2026年8月19日 / 美国东部时间下午12:20 / 哥伦比亚广播公司新闻
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受投资者对通胀和政府债务攀升的担忧推动的债券抛售震荡了市场，并威胁推高美国普通民众购房或购车的借贷成本。
本周早些时候，30年期美国国债收益率达到5.3%，为2007年以来的最高水平；而影响抵押贷款利率的10年期美国国债收益率从年初的4.2%升至4.7%。
债券收益率与价格呈反向变动，收益率上升反映出投资者要求更高投资回报的意愿，这通常发生在对经济或地缘政治不稳定感到担忧的背景下。
“债券市场也在发出同样明确的信号，”金融咨询公司德维尔集团（deVere Group）首席执行官奈杰尔·格林周三在一封电子邮件中表示。
他补充道：“30年期收益率达到金融危机前以来的最高水平，这并非股市故事的注脚。这是在警示政府借贷的真实成本。”
债券抛售潮的成因是什么？
格林表示，此次抛售可能反映了市场情绪的转变，投资者正在接受多重因素的影响，包括高企的借贷成本和不断增加的政府债务——根据美国财政部的数据，美国政府债务已接近40万亿美元。
中东地区的不稳定局势可能也加剧了债券抛售。美伊之间为期60天的停火协议周一到期后暂无明确解决方案，当日债券收益率随之走高。
目前已持续近六个月的中东冲突推高了油价，加剧了通胀担忧。通胀在触及三年高点后于6月和7月有所回落，但仍高于美联储设定的2%目标。
市场正在企稳吗？
美国财政部宣布将债券回购规模从20亿美元增至“至少40亿美元”后，美国国债收益率于周三下跌。此举旨在通过向市场注入更多流动性来稳定债券市场。
美国财政部表示，将把回购重点放在长期国债上，包括期限为10至20年和20至30年的国债。
“尽管长期政府债券收益率今日有所回落，但近期的飙升表明投资者正失去对财政挥霍的耐心，”资本经济公司（Capital Economics）首席市场经济学家乔纳斯·戈特曼周三在一份研究报告中表示。
牛津经济研究院周三在一份报告中称，近期的房屋销售和进口价格数据好于预期，这进一步压低了债券收益率，帮助市场企稳。
这家经济咨询公司预测，美国国债收益率将维持在高位，明年才会逐步回落。
收益率上升对你的钱包意味着什么？
债券收益率是全美国利率的晴雨表，影响着从汽车贷款到抵押贷款的各类借贷成本。债券收益率上升时，消费者的借贷成本也会随之增加。
这可能会给美国人带来挑战，因为在通胀高企的背景下，民众已经反映感到经济拮据。
贷款市场网站LendingTree的首席消费者金融分析师马特·舒尔茨表示，收益率上升对借款人不利，但对储户来说却是机遇。
他在一封电子邮件中说：“这对储户来说是好消息，因为存单、高收益储蓄账户和其他产品的收益率也会随之上升。”
舒尔茨鼓励借款人向不同的贷款机构询价，因为各家的报价可能相差悬殊。
“如果你不花时间货比三家，在贷款期限内你可能会多支付数千美元不必要的利息，”他说。
艾米·皮奇 编辑
Bond market sell-off threatens higher borrowing costs. Here is what it means for your money.
August 19, 2026 / 12:20 PM EDT / CBS News
By
A bond sell-off driven by investor fears over inflation and rising government debt has rattled markets and threatened to raise borrowing costs for everyday Americans looking to purchase a home or car.
The yield on the 30-year Treasury reached 5.3% earlier this week, its highest level since 2007, while the 10-year Treasury yield, which influences mortgage rates, rose to 4.7%, up from 4.2% at the start of the year.
Bond yields and prices move in opposite directions, with higher yields reflecting investors’ desire for higher returns on their investments, often amid fears of economic or geopolitical instability.
“Bond markets are sending an equally loud signal,” Nigel Green, CEO of financial consultancy deVere Group, said in an email Wednesday.
“30-year yields at their highest since before the financial crisis are not a footnote to the equity story. They’re a warning about the true cost of government borrowing,” he added.
What caused the bond sell-off?
Green said the sell-off could reflect a shift in market sentiment as investors come to terms with several forces, including elevated borrowing costs and mounting government debt, which, according to Treasury Department data, is close to hitting $40 trillion.
Instability in the Middle East may have also contributed to the bond rout. Bond yields moved higher on Monday after a 60-day ceasefire between the U.S. and Iran came to an end, with no clear resolution in sight.
The conflict in the Middle East, now nearing its six-month mark, has sent oil prices higher, elevating inflation concerns. Inflation eased in June and July after hitting a three-year high, but it remains above the Federal Reserve’s 2% target.
Is the market stabilizing?
U.S. yields dropped on Wednesday after the Treasury Department announced it would double the size of its bond buybacks from $2 billion to “at least $4 billion,” a move aimed at stabilizing the bond market by injecting it with more liquidity.
The Treasury Department said it would focus its efforts on longer-term bonds, including those with maturities of 10 to 20 years and 20 to 30 years.
“While long-term government bond yields have dropped back a little today, their recent surge suggests investors are losing patience with fiscal profligacy,” Jonas Goltermann, a chief market economist at Capital Economics, said in a research note Wednesday.
Recent data on home sales and import prices also came in better than expected, Oxford Economics said in a report Wednesday, putting further downward pressure on bond yields and allowing the market to stabilize.
The economic advisory firm predicts Treasury yields will remain elevated before gradually declining next year.
What do rising yields mean for your money?
Bond yields act as a barometer for interest rates across the economy, influencing everything from auto loans to mortgage rates. When bond yields rise, borrowing costs for consumers increase.
That could present a challenge for Americans, who already report feeling financially strained amid elevated inflation.
While rising yields hurt borrowers, they present an opportunity for savers, said Matt Schulz, chief consumer finance analyst at LendingTree.
They can be “great news for savers because yields on CDs, high-yield savings accounts and other products rise, too,” he said in an email.
Schulz encouraged borrowers to seek quotes from different lenders, as offers can vary widely.
“If you don’t take the time to shop around, you can end up paying thousands of dollars more than you need to over the life of the loan,” he said.
Edited by Aimee Picchi
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