<p>作者：Joy Wiltermuth</p>
<p>華爾街對伊朗戰爭的緊張情緒週二蔓延至美國金融市場的一個重要部分，該部分通常運轉順暢。</p>
<p>特朗普總統在橢圓形辦公室觀看國防部長皮特·赫格塞斯關於伊朗戰爭的發言。</p>
<p>華爾街對伊朗戰爭的緊張情緒週二蔓延至美國金融市場的一個重要部分，該部分通常運轉順暢。</p>
<p>關於五角大樓計劃向中東部署大約 3000 名來自第 82 空降師的士兵的報道，被認為是導致 690 億美元的兩年期國債拍賣疲軟的原因。</p>
<p>通常，兩年期國債拍賣幾乎不被注意，除了參與大約 30 萬億美元國債市場的交易商和買家。這通常是尋求避險的投資者和企業暫時停放現金並賺取一些收益的地方。拍賣開始，買家排隊。</p>
<p>但週二的拍賣表現 “糟糕”，讓人難以忽視，根據道瓊斯市場數據，政策敏感的兩年期利率 BX:TMUBMUSD02Y 在交易期間上升了 9.6 個基點，達到 3.926%，為近八個月來的最高收益率。該利率在 2026 年時現在高出 45 個基點。</p>
<p>當美聯儲處於降息週期時，國債收益率通常會下降，而不是上升。</p>
<p>但最近的收益率上升反映了對美聯儲今年進一步降息希望減弱的擔憂，以及可能的加息。持續的伊朗衝突可能意味着油價會維持在較高水平更長時間，並且隨着敵對行動的持續，通脹風險可能會變得更大。</p>
<p>布倫特原油價格（BRN00）週二收於每桶 104 美元以上，隨後在延長交易中回落。美國股票 SPX 收盤下跌，而國債收益率 BX:TMUBMUSD10Y 普遍上升。週二，油價在延長交易中下跌，此前以色列新聞報道暗示可能會宣佈為期 30 天的停火。</p>
<p>可以肯定的是，週二國債仍然能夠籌集近 700 億美元來幫助資助美國政府，支付的利率略低於 4%。美國預計在明年到期的債務約為 10 萬億美元，隨着伊朗衝突進入第四周，借款成本在公開市場上越來越高。</p>
<p>隨着華爾街對可能在中東部署美國軍隊感到擔憂，這可能導致更持久的衝突。這也可能導致更高的油氣價格，以及化肥、運輸商品和許多基於石化產品的產品成本增加。此外，收益率上升會增加借款成本並收緊金融條件。</p>
<p>“市場開始懷疑這將會很容易，” Ameriprise 首席市場策略師安東尼·薩格利門在電話採訪中表示。他指出週二的經濟數據表明，油價的飆升已經給美國經濟帶來了更大的壓力，表現為價格上漲和就業下降。</p>
<p>閲讀：伊朗戰爭對美國經濟的影響：通脹上升，增長放緩</p>
<p>“我預計股票在中東局勢更加明朗，尤其是霍爾木茲海峽周圍之前會面臨困難，” 薩格利門説。</p>
<p>-Joy Wiltermuth</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞社</p>
<p>03-24-26 1819ET</p>

納斯達克綜合指數 ETF - Fidelity

美國短期國債指數 ETF - iShares

<p>華爾街對伊朗戰爭感到焦慮，這影響了美國金融市場。對 20 億美元的 2 年期國債拍賣表現疲軟的擔憂與可能向中東部署部隊的擔憂有關。2 年期國債收益率上升至 3.926%，為八個月來的最高水平，反映了對通脹和借貸成本的擔憂。持續的衝突可能導致油價長期高企，影響經濟。分析師表示，市場的不確定性將持續，直到中東局勢更加明朗</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>華爾街對伊朗戰爭的緊張情緒週二蔓延至美國金融市場的一個重要部分，該部分通常運轉順暢。</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>特朗普總統在橢圓形辦公室觀看國防部長皮特·赫格塞斯關於伊朗戰爭的發言。</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>華爾街對伊朗戰爭的緊張情緒週二蔓延至美國金融市場的一個重要部分，該部分通常運轉順暢。</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>關於五角大樓計劃向中東部署大約 3000 名來自第 82 空降師的士兵的報道，被認為是導致 690 億美元的兩年期國債拍賣疲軟的原因。</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，兩年期國債拍賣幾乎不被注意，除了參與大約 30 萬億美元國債市場的交易商和買家。這通常是尋求避險的投資者和企業暫時停放現金並賺取一些收益的地方。拍賣開始，買家排隊。</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>但週二的拍賣表現 “糟糕”，讓人難以忽視，根據道瓊斯市場數據，政策敏感的兩年期利率 BX:TMUBMUSD02Y 在交易期間上升了 9.6 個基點，達到 3.926%，為近八個月來的最高收益率。該利率在 2026 年時現在高出 45 個基點。</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>當美聯儲處於降息週期時，國債收益率通常會下降，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對美聯儲今年進一步降息希望減弱的擔憂，以及可能的加息。持續的伊朗衝突可能意味着油價會維持在較高水平更長時間，並且隨着敵對行動的持續，通脹風險可能會變得更大。</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>布倫特原油價格（BRN00）週二收於每桶 104 美元以上，隨後在延長交易中回落。美國股票 SPX 收盤下跌，而國債收益率 BX:TMUBMUSD10Y 普遍上升。週二，油價在延長交易中下跌，此前以色列新聞報道暗示可能會宣佈為期 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，週二國債仍然能夠籌集近 700 億美元來幫助資助美國政府，支付的利率略低於 4%。美國預計在明年到期的債務約為 10 萬億美元，隨着伊朗衝突進入第四周，借款成本在公開市場上越來越高。</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>隨着華爾街對可能在中東部署美國軍隊感到擔憂，這可能導致更持久的衝突。這也可能導致更高的油氣價格，以及化肥、運輸商品和許多基於石化產品的產品成本增加。此外，收益率上升會增加借款成本並收緊金融條件。</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>“市場開始懷疑這將會很容易，” Ameriprise 首席市場策略師安東尼·薩格利門在電話採訪中表示。他指出週二的經濟數據表明，油價的飆升已經給美國經濟帶來了更大的壓力，表現為價格上漲和就業下降。</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>閲讀：伊朗戰爭對美國經濟的影響：通脹上升，增長放緩</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>“我預計股票在中東局勢更加明朗，尤其是霍爾木茲海峽周圍之前會面臨困難，” 薩格利門説。</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>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞社和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞社</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

- 伊朗戰爭引發的市場緊張情緒影響美國金融市場。  
- 受軍隊部署消息影響，2 年期國債拍賣表現疲軟，收益率升至近八個月高點。  
- 持續衝突可能推高通脹和借貸成本，市場對未來不確定性加劇。

一次不佳的國債拍賣揭示了華爾街對伊朗戰爭的焦慮