--- title: "在投資者重新評估因關税引發的拋售風險後，美國國債出現反彈" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/276624952.md" description: "美國國債上漲，因為投資者在特朗普的關税權力被最高法院拒絕後重新評估風險。收益率曲線趨平，兩年期收益率降至 3.468%，十年期收益率為 4.048%。分析師指出，市場在貿易政策和美伊緊張局勢的不確定性中整固頭寸。利率期貨顯示出今年預計將有兩次降息，而 12 月份的工廠訂單下降了 0.7%，超出預期。總體而言，市場正在消化近期的發展，並等待進一步的數據" datetime: "2026-02-23T16:10:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276624952.md) - [en](https://longbridge.com/en/news/276624952.md) - [zh-HK](https://longbridge.com/zh-HK/news/276624952.md) --- # 在投資者重新評估因關税引發的拋售風險後，美國國債出現反彈 \* US Treasury investors consolidating positions \* Tariff outcome priced in, including Trump's subsequent action \* US 2/10 yield curve hits flattest level since December 10 \* US rate futures still see two rate cuts this year By Gertrude Chavez-Dreyfuss NEW YORK, Feb 23 (Reuters) - U.S. Treasuries rose on Monday as investors consolidated positions following a selloff in the previous session after the Supreme Court rejected President Donald ​Trump's sweeping use of emergency powers to impose tariffs. U.S. government bonds had ‌tumbled on Friday, with market participants moving away from Treasuries on concerns that refunding tariff revenue to businesses could widen the fiscal deficit and force the Treasury to increase ⁠issuance of debt. Friday's selling of Treasuries pushed two-year yields to their largest weekly increase in 2-1/2 months. The benchmark 10-year ⁠yield, on the other hand, logged their biggest weekly rise in more than a month. On ‌Monday, that selloff has reversed ‌as investors grabbed Treasuries, shunning risk overall, given renewed uncertainty on the administration's trade policy. "There's still some digestion of everything that happened last Friday. So what's happening today ​is not so much pricing in anything new from Friday, but just ‌more consolidation until maybe the next big data report," said Will Compernolle, macro strategist at FHN Financial in Chicago. "A lot of these tariff implications were already priced in. Most people were expecting the tariffs ​to be overturned ... and they were also expecting that the President ​would try ‌to implement them through other legal channels." The Trump administration has not provided tariffs collection data since December 14. But Penn-Wharton Budget Model economists estimated on Friday that the amount collected in Trump's tariffs based on the International Emergency Economic ⁠Powers Act stood at more than $175 billion. Trump said on Saturday he would raise a temporary tariff from 10% to ⁠15% on U.S. imports from all countries, the maximum level allowed under the law. In late morning trade, U.S. 10-year yields fell 3.7 basis points (bps) to 4.048%, while U.S. 30-year yields were down 2.4 bps at 4.701%. On the front end of the curve, the two-year yield, which reflects interest rate expectations, was down 1.5 bps at 3.468% . U.S. Treasuries also caught a bid in the midst ⁠of U.S.-Iran tensions, ‌analysts said. The U.S. has built up one of its biggest military deployments in the Middle ‌East, with Trump warning on Thursday that "really bad things will happen" if no deal is reached to solve a longstanding dispute over ⁠Tehran's nuclear program. Iran has threatened to strike U.S. bases in the region if it is attacked. In other parts of the bond market, the yield curve flattened on Monday in the wake of the Supreme Court ruling and Trump's tariff plan to impose 15% tariffs on all global imports into the United States. The spread between two-year and 10-year yields narrowed to 53.60 bps, the smallest gap since December 10. It was last at 58.4 bps, compared with 60.3 bps late on Friday, flattening for nine straight sessions. The curve showed a bull-flattening move, with long-term rates falling ​faster than short-term yields, a pattern that typically signals flight-to-quality trades. U.S. rate futures on Monday priced in about 56 bps of easing this year or roughly two rate cuts of 25 bps each. That was roughly steady from last Friday. Treasury yields, meanwhile, ​modestly extended their decline after data showed U.S. factory orders ‌fell 0.7% in December, a deeper contraction than the 0.6% slide that Wall Street economists ​expected. (Reporting by Gertrude Chavez-Dreyfuss Editing by Nick Zieminski) ### 相關股票 - [BIL.US](https://longbridge.com/zh-HK/quote/BIL.US.md) - [511520.CN](https://longbridge.com/zh-HK/quote/511520.CN.md) - [511090.CN](https://longbridge.com/zh-HK/quote/511090.CN.md) - [TLT.US](https://longbridge.com/zh-HK/quote/TLT.US.md) - [TMF.US](https://longbridge.com/zh-HK/quote/TMF.US.md) - [GOVT.US](https://longbridge.com/zh-HK/quote/GOVT.US.md) - [SHY.US](https://longbridge.com/zh-HK/quote/SHY.US.md) - [IEF.US](https://longbridge.com/zh-HK/quote/IEF.US.md) - [SHV.US](https://longbridge.com/zh-HK/quote/SHV.US.md) ## 相關資訊與研究 - [這張圖表展示了人工智能為何最終會導致債券收益率下降](https://longbridge.com/zh-HK/news/286774916.md) - [國債市場：較長年期債券收益率隔夜觸及一年多來高點](https://longbridge.com/zh-HK/news/286778191.md) - [美國國債——收益率在早盤小幅下跌後反彈](https://longbridge.com/zh-HK/news/286919787.md) - [國債市場——失業數據意外向好，收益率小幅回落](https://longbridge.com/zh-HK/news/287227456.md) - [通脹憂慮引爆全球債市，30 年期美債收益率衝上 5.18%，創 2007 年以來新高](https://longbridge.com/zh-HK/news/286932754.md)