---
title: "如果全球实际收益率继续上升，接下来会发生什么？高盛剧透：‘没有好事’"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/287551622.md"
description: "高盛的 Vitali Meschoulam 表示，市场正经历由实际收益率上升驱动的紧缩环境，10 年期美国国债名义收益率大约上升了 25 个基点。这一趋势在全球范围内显现，影响了欧洲和新兴市场，其中名义收益率的上升主要归因于实际收益率的增加，而非通胀预期"
datetime: "2026-05-25T21:02:20.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/287551622.md)
  - [en](https://longbridge.com/en/news/287551622.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/287551622.md)
---

# 如果全球实际收益率继续上升，接下来会发生什么？高盛剧透：‘没有好事’

**Markets have shifted into a real rate–driven tightening regime**, according to Goldman's Vitali Meschoulam (Global Head of Market Strats), with the recent rise in nominal yields (+~25bp in UST 10y) almost entirely explained by higher real yields (to ~2.1–2.2%) while breakevens remain anchored around ~2.4%.

The move has been evident not just in the US but across Europe and parts of EM, where higher nominal yields have similarly been driven primarily by rising real yields rather than inflation expectations.

## Implications:

### 相关股票

- [GS.US](https://longbridge.com/zh-CN/quote/GS.US.md)
- [BND.US](https://longbridge.com/zh-CN/quote/BND.US.md)
- [TYO.US](https://longbridge.com/zh-CN/quote/TYO.US.md)
- [BIL.US](https://longbridge.com/zh-CN/quote/BIL.US.md)
- [GOVT.US](https://longbridge.com/zh-CN/quote/GOVT.US.md)
- [AGG.US](https://longbridge.com/zh-CN/quote/AGG.US.md)
- [TBT.US](https://longbridge.com/zh-CN/quote/TBT.US.md)
- [SHV.US](https://longbridge.com/zh-CN/quote/SHV.US.md)
- [SHY.US](https://longbridge.com/zh-CN/quote/SHY.US.md)
- [TYD.US](https://longbridge.com/zh-CN/quote/TYD.US.md)
- [IEF.US](https://longbridge.com/zh-CN/quote/IEF.US.md)
- [TMV.US](https://longbridge.com/zh-CN/quote/TMV.US.md)
- [TLT.US](https://longbridge.com/zh-CN/quote/TLT.US.md)
- [W4VR.SG](https://longbridge.com/zh-CN/quote/W4VR.SG.md)

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