<p>作者：Joy Wiltermuth</p>
<p>华尔街对伊朗战争的紧张情绪周二蔓延至美国金融市场的一个重要部分，该部分通常运转顺畅。</p>
<p>特朗普总统在椭圆形办公室观看国防部长皮特·赫格塞斯关于伊朗战争的发言。</p>
<p>华尔街对伊朗战争的紧张情绪周二蔓延至美国金融市场的一个重要部分，该部分通常运转顺畅。</p>
<p>关于五角大楼计划向中东部署大约 3000 名来自第 82 空降师的士兵的报道，被认为是导致 690 亿美元的两年期国债拍卖疲软的原因。</p>
<p>通常，两年期国债拍卖几乎不被注意，除了参与大约 30 万亿美元国债市场的交易商和买家。这通常是寻求避险的投资者和企业暂时停放现金并赚取一些收益的地方。拍卖开始，买家排队。</p>
<p>但周二的拍卖表现 “糟糕”，让人难以忽视，根据道琼斯市场数据，政策敏感的两年期利率 BX:TMUBMUSD02Y 在交易期间上升了 9.6 个基点，达到 3.926%，为近八个月来的最高收益率。该利率在 2026 年时现在高出 45 个基点。</p>
<p>当美联储处于降息周期时，国债收益率通常会下降，而不是上升。</p>
<p>但最近的收益率上升反映了对美联储今年进一步降息希望减弱的担忧，以及可能的加息。持续的伊朗冲突可能意味着油价会维持在较高水平更长时间，并且随着敌对行动的持续，通胀风险可能会变得更大。</p>
<p>布伦特原油价格（BRN00）周二收于每桶 104 美元以上，随后在延长交易中回落。美国股票 SPX 收盘下跌，而国债收益率 BX:TMUBMUSD10Y 普遍上升。周二，油价在延长交易中下跌，此前以色列新闻报道暗示可能会宣布为期 30 天的停火。</p>
<p>可以肯定的是，周二国债仍然能够筹集近 700 亿美元来帮助资助美国政府，支付的利率略低于 4%。美国预计在明年到期的债务约为 10 万亿美元，随着伊朗冲突进入第四周，借款成本在公开市场上越来越高。</p>
<p>随着华尔街对可能在中东部署美国军队感到担忧，这可能导致更持久的冲突。这也可能导致更高的油气价格，以及化肥、运输商品和许多基于石化产品的产品成本增加。此外，收益率上升会增加借款成本并收紧金融条件。</p>
<p>“市场开始怀疑这将会很容易，” Ameriprise 首席市场策略师安东尼·萨格利门在电话采访中表示。他指出周二的经济数据表明，油价的飙升已经给美国经济带来了更大的压力，表现为价格上涨和就业下降。</p>
<p>阅读：伊朗战争对美国经济的影响：通胀上升，增长放缓</p>
<p>“我预计股票在中东局势更加明朗，尤其是霍尔木兹海峡周围之前会面临困难，” 萨格利门说。</p>
<p>-Joy Wiltermuth</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻社</p>
<p>03-24-26 1819ET</p>

纳斯达克综合指数 ETF - Fidelity

美国短期国债指数 ETF - iShares

<p>华尔街对伊朗战争感到焦虑，这影响了美国金融市场。对 20 亿美元的 2 年期国债拍卖表现疲软的担忧与可能向中东部署部队的担忧有关。2 年期国债收益率上升至 3.926%，为八个月来的最高水平，反映了对通胀和借贷成本的担忧。持续的冲突可能导致油价长期高企，影响经济。分析师表示，市场的不确定性将持续，直到中东局势更加明朗</p>

