---
title: "如果全球實際收益率繼續上升，接下來會發生什麼？高盛劇透：‘沒有好事’"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/287551622.md"
description: "高盛的 Vitali Meschoulam 表示，市場正經歷由實際收益率上升驅動的緊縮環境，10 年期美國國債名義收益率大約上升了 25 個基點。這一趨勢在全球範圍內顯現，影響了歐洲和新興市場，其中名義收益率的上升主要歸因於實際收益率的增加，而非通脹預期"
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)
---

# 如果全球實際收益率繼續上升，接下來會發生什麼？高盛劇透：‘沒有好事’

**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:

### 相關股票

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

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