2026年9月1日 美国东部时间下午3:12 / 哥伦比亚广播公司（CBS News）
撰稿：
美国国债收益率周二小幅走高，加剧了全球债券抛售浪潮，并威胁推高数百万美国人的借贷成本。
作为抵押贷款利率风向标之一的10年期美国国债收益率从周一尾盘的4.75%升至4.78%，达到2025年1月以来的最高水平。紧随美联储利率决策预期的2年期美国国债收益率从周一尾盘的4.34%升至4.37%。30年期美国国债收益率周二徘徊在5.25%左右。
全球债券抛售潮将彭博巴克莱全球综合债券收益率指数推高至3.72%，为2008年6月以来的最高水平。此次抛售部分源于持续高企的通胀和对政府债务的担忧，促使投资者要求更高的收益率作为额外风险的补偿。
凯投宏观（Capital Economics）高级市场经济学家詹姆斯·赖利（James Reilly）周二在一份研究报告中表示：“财政担忧、能源价格上涨以及与人工智能相关的投资，已将主要经济体的长期政府债券收益率推至多十年高点。”
以下是关于此次债券抛售浪潮你需要了解的信息，以及它对你的影响。
债券收益率为何上涨？
由于投资者受通胀和政府债务上升的惊吓，纷纷抛售政府债券，收益率因此走高。债券收益率与价格呈反向变动关系，收益率上升意味着投资者要求更高的回报，因为投资风险日益增加。
投资者还担忧随着美国与伊朗持续对峙，能源价格会上涨。本周末，美国一个月来首次对伊朗发动军事行动，导致油价飙升。新一轮紧张局势引发担忧，认为这场已持续七个月的战争可能进一步推高通胀，并推高借贷成本。
投资研究机构晨星公司（Morningstar）周二在一篇文章中表示：“借贷成本飙升之际，美伊冲突最新升级引发了人们的担忧，即各国央行将加息以应对能源成本上涨带来的通胀压力。”
美联储一直致力于将通胀率降至2%的年度目标，而顽固的价格压力一直是其担忧的问题。上周，美联储主席凯文·沃什（Kevin Warsh）在怀俄明州举行的央行年度会议上表示，如果通胀不回落，美联储还有“工作要做”，这暗示美联储可能在9月15日至16日的下次会议上准备加息。
根据芝加哥商品交易所集团（CME Group）的FedWatch工具，利率交易员目前认为美联储在9月加息的概率为66%。
债券抛售潮对你意味着什么？
美国债券市场的走势会影响普通美国人的贷款成本和储蓄账户的利息收入。
政府收益率上升将打击借款人，推高从汽车贷款到抵押贷款等各类贷款的成本。例如，30年期平均抵押贷款利率通常跟随10年期美国国债收益率变动，这意味着收益率上升可能推高住房借贷成本。
高企的借贷成本通常也会打压股价、黄金和加密货币，同时增加企业扩张的难度。
尽管高收益率对借款人不利，但它们可以帮助持有高收益储蓄账户和定期存款的储户增加收益。
收益率未来走势如何？
分析师表示，收益率可能会回落，但短期内不太可能。
凯投宏观的赖利在周二的报告中表示：“与以往有明显且通常可修复原因的债券抛售不同，此次抛售不太可能在短期内突然逆转。”
瑞银全球财富管理美洲区首席投资官兼全球股票主管乌尔里克·霍夫曼-布尔查迪（Ulrike Hoffmann-Burchardi）周二在一封电子邮件中表示，她预计收益率波动将在近期持续，直到年底才会趋于平稳。她预测，30年期和10年期美国国债收益率将分别在年底达到5%和4.5%。
艾米·皮奇（Aimee Picchi）编辑
美联社对本文亦有贡献。
https://www.cbsnews.com/video/oil-prices-rise-again-as-us-renews-iran-strikes/
美国重启对伊朗打击行动 油价再度上涨
(02:12)
Rising bond yields threaten to push up U.S. borrowing costs, experts say. Here’s what to know.
2026-09-01 3:12 PM EDT / CBS News
By
Treasury yields edged higher on Tuesday, extending a global bond sell-off and threatening to raise borrowing costs for millions of Americans.
The yield on the 10-year Treasury, which influences mortgage rates, rose to 4.78%, up from 4.75% late Monday and the highest level since January 2025. The yield on the 2-year Treasury, which closely tracks expectations for the Federal Reserve’s interest rate decisions, rose to 4.37%, up from 4.34% late Monday. The 30-year Treasury hovered around 5.25% on Tuesday.
The global rout pushed a key Bloomberg gauge of bond yields to 3.72%, its highest level since June 2008. The sell-off is being driven partly by persistently higher inflation and concerns about government debt, prompting investors to demand higher yields as compensation for the added risk.
“Fiscal concerns, rising energy prices and AI-related investment have lifted long-term government bond yields across major economies to multi-decade highs,” James Reilly, a senior markets economist at Capital Economics, said in a research note Tuesday.
Here’s what to know about the sell-off and what it means for you.
Why are bond yields rising?
Yields are rising as investors, spooked by inflation and rising government debt, dump their government bonds. Bond yields and prices move in opposite directions, with rising yields signaling that investors are demanding higher returns as investments grow increasingly risky.
Investors are also worried about rising energy prices as the U.S. and Iran continue to clash. The U.S. launched its military action against Iran in a month this weekend, causing oil prices to spike. Renewed tensions raised concerns that the war, now in its seventh month, could further fuel inflation and push up borrowing costs.
“The spike in borrowing costs comes as the latest flare-up in the U.S.-Iran war has raised concerns that central banks will hike interest rates to combat inflation from higher energy costs,” Morningstar, an investment research company, said in a post on Tuesday.
Stubborn price pressures have been a concern for the Federal Reserve, which has sought to bring inflation down to its goal of a 2% annual pace. Last week, while speaking at the central bank’s annual conference in Wyoming, Federal Reserve Chairman Kevin Warsh said the Fed will have “work to do” if inflation doesn’t subside, suggesting that the Fed could be prepared to raise interest rates when it meets next from Sept. 15 to 16.
Interest rate traders now believe there’s a 66% likelihood that the Fed will raise rates in September, according to CME Group’s FedWatch tool.
What does the bond sell-off mean for you?
Movements in the U.S. bond market influence what everyday Americans pay for loans and how much interest they earn on their savings accounts.
Higher government yields can deliver a blow to borrowers by pushing up costs for everything from auto loans to mortgages. The average 30-year mortgage rate, for example, tends to track the 10-year Treasury, meaning rising yields can push up home borrowing costs.
Elevated borrowing costs also tend to weigh on stock prices, gold and cryptocurrencies, while making it more difficult for businesses to expand.
While higher yields hurt borrowers, they can help increase earnings for savers with high-yield savings accounts and CDs.
Where could yields go from here?
Yields could ease, but it’s not likely in the near term, according to analysts.
“Unlike past bond sell-offs, which had an obvious and often fixable cause, this one is unlikely to suddenly shift into reverse anytime soon,” Reilly said in Capital Economics’ note on Tuesday.
Ulrike Hoffmann-Burchardi, the chief investment officer of the Americas and global head of equities for UBS Global Wealth Management, said in an email Tuesday that she expects yield volatility to persist in the near future before settling at the end of the year. She projects 30-year and 10-year Treasury yields to end the year at 5% and 4.5%, respectively.
Edited by Aimee Picchi
The Associated Press contributed to this report.
https://www.cbsnews.com/video/oil-prices-rise-again-as-us-renews-iran-strikes/
Oil prices rise again as U.S. renews Iran strikes
(02:12)
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