因能源价格上行风险，瑞银对美国债券久期维持谨慎态度，并预计10年期美国国债收益率将测试“至少4.5%”，该行认为德国国债将表现更好。

　　欧洲利率策略主管Reinout De Bock在一份报告中写道：“我们预计今年美国与德国10年期收益率利差将进一步扩大”，不能忽视能源价格上行对美国经济构成的风险。该行建议做多德国国债，目标收益率为2.75%，止损位为3.15%。

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