨论降息，从而迅速缩小锁定高收益的窗口。</p>
</div><h2><strong>Why Locking In Matters</strong></h2>
<div class="lb-trans"><h2><strong>为何锁定收益很重要</strong></h2>
</div><p>Even after Tuesday's move, benchmark yields remain well above the 30-year average. The 10-year note, trading near 4.50%, still offers more than twice its pre-pandemic range. Investment-grade corporate spreads have stayed tight, giving savers a rare opportunity to secure mid-single-digit coupons without venturing deep into junk territory.</p>
<div class="lb-trans"><p>即使在周二的变动之后，基准收益率仍远高于 30 年平均水平。10 年期国债交易接近 4.50%，仍提供超过疫情前区间两倍的收益。投资级公司债的利差保持紧缩，为储户提供了一个罕见的机会，以确保中等单利的利息，而无需深入垃圾债领域。</p>
</div><p>Money-market funds and online savings accounts are also paying north of 4%, but those rates reset quickly when the Fed pivots. By contrast, Treasury-bill ladders and certificates of deposit maturing in 2026 or 2027 can lock in today's elevated yields while preserving capital if growth softens.</p>
<div class="lb-trans"><p>货币市场基金和在线储蓄账户的利率也超过 4%，但这些利率在美联储转向时会迅速重置。相比之下，2026 年或 2027 年到期的国债阶梯和存款证可以锁定今天的高收益，同时在经济放缓时保护资本。</p>
</div><p>Institutional investors are taking notice. Bond funds saw the largest weekly inflow in three months ahead of Tuesday's rally, according to EPFR Global data, while Treasury auctions last week drew robust bid-to-cover ratios despite Moody's recent downgrade of U.S. sovereign credit.</p>
<div class="lb-trans"><p>机构投资者开始关注。根据 EPFR Global 的数据，债券基金在周二的反弹前看到三个月以来最大的周流入，而上周的国债拍卖尽管穆迪最近下调了美国主权信用评级，仍吸引了强劲的投标覆盖比。</p>
</div><h2><strong>What Could Drive Yields Even Lower</strong></h2>
<div class="lb-trans"><h2><strong>可能进一步降低收益率的因素</strong></h2>
</div><ul>
<li>Trade détente: A negotiated EU-U.S. tariff compromise would remove a major threat to global supply chains and growth expectations, lifting demand for safer assets.</li>
<li>Fed rhetoric: Policymakers are widely expected to hold rates steady, but any hint that slower inflation or tighter credit conditions could spark cuts in early 2026 would reinforce the bid for bonds.</li>
<li>Foreign demand: A weaker dollar—already on track for its fifth straight monthly decline—makes Treasurys cheaper for overseas buyers. Japanese pension funds in particular may step up purchases if domestic yields remain capped.</li>
</ul>
<div class="lb-trans"><ul>
<li>贸易缓和：达成的欧盟与美国关税妥协将消除对全球供应链和增长预期的重大威胁，从而提升对安全资产的需求。</li>
<li>美联储言辞：政策制定者普遍预计将维持利率稳定，但任何暗示通胀放缓或信贷条件收紧可能在 2026 年初引发降息的迹象，都将增强对债券的需求。</li>
<li>外国需求：美元走弱——已经在连续第五个月下跌的轨道上——使得国债对海外买家更便宜。如果国内收益率保持受限，日本养老金基金可能会加大购买。</li>
</ul>
</div><h2><strong>How Investors Can Act</strong></h2>
<div class="lb-trans"><h2><strong>投资者可以采取的行动</strong></h2>
</div><p>Some experts suggest staggering purchases across maturities—four-week bills through five-year notes—to capture current coupons while preserving liquidity. Laddering also mitigates the risk of reinvesting a lump sum at lower rates should yields drop sharply.</p>
<div class="lb-trans"><p>一些专家建议在不同到期日之间分批购买——从四周期国债到五年期国债——以捕捉当前的利息，同时保持流动性。阶梯式投资也可以降低在收益率急剧下降时再投资一笔资金于较低利率的风险。</p>
</div><p>For those willing to assume modest credit risk, short-duration investment-grade bond ETFs still yield around 5%. Tax-advantaged municipal bonds have lagged the Treasury rally and now offer attractive taxable-equivalent yields for high-income households.</p>
<div class="lb-trans"><p>对于那些愿意承担适度信用风险的投资者，短期投资级债券 ETF 的收益率仍在 5% 左右。税收优惠的市政债券在国债反弹中滞后，现在为高收入家庭提供了有吸引力的税后等效收益。</p>
</div><p>Cash remains king for flexibility, but the bond-market repricing suggests the easy money may not last. With the term premium trending down alongside easing trade tensions, Tuesday's elevated yields could represent the upper bound of the cycle—one more reason to lock them in before they fade.</p>
<div class="lb-trans"><p>现金仍然是灵活性的王者，但债券市场的重新定价表明，轻松获得的资金可能不会持久。随着期限溢价随着贸易紧张局势的缓解而下降，周二的高收益率可能代表了周期的上限——这是在收益率消退之前锁定它们的又一个理由。</p>
</div><p><strong>Browse Next:</strong></p>
<div class="lb-trans"><p><strong>浏览下一步：</strong></p>
</div><ul>
<li><strong>This Jeff Bezos-backed startup lets you become a landlord in just 10 minutes, with minimum investments as low as $100.</strong></li>
<li><strong>Have $200,000 or more in investable assets? Get a free consultation with a financial advisor to learn about retirement and tax-saving strategies.</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>这家由杰夫·贝索斯支持的初创公司让你在短短 10 分钟内成为房东，最低投资仅需 100 美元。</strong></li>
<li><strong>拥有 20 万美元或更多可投资资产？与财务顾问进行免费咨询，了解退休和节税策略。</strong></li>
</ul>
</div><p><em><strong>Image: Shutterstock</strong></em></p>
<div class="lb-trans"><p><em><strong>图片来源：Shutterstock</strong></em></p>
</div>

Treasury Yields Dip as Trade Tensions Ease—Lock In High Rates Before They Fall

- 美国国债收益率下滑，因美欧贸易谈判进展顺利。  
- 30 年期国债收益率降至约 4.96%，为近 20 年来的高点。  
- 投资者被建议分期购买以锁定当前收益。  

随着贸易紧张局势的缓解，国债收益率有所下降——在利率下跌之前锁定高利率