美债企稳静待联储购债启动市场聚焦30年期国债拍卖

智通财经

Dec 11, 2025

智通财经APP注意到，在经历了三周来最大涨幅后，美国国债走势趋稳。投资者正为美联储于周五启动的每月400亿美元国库券购买计划做准备。

美国10年期国债收益率基本持平于4.14%。两年期国债收益率在周三创下两个月最大跌幅后亦趋稳定——当日美联储将利率下调25个基点至3.5%-3.75%区间。美联储主席鲍威尔淡化了政策决议中的反对票影响，同时美联储宣布将启动美债购买以缓解短期融资成本压力。

杰富瑞集团欧洲首席经济学家兼策略师莫希特·库马尔表示，"资产负债表扩张至关重要，""鉴于美国财政部正将发行向国库券和短期债券倾斜，美联储的购买操作将产生刺激效果。"

货币市场目前定价显示，市场认为美联储在2026年3月进行首次25个基点降息的可能性为50%，并预期明年累计将有两次降息。

美国劳工统计局将于周四晚些时候公布初请失业金人数数据，调查的经济学家预计该数据将从截至12月6日当周的19.1万人升至22万人。美国财政部将通过出售220亿美元30年期国债完成本周发债计划。上月同期限国债拍卖出现尾部利差扩大，曾推动收益率上行。

其他市场方面，欧元区和英国国债总体持稳。日本国债因20年期国债拍卖获得逾五年来最佳需求比率而上涨，较高收益率吸引了投资者。澳大利亚国债大幅走高，因11月就业人数意外下降，这可能使该国央行在粘性通胀面前得以延长利率暂停期。

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