金吾财讯 | 据外媒周二报道，在全球通胀阴霾未散、高额财政赤字以及中东地缘局势推动的能源价格上涨等多重压力下，全球主权债券市场掀起新一轮抛售潮。长期国债收益率骤升，使多国政府借贷成本攀升至几十年来的最高水平。其中，美国30年期国债收益率一度升至5.32%，创2007年中期以来新高；法国长期借贷成本攀升至2008年以来高位；德国同期限收益率触及2011年水平；英国基准长期金债收益率接近6%；日本超长期国债收益率亦接近历史高点。地缘冲突推高能源价格，使市场对美联储等央行保持紧缩或长期高利率的预期不断增强。与此同时，对供应链冲击、政府高财政支出难以遏制、人工智能产业巨额发债融资，以及传统买家需求减弱的担忧，正共同推高期限溢价。高企的融资成本正逐步向企业和消费者贷款传导。面对低利率发债时代不再的现实，多国财政部门已逐步转向增加短期债券发行，但其应对空间依然受限。欧洲法国兴业银行等机构资产管理负责人指出，除非全球经济数据发生骤降或出现意外外部冲击，否则长期固定收益资产的收益率高位震荡格局短期内难以根本逆转。
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