<p>（更新至美國下午交易）</p>
<p>收益率在連續兩天下跌後攀升</p>
<p>美聯儲內部人士對通脹表示擔憂</p>
<p>10 年期收益率有望連續第二週上漲</p>
<p>作者：Chuck Mikolajczak</p>
<p>紐約，12 月 12 日（路透社）——美國 10 年期國債收益率在連續兩天下跌後於週五攀升，投資者權衡了多位美聯儲官員的評論及經濟前景。美國收益率在最近幾周穩步上升，與全球收益率同步，因為許多中央銀行已表示它們的寬鬆週期已接近尾聲，而日本銀行預計將在下週的政策會議上加息。然而，在美聯儲週三宣佈降息後，收益率有所回落，但表示可能會在近期暫停，因為預計明年經濟增長將加快。中央銀行還表示，將於週五開始購買短期國債，以幫助管理市場流動性水平，確保中央銀行對其利率目標體系保持嚴格控制。多位美聯儲官員在最近的政策會議上發表了意見，隨着黑暗期的結束，那些反對降息的人表示，通脹仍然過高，不足以降低借貸成本，尤其是在由於從十月到十一月持續 43 天的政府停擺而缺乏官方數據的情況下。</p>
<p>“目前的數據非常混雜，這些都是美聯儲內部對一切有不同預測和不同看法的個人，” 亞特蘭大 SignatureFD 的首席投資官 Tony Welch 表示。</p>
<p>“這是一場通脹與就業之間的拉鋸戰。人們對此有不同的看法。”</p>
<p>政府將在下週發佈因停擺而延遲的勞動力市場和通脹報告。</p>
<p>基準美國 10 年期國債收益率（US10YT=TWEB）上升 5.1 個基點，達到 4.192%，本週上漲超過 5 個基點，預計將連續第二週上漲。</p>
<p>通常與美聯儲利率預期同步的兩年期（US2YT=TWEB）美國國債收益率下滑 0.6 個基點，至 3.524%，本週下跌 4 個基點。</p>
<p>美國國債收益率曲線中一個備受關注的部分，衡量兩年期和 10 年期國債收益率之間的差距（US2US10=TWEB），被視為經濟預期的指標，目前為正 66.6 個基點，此前達到 66.8 個基點，為 4 月 9 日以來的最高點。</p>
<p>該曲線顯示出熊市陡峭化的情況，即長期利率的上升超過短期利率的上升，反映出市場對經濟增長加速和通脹持續的預期。</p>
<p>“發生的事情是我們重新定價，認為明年經濟狀況將相當不錯，這就是你可以得到更陡峭曲線的原因之一，” Welch 表示。</p>
<p>30 年期國債收益率（US30YT=TWEB）躍升 6.9 個基點，達到 4.859%，本週上漲近 6.7 個基點，預計將連續第二週上漲。許多市場參與者預計，隨着唐納德·特朗普總統的大規模減税和支出法案生效，明年經濟增長將得到提振。</p>
<p>五年期美國國債通脹保護證券（TIPS）的 breakeven 利率（US5YTIP=TWEB）最後為 2.325%，此前週四收於 2.32%，為一週內的最低水平。</p>
<p>10 年期 TIPS breakeven 利率（US10YTIP=TWEB）最後為 2.275%，表明市場預計未來十年通脹平均約為 2.3%。</p>

TIPS

<p>美國 10 年期國債收益率在美聯儲官員對通脹和經濟增長表示擔憂後上漲。儘管最近降息，美聯儲發出了暫停的信號，預計明年的經濟增長。收益率曲線變陡，反映出對更高增長和持續通脹的預期。30 年期國債收益率也有所上升，市場參與者預計特朗普的減税和支出法案將帶來增長。未來十年的通脹預期仍在 2.3% 左右</p>

<p>(Updates to afternoon US trading)</p>
<div class="lb-trans"><p>（更新至美國下午交易）</p>
</div><p>Yields climb after two-day decline</p>
<div class="lb-trans"><p>收益率在連續兩天下跌後攀升</p>
</div><p>Fed dissenters express concerns over inflation</p>
<div class="lb-trans"><p>美聯儲內部人士對通脹表示擔憂</p>
</div><p>10-year yield poised for second straight weekly gain</p>
<div class="lb-trans"><p>10 年期收益率有望連續第二週上漲</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>紐約，12 月 12 日（路透社）——美國 10 年期國債收益率在連續兩天下跌後於週五攀升，投資者權衡了多位美聯儲官員的評論及經濟前景。美國收益率在最近幾周穩步上升，與全球收益率同步，因為許多中央銀行已表示它們的寬鬆週期已接近尾聲，而日本銀行預計將在下週的政策會議上加息。然而，在美聯儲週三宣佈降息後，收益率有所回落，但表示可能會在近期暫停，因為預計明年經濟增長將加快。中央銀行還表示，將於週五開始購買短期國債，以幫助管理市場流動性水平，確保中央銀行對其利率目標體系保持嚴格控制。多位美聯儲官員在最近的政策會議上發表了意見，隨着黑暗期的結束，那些反對降息的人表示，通脹仍然過高，不足以降低借貸成本，尤其是在由於從十月到十一月持續 43 天的政府停擺而缺乏官方數據的情況下。</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>“目前的數據非常混雜，這些都是美聯儲內部對一切有不同預測和不同看法的個人，” 亞特蘭大 SignatureFD 的首席投資官 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>“這是一場通脹與就業之間的拉鋸戰。人們對此有不同的看法。”</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>政府將在下週發佈因停擺而延遲的勞動力市場和通脹報告。</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>基準美國 10 年期國債收益率（US10YT=TWEB）上升 5.1 個基點，達到 4.192%，本週上漲超過 5 個基點，預計將連續第二週上漲。</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>通常與美聯儲利率預期同步的兩年期（US2YT=TWEB）美國國債收益率下滑 0.6 個基點，至 3.524%，本週下跌 4 個基點。</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>美國國債收益率曲線中一個備受關注的部分，衡量兩年期和 10 年期國債收益率之間的差距（US2US10=TWEB），被視為經濟預期的指標，目前為正 66.6 個基點，此前達到 66.8 個基點，為 4 月 9 日以來的最高點。</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>該曲線顯示出熊市陡峭化的情況，即長期利率的上升超過短期利率的上升，反映出市場對經濟增長加速和通脹持續的預期。</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>“發生的事情是我們重新定價，認為明年經濟狀況將相當不錯，這就是你可以得到更陡峭曲線的原因之一，” 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 年期國債收益率（US30YT=TWEB）躍升 6.9 個基點，達到 4.859%，本週上漲近 6.7 個基點，預計將連續第二週上漲。許多市場參與者預計，隨着唐納德·特朗普總統的大規模減税和支出法案生效，明年經濟增長將得到提振。</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>五年期美國國債通脹保護證券（TIPS）的 breakeven 利率（US5YTIP=TWEB）最後為 2.325%，此前週四收於 2.32%，為一週內的最低水平。</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）最後為 2.275%，表明市場預計未來十年通脹平均約為 2.3%。</p>
</div>

在美聯儲發表評論後，美國國債收益率上升，因為市場正在評估經濟前景