<p>（更新至美国下午交易）</p>
<p>收益率在连续两天下跌后攀升</p>
<p>美联储内部人士对通胀表示担忧</p>
<p>10 年期收益率有望连续第二周上涨</p>
<p>作者：Chuck Mikolajczak</p>
<p>纽约，12 月 12 日（路透社）——美国 10 年期国债收益率在连续两天下跌后于周五攀升，投资者权衡了多位美联储官员的评论及经济前景。美国收益率在最近几周稳步上升，与全球收益率同步，因为许多中央银行已表示它们的宽松周期已接近尾声，而日本银行预计将在下周的政策会议上加息。然而，在美联储周三宣布降息后，收益率有所回落，但表示可能会在近期暂停，因为预计明年经济增长将加快。中央银行还表示，将于周五开始购买短期国债，以帮助管理市场流动性水平，确保中央银行对其利率目标体系保持严格控制。多位美联储官员在最近的政策会议上发表了意见，随着黑暗期的结束，那些反对降息的人表示，通胀仍然过高，不足以降低借贷成本，尤其是在由于从十月到十一月持续 43 天的政府停摆而缺乏官方数据的情况下。</p>
<p>“目前的数据非常混杂，这些都是美联储内部对一切有不同预测和不同看法的个人，” 亚特兰大 SignatureFD 的首席投资官 Tony Welch 表示。</p>
<p>“这是一场通胀与就业之间的拉锯战。人们对此有不同的看法。”</p>
<p>政府将在下周发布因停摆而延迟的劳动力市场和通胀报告。</p>
<p>基准美国 10 年期国债收益率（US10YT=TWEB）上升 5.1 个基点，达到 4.192%，本周上涨超过 5 个基点，预计将连续第二周上涨。</p>
<p>通常与美联储利率预期同步的两年期（US2YT=TWEB）美国国债收益率下滑 0.6 个基点，至 3.524%，本周下跌 4 个基点。</p>
<p>美国国债收益率曲线中一个备受关注的部分，衡量两年期和 10 年期国债收益率之间的差距（US2US10=TWEB），被视为经济预期的指标，目前为正 66.6 个基点，此前达到 66.8 个基点，为 4 月 9 日以来的最高点。</p>
<p>该曲线显示出熊市陡峭化的情况，即长期利率的上升超过短期利率的上升，反映出市场对经济增长加速和通胀持续的预期。</p>
<p>“发生的事情是我们重新定价，认为明年经济状况将相当不错，这就是你可以得到更陡峭曲线的原因之一，” Welch 表示。</p>
<p>30 年期国债收益率（US30YT=TWEB）跃升 6.9 个基点，达到 4.859%，本周上涨近 6.7 个基点，预计将连续第二周上涨。许多市场参与者预计，随着唐纳德·特朗普总统的大规模减税和支出法案生效，明年经济增长将得到提振。</p>
<p>五年期美国国债通胀保护证券（TIPS）的 breakeven 利率（US5YTIP=TWEB）最后为 2.325%，此前周四收于 2.32%，为一周内的最低水平。</p>
<p>10 年期 TIPS breakeven 利率（US10YTIP=TWEB）最后为 2.275%，表明市场预计未来十年通胀平均约为 2.3%。</p>

TIPS

<p>美国 10 年期国债收益率在美联储官员对通胀和经济增长表示担忧后上涨。尽管最近降息，美联储发出了暂停的信号，预计明年的经济增长。收益率曲线变陡，反映出对更高增长和持续通胀的预期。30 年期国债收益率也有所上升，市场参与者预计特朗普的减税和支出法案将带来增长。未来十年的通胀预期仍在 2.3% 左右</p>

