---
title: "高通脹和財政壓力可能會影響債券作為安全資產的角色"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/287441246.md"
description: "摩根士丹利報告稱，當利率超過 2.4% 時，債券失去了對抗通脹的保護作用，而當前通脹率為 3.8%。美國銀行指出，日益上升的美國赤字和利息成本導致債券市場拋售，推動長期收益率達到自 2007 年以來未見的水平。新任美聯儲主席凱文·沃什面臨挑戰，因為收益率上升增加了債務成本並擴大了赤字"
datetime: "2026-05-23T22:01:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/287441246.md)
  - [en](https://longbridge.com/en/news/287441246.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/287441246.md)
---

# 高通脹和財政壓力可能會影響債券作為安全資產的角色

Inflation weakens bond cushion: Morgan Stanley finds bonds lose their shock-absorbing role when inflation exceeds 2.4%, with current inflation at 3.8% keeping risks elevated. Fiscal risks mount: Bank of America warns worsening U.S. deficits and higher interest costs are fueling a bond market selloff, with long-term yields at highs not seen since 2007. Fed chair’s tough debut: New Fed chief Kevin Warsh faces a ‘doom loop’ where rising yields increase debt costs, widen deficits, and trigger more borrowing.

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