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Turbulent times for the US Treasury market
FT社評:美國國債市場正處於動盪時期

High yields and volatility underscore the need for vigilance and fiscal discipline
美國國債的高收益率和波動性凸顯了保持警惕和遵守財政紀律的必要性。

Like shoppers, investors are often prone to the so-called left-digit bias — the tendency to place more emphasis on the leftmost digit of a price. Indeed, when the 10-year US Treasury bond yield — a benchmark used to price assets in America and across the world — surged from the high fours to 5.02 per cent on Monday, it caused a stir in financial markets. Yields have now swung back, but still hover at post-global financial crisis highs.

像購物者一樣,投資者往往傾向於所謂的「左位數偏見」——傾向於更強調價格的最左邊數字。的確,10年期美國國債收益率——美國及全球資產定價的基準——週一從4打頭的高位數飆升至5.02%,在金融市場引起了轟動。收益率現已回落,但仍徘徊在全球金融危機後的高點。

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