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被教练挺进伏动喘息揉捏快穿:分享你的生活故事,收获更多的温暖与快乐!

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  周二,美国短期国债收益率上升,而欧洲同类国债收益率下降。由于即将进行的两年期国债拍卖以及多位美联储官员发表讲话,投资者对美国资产持谨慎态度,这种情绪进一步加剧。

  美国两年期国债收益率一度上涨5个基点,至3.81%,而德国两年期国债收益率则一度下跌6个基点,降至2022年以来的最低水平。美国较长期国债收益率下降,部分逆转了周一因收益率大幅跃升而出现的收益率曲线急剧变陡的走势。

  美国国债传统上是全球首屈一指的避险资产。但最近几周,由于美国总统唐纳德・特朗普试图限制进口,并向美联储主席杰罗姆・鲍威尔施压要求其降息,投资者对美国资产的信心受到动摇,美国国债价格下跌。随着全球市场波动加剧,欧洲政府债券成为另一个避险选择。

  纽约梅隆银行市场部的约翰・韦利斯的研究显示,“跨境的实体资金投资者”正持续撤离美国债券市场,包括美国国债市场。韦利斯在一份报告中称,在前一周经历了几年来跨境资金流动最糟糕的一周后,上周资金流出情况有所缓解。

  美国财政部计划在纽约时间下午1点举行的月度拍卖中出售690亿美元的新两年期国债,这进一步加大了美国短期国债收益率的上行压力。这是本周三次国债拍卖中的第一次。尽管有迹象表明全球投资者对美国资产的兴趣在减弱,但此次两年期国债拍卖的收益率可能会降至去年9月以来的最低水平。

  牛津经济研究院的策略师约翰・卡纳万在一份报告中表示:“在当前环境下,美国国债拍卖面临的风险给短期国债收益率带来了压力。德国国债收益率更低,表现优于美国国债,因为市场参与者正在重新评估避险资产。”

  本周的拍卖周期还包括分别在周三和周四进行的五年期和七年期国债拍卖。

  美国两年期国债收益率目前约为3.78%,低于今年1月初4.42%的峰值水平。投资者推动美国短期国债收益率走低,是因为他们预计特朗普政府的关税议程将在今年晚些时候损害美国经济增长,从而促使美联储降息。

  衍生品市场几乎完全预计美联储将在7月降息25个基点,到年底累计降息90个基点,尽管美联储官员已将注意力转向关税引发的通胀风险。

  美联储副主席菲利普・杰斐逊是周二计划发表讲话的几位美联储官员中的第一位,他强调了美联储致力于维持低水平且稳定的通胀,以促进经济活力。

  美国长期国债收益率的下跌抹去了周一的大部分大幅涨幅,周二亚洲交易时段,收益率曾短暂延续了周一的上涨趋势。

  北极光资产管理公司首席投资官克里斯・扎卡雷利表示:“我们看到欧洲投资者正在撤回他们在美国的部分投资。只要关税政策和其他反全球化政策仍在被认真讨论,我们预计这种趋势将持续下去。”

  尽管周二早些时候德国两年期国债拍卖收到了64亿欧元(74亿美元)的认购订单,为2023年以来的最低水平,但德国国债收益率曲线的短期部分仍然具有吸引力,因为它有望从欧洲央行的进一步降息中受益。居高不下的通胀正困扰着美联储,然而,在欧洲央行上周进行了第七次降息后,它有明确的进一步降息空间。

  彭博社策略师观点……

  “德国短期债券在近期大幅上涨后可能会出现温和回调,但即便如此,在欧洲央行上周做出显著的鸽派转向后,它们仍有望保持近期的大部分涨幅。”

  周二,货币市场加大了对欧洲央行降息幅度的押注,预计到年底降息约70个基点,比上周五收盘时的预期多出3个基点。包括马丁斯・卡扎克在内的政策制定者警告称,美国的关税政策正在加剧不确定性,并增加了欧元区经济衰退的风险。

  瑞银集团首席策略师巴努・巴韦贾表示:“终结美联储的独立性‘会让关税争端看起来像一场野餐’。‘你正在损害美国的过度特权,你正在损害美国的利率,你也正在损害世界其他地区的资本成本。’”

  特朗普在社交媒体上表示:“我刚刚与以色列总理比比·内塔尼亚胡就贸易、伊朗等诸多问题进行了交谈。通话进行得很顺利。我们在每个问题上都意见一致。”WTI原油短线走高0.3美元。

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