花旗银行在最新全球资产配置报告中指出，美国国债市场若想企稳，或需更高的期限溢价（即投资者持有长期债券而非短期债券所需的额外收益补偿）。报告称，“即使美国财政预算的融资成本未必如悲观预期般高昂，收益率曲线仍可能维持陡峭态势。”

　　考虑到美国通胀同比数据存在上行风险，花旗继续对美债持减持立场，但坦言“当前难以判断美债收益率开始回调的具体时点”。

　　值得注意的是，当前全球市场普遍呈现收益率曲线陡峭化趋势（长短期债券利差扩大），这一现象并非仅由美债驱动。

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责任编辑：王许宁

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