法巴银行:通胀对债券收益率的影响大于财政因素

格隆汇
Jul 20

法国巴黎资产管理旗下安盛投资管理核心投资部首席投资官表示,通货膨胀对债券收益率的影响比财政考量更为重要。政府至少可以尝试控制发债,但自全球金融危机以来,各国央行发现很难控制通货膨胀,货币政策也受到了损害。这并不是要淡化赤字和债务考量;挥霍无度的财政政策总是面临惹怒债券卫士的风险。如果购买债券的投资者对维持其投资的实际价值充满信心,那么高水平的政府债券供应将更容易被吸收。

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