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The US government bond market suffered its worst sell-off in more than two months on Monday as contagion from the European bond rout rolled across the Atlantic, pushing US borrowing costs towards their highest closing levels this year.
欧洲债券大举抛售的传染病越过大西洋，美国国债市场周一遭遇了逾两个月来最严重的抛售，将美国借贷成本推升至今年最高收盘水平。
The US Treasury market has felt the heat from the turmoil in eurozone debt markets in recent weeks, but has generally held up better than most European government bonds, which have suffered a sharp reversal from the quantitative-easing inspired rally earlier this year.
最近几周，美国国债市场已感受到了来自欧洲债券市场动荡的热度。不过，普遍来说美国国债市场比多数欧洲国债市场坚挺一些。在欧洲这些国债市场，今年早些时候量化宽松引发的上升势头已遭遇急剧的逆转。
The US resilience evaporated on Monday, as the 10-year Treasury yield shot up by 13 basis points — the most since March 6 — to 2.28 per cent. The 10-year yield touched a 2015 intraday high of 2.31 per cent last week, but Monday’s close was the highest closing level this year. German government bonds suffered further falls, but the benchmark 10-year Bund yield only rose 6bp to 0.6 per cent.
周一，美国市场的坚挺却不复存在，10年期国债收益率飙升13个基点至2.28%——这是自3月6日以来的最大涨幅。上周美国10年期国债收益率曾接近2015年当日内高点，而周一收盘时的点位却是今年的最高收盘水平。德国国债也遭遇了进一步下跌，不过其基准的10年期国债收益率仅仅上升了6个基点，达到0.6%。
Most analysts and investors have attributed the gyrations to an overdue reversal of stretched and crowded trades, with the turmoil exacerbated by a dearth of liquidity in bond market trading.
多数分析师和投资者将这波逆转行情归因于长期的过度交易引发的迟来的逆转，而债券市场流动性的缺乏又加剧了市场的动荡。
“A trickle of selling is turning into a torrent,” said William O’Donnell, head of US rates strategy at RBS. “Bonds have been overbought for some time now . . . The risk is that we now see a very significant correction.”
苏格兰皇家银行(RBS)美国利率策略主管威廉•奥唐奈(William O'Donnell)表示：“小股抛售行为正在演变成大举抛售。如今，债券超买现象已持续了一段时间……我们如今看到了一次极大幅度的调整——这正是其中的风险所在。”
In the US longer-dated Treasuries have taken the biggest hit, with the 30-year yield climbing 13bp to above the 3 per cent mark for the first time in 2015. That has lifted the difference between the five and 30-year yields to 145 basis points, the most since November.
在美国，期限较长的国债遭遇了最大程度的打击，30年期国债收益率攀升了13个基点，在2015年内首次超过3%。这令5年期国债与30年期国债间的收益率差距扩大到145个基点，是去年11月以来的最大差距。
The jump in the “term premium” — the extra interest investors demand to buy longer-dated bonds — comes after Federal Reserve chairman Janet Yellen last week warned that the rally in longer-dated Treasuries could be reversed quickly when the central bank begins to raise rates.
在“期限溢价”(term premium，指投资者购买较长期限债券时索取的额外利息)这次大幅提升以前，美联储(Fed)主席珍妮特•耶伦(Janet Yellen)曾在上周警告说，一旦美联储开始加息，较长期国债的上涨势头可能会很快逆转。
