债券价格再次下跌

作者： Sera Akinci  |  07/07/2017 10:43

Government bonds around the world sold off again yesterday following signs of economic growth in response to central banks’ willingness to be less supportive of their respective economies.
昨日在各央行减少对各自经济体的支持后所传达出的经济增长信号影响下， 世界各地政府债券再次迎来出清浪潮。
 
The movement was spurred by last week’s announcement from the European Central Bank (ECB’s) and the FED and ECB’s release of their minutes today, which point to a rise in interest rates. Meanwhile, data released this morning shows that the Eurozone’s economy is continuing to strengthen and that the US economy may be rebuilding after its recent soft patch.
上周欧央行和美联储都发表声明，加上今天欧央行发布的会议纪要，都表示要加息，由此激发了这一轮债券抛售。同时，今早发布的数据显示，欧元区经济持续走强，美国经济也预计将从近期的疲软中恢复。

The graph below shows the Eurozone’s economy growing at its fastest rate in six years:
下图显示了欧元区经济正在以六年来最快的速度增长：


Continued progress in new work and business confidence has carried the rate of job creation to its best level in ten years. The highest rate of expansion in overall economic activity in June came from Ireland and Spain, whereas expansion slowed in Germany, France and Italy, according to IHS Markit PMI.
持续创造工作和商业信心使得就业增长速度达到了十年来的最高水平。 根据IHS Markit PMI指数显示，六月份西班牙和爱尔兰整体经济活动的扩张水平最高，而德法意三国经济增速稍微放缓。


Similarly, increases in demand established a positive perspective for the Eurozone service sector as well as boosted firms.
同样地，欧元区的需求增长为了服务业和新公司的发展提供了有利条件。

Investors now appear to be selling off bonds to invest in future bonds, in the hopes that they will offer higher interest rates. As the bond prices fall, investors may choose to sell their stocks for the sake of buying more bonds, eventually pushing down the value of stocks as well.
现在，投资者正在卖掉当前债券，并为将来购入债券做准备，期望未来债券有更高的利率。随着债券价格下跌，投资者可能会选择卖出股票，从而买入更多债券，此举最终也会拉低股票的价值。
 
This serves as a progressive shift away from policies which have been remarkably supportive. In a similar manner, the FED has also been gradually raising interest rates.
这代表一种从明显支持的政策逐步发生转变，美联储也在以类似的方式逐渐加息。