<p>(Updates to afternoon US trading)</p>
<div class="lb-trans"><p>（更新至美国下午交易）</p>
</div><p>Yields climb after two-day decline</p>
<div class="lb-trans"><p>收益率在连续两天下跌后攀升</p>
</div><p>Fed dissenters express concerns over inflation</p>
<div class="lb-trans"><p>美联储内部人士对通胀表示担忧</p>
</div><p>10-year yield poised for second straight weekly gain</p>
<div class="lb-trans"><p>10 年期收益率有望连续第二周上涨</p>
</div><p>By Chuck Mikolajczak</p>
<div class="lb-trans"><p>作者：Chuck Mikolajczak</p>
</div><p>NEW YORK, Dec 12 (Reuters) - U.S. 10-year Treasury yields climbed on Friday after two straight sessions of declines, as investors weighed commentary from a host of Federal Reserve officials and the outlook for the economy. U.S. yields had been steadily rising in recent weeks in tandem with global yields as many central banks had signaled they are either at or near the end of their own easing cycles, while the Bank of Japan is widely anticipated to hike rates at its policy meeting next week. However, yields retreated after the Federal Reserve announced a rate cut on Wednesday, but signaled a likely near-term pause as it sees a pickup in economic growth next year. The central bank also said it would begin buying short-dated government bonds on Friday to help manage market liquidity levels to ensure the central bank retains firm control over its interest rate target system. Multiple Fed officials commented on their stance in the recent policy meeting as the blackout period ended, with those who voted against the rate reduction expressing concerns that inflation remains too high to justify lowering borrowing costs, especially in light of the lack of official data due to the 43-day government shutdown that lasted from October into November.</p>
<div class="lb-trans"><p>纽约，12 月 12 日（路透社）——美国 10 年期国债收益率在连续两天下跌后于周五攀升，投资者权衡了多位美联储官员的评论及经济前景。美国收益率在最近几周稳步上升，与全球收益率同步，因为许多中央银行已表示它们的宽松周期已接近尾声，而日本银行预计将在下周的政策会议上加息。然而，在美联储周三宣布降息后，收益率有所回落，但表示可能会在近期暂停，因为预计明年经济增长将加快。中央银行还表示，将于周五开始购买短期国债，以帮助管理市场流动性水平，确保中央银行对其利率目标体系保持严格控制。多位美联储官员在最近的政策会议上发表了意见，随着黑暗期的结束，那些反对降息的人表示，通胀仍然过高，不足以降低借贷成本，尤其是在由于从十月到十一月持续 43 天的政府停摆而缺乏官方数据的情况下。</p>
</div><p>“The data is very mixed right now and these are individuals on the Fed with different projections and different thoughts around everything,” said Tony Welch, chief investment officer at SignatureFD in Atlanta.</p>
<div class="lb-trans"><p>“目前的数据非常混杂，这些都是美联储内部对一切有不同预测和不同看法的个人，” 亚特兰大 SignatureFD 的首席投资官 Tony Welch 表示。</p>
</div><p>“It’s a result of the tug of war between inflation and employment right now. And people just have different perspectives on it.”</p>
<div class="lb-trans"><p>“这是一场通胀与就业之间的拉锯战。人们对此有不同的看法。”</p>
</div><p>The government will issue reports on both the labor market and inflation next week that were delayed by the shutdown.</p>
<div class="lb-trans"><p>政府将在下周发布因停摆而延迟的劳动力市场和通胀报告。</p>
</div><p>The yield on the benchmark U.S. 10-year Treasury note (US10YT=TWEB) rose 5.1 basis points to 4.192% and was up more than 5 basis points on the week, set for a second straight weekly climb.</p>
<div class="lb-trans"><p>基准美国 10 年期国债收益率（US10YT=TWEB）上升 5.1 个基点，达到 4.192%，本周上涨超过 5 个基点，预计将连续第二周上涨。</p>
</div><p>The two-year (US2YT=TWEB) U.S. Treasury yield, which typically moves in step with interest rate expectations for the Fed, slipped 0.6 basis point to 3.524% and was down 4 basis points on the week.</p>
<div class="lb-trans"><p>通常与美联储利率预期同步的两年期（US2YT=TWEB）美国国债收益率下滑 0.6 个基点，至 3.524%，本周下跌 4 个基点。</p>
</div><p>A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes (US2US10=TWEB) , seen as an indicator of economic expectations, was at a positive 66.6 basis points after reaching 66.8, its widest since April 9.</p>
<div class="lb-trans"><p>美国国债收益率曲线中一个备受关注的部分，衡量两年期和 10 年期国债收益率之间的差距（US2US10=TWEB），被视为经济预期的指标，目前为正 66.6 个基点，此前达到 66.8 个基点，为 4 月 9 日以来的最高点。</p>
</div><p>The curve was showing a bear-steepener situation, where the rise in long-term rates outstrips that of short-term rates, which reflects market expectations for higher economic growth and persistent inflation.</p>
<div class="lb-trans"><p>该曲线显示出熊市陡峭化的情况，即长期利率的上升超过短期利率的上升，反映出市场对经济增长加速和通胀持续的预期。</p>
</div><p>“What’s happening is we’re repricing that the economy is going to be in pretty decent shape next year and so that’s one of the ways you can end up with kind of a steeper curve,” said Welch.</p>
<div class="lb-trans"><p>“发生的事情是我们重新定价，认为明年经济状况将相当不错，这就是你可以得到更陡峭曲线的原因之一，” Welch 表示。</p>
</div><p>The yield on the 30-year bond (US30YT=TWEB) jumped 6.9 basis points to 4.859% and was up nearly 6.7 basis points on the week, poised for a second straight weekly advance. Many market participants are anticipating a boost to economic growth next year as President Donald Trump’s massive tax-cut and spending bill takes effect.</p>
<div class="lb-trans"><p>30 年期国债收益率（US30YT=TWEB）跃升 6.9 个基点，达到 4.859%，本周上涨近 6.7 个基点，预计将连续第二周上涨。许多市场参与者预计，随着唐纳德·特朗普总统的大规模减税和支出法案生效，明年经济增长将得到提振。</p>
</div><p>The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) (US5YTIP=TWEB) was last at 2.325% after closing at 2.32% on Thursday, its lowest level in a week.</p>
<div class="lb-trans"><p>五年期美国国债通胀保护证券（TIPS）的 breakeven 利率（US5YTIP=TWEB）最后为 2.325%，此前周四收于 2.32%，为一周内的最低水平。</p>
</div><p>The 10-year TIPS breakeven rate (US10YTIP=TWEB) was last at 2.275%, indicating the market sees inflation averaging about 2.3% a year for the next decade.</p>
<div class="lb-trans"><p>10 年期 TIPS breakeven 利率（US10YTIP=TWEB）最后为 2.275%，表明市场预计未来十年通胀平均约为 2.3%。</p>
</div>

在美联储发表评论后，美国国债收益率上升，因为市场正在评估经济前景