<p>By Joy Wiltermuth</p>
<div class="lb-trans"><p>作者：Joy Wiltermuth</p>
</div><p>Wall Street jitters around the Iran war spilled over Tuesday into a vital part of U.S. financial markets that typically hum along without a hitch</p>
<div class="lb-trans"><p>华尔街对伊朗战争的紧张情绪周二蔓延至美国金融市场的一个重要部分，该部分通常运转顺畅。</p>
</div><p>President Donald Trump looks on as Secretary of Defense Pete Hegseth speaks about the Iran war on Tuesday in the Oval Office.</p>
<div class="lb-trans"><p>特朗普总统在椭圆形办公室观看国防部长皮特·赫格塞斯关于伊朗战争的发言。</p>
</div><p>Wall Street jitters about the Iran war spilled over Tuesday into a vital part of U.S. financial markets that typically hum along without a hitch.</p>
<div class="lb-trans"><p>华尔街对伊朗战争的紧张情绪周二蔓延至美国金融市场的一个重要部分，该部分通常运转顺畅。</p>
</div><p>Reports of Pentagon plans to deploy roughly 3,000 soldiers from the Army's 82nd Airborne Division to the Middle East were blamed Tuesday for a weak $69 billion sale of 2-year Treasury notes.</p>
<div class="lb-trans"><p>关于五角大楼计划向中东部署大约 3000 名来自第 82 空降师的士兵的报道，被认为是导致 690 亿美元的两年期国债拍卖疲软的原因。</p>
</div><p>Typically, 2-year auctions go largely unnoticed, beyond the dealers and buyers involved in the roughly $30 trillion Treasury market. It's often a place that safe-haven seekers and corporations look to park cash for a while and earn a bit of yield. The auction starts, buyers line up.</p>
<div class="lb-trans"><p>通常，两年期国债拍卖几乎不被注意，除了参与大约 30 万亿美元国债市场的交易商和买家。这通常是寻求避险的投资者和企业暂时停放现金并赚取一些收益的地方。拍卖开始，买家排队。</p>
</div><p>But Tuesday's auction went &#34;miserably,&#34; making it hard not to notice, with yields on the policy-sensitive 2-year rate BX:TMUBMUSD02Y advancing 9.6 basis points during the session to 3.926%, its highest yield in nearly eight months, according to Dow Jones Market Data. The rate now is 45 basis points higher in 2026.</p>
<div class="lb-trans"><p>但周二的拍卖表现 “糟糕”，让人难以忽视，根据道琼斯市场数据，政策敏感的两年期利率 BX:TMUBMUSD02Y 在交易期间上升了 9.6 个基点，达到 3.926%，为近八个月来的最高收益率。该利率在 2026 年时现在高出 45 个基点。</p>
</div><p>Treasury yields typically fall, not rise, when the Federal Reserve is engaged in a rate-cutting cycle.</p>
<div class="lb-trans"><p>当美联储处于降息周期时，国债收益率通常会下降，而不是上升。</p>
</div><p>But the recent yield climb reflects growing concern about dimming hopes for further Fed rate cuts this year, and potentially rate hikes. A prolonged Iran conflict could mean oil prices stay higher for longer, and risks inflation becoming a bigger problem the longer that hostilities drag on.</p>
<div class="lb-trans"><p>但最近的收益率上升反映了对美联储今年进一步降息希望减弱的担忧，以及可能的加息。持续的伊朗冲突可能意味着油价会维持在较高水平更长时间，并且随着敌对行动的持续，通胀风险可能会变得更大。</p>
</div><p>Brent crude prices (BRN00) settled above $104 a barrel on Tuesday before easing in extended trade. U.S. stocks SPX closed lower, while Treasury yields BX:TMUBMUSD10Y climbed across the board. Oil prices fell in extend trading Tuesday, after Israeli news reports indicated a 30-day cease-fire could be announced.</p>
<div class="lb-trans"><p>布伦特原油价格（BRN00）周二收于每桶 104 美元以上，随后在延长交易中回落。美国股票 SPX 收盘下跌，而国债收益率 BX:TMUBMUSD10Y 普遍上升。周二，油价在延长交易中下跌，此前以色列新闻报道暗示可能会宣布为期 30 天的停火。</p>
</div><p>To be sure, the Treasury still was able to raise almost $70 billion to help fund the U.S. government on Tuesday, paying slightly less than 4%. The U.S. has an estimated $10 trillion in debt coming due in the next year, and its costing more to borrow in the open market as the Iran conflict moves through its fourth week.</p>
<div class="lb-trans"><p>可以肯定的是，周二国债仍然能够筹集近 700 亿美元来帮助资助美国政府，支付的利率略低于 4%。美国预计在明年到期的债务约为 10 万亿美元，随着伊朗冲突进入第四周，借款成本在公开市场上越来越高。</p>
</div><p>This comes as Wall Street grows alarmed about potential U.S. troops on the ground in the Middle East that could lead to a more protracted conflict. It also could put even higher oil and gas prices in play, as well as increased costs for fertilizer, transporting goods and many products based on petrochemicals. Furthermore, rising yields increase borrowing costs and tighten financial conditions.</p>
<div class="lb-trans"><p>随着华尔街对可能在中东部署美国军队感到担忧，这可能导致更持久的冲突。这也可能导致更高的油气价格，以及化肥、运输商品和许多基于石化产品的产品成本增加。此外，收益率上升会增加借款成本并收紧金融条件。</p>
</div><p>&#34;The market is starting to doubt that this is going to be easy,&#34; said Ameriprise chief market strategist Anthony Saglimbene, in a phone interview. He pointed to economic data on Tuesday that suggests the surge in oil prices already has put more stress on the U.S. economy in the form of higher prices and a drop in employment.</p>
<div class="lb-trans"><p>“市场开始怀疑这将会很容易，” Ameriprise 首席市场策略师安东尼·萨格利门在电话采访中表示。他指出周二的经济数据表明，油价的飙升已经给美国经济带来了更大的压力，表现为价格上涨和就业下降。</p>
</div><p>Read: The Iran war spills over into the U.S. economy: Inflation rises and growth slows</p>
<div class="lb-trans"><p>阅读：伊朗战争对美国经济的影响：通胀上升，增长放缓</p>
</div><p>&#34;I'd expect stocks to struggle until there's more clarity on the Middle East, and crucially around the Strait of Hormuz,&#34; Saglimbene said.</p>
<div class="lb-trans"><p>“我预计股票在中东局势更加明朗，尤其是霍尔木兹海峡周围之前会面临困难，” 萨格利门说。</p>
</div><p>-Joy Wiltermuth</p>
<div class="lb-trans"><p>-Joy Wiltermuth</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻社和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>03-24-26 1819ET</p>
<div class="lb-trans"><p>03-24-26 1819ET</p>
</div>

A bad Treasury auction is offering a glimpse into the anxiety on Wall Street over the Iran war

- 伊朗战争引发的市场紧张情绪影响美国金融市场。  
- 受军队部署消息影响，2 年期国债拍卖表现疲软，收益率升至近八个月高点。  
- 持续冲突可能推高通胀和借贷成本，市场对未来不确定性加剧。

一次不佳的国债拍卖揭示了华尔街对伊朗战争的焦虑