安联研究：结构性不确定性驱动期限溢价全球范围内攀升

Core Insights - The report from Allianz Research indicates that the term premium, which is the additional yield investors seek for holding long-term bonds over short-term bonds, is rising globally due to structural uncertainties [1] Group 1: Term Premium Dynamics - The term premium is increasing as a result of synchronized pricing of structural uncertainties such as rising inflation risks, geopolitical tensions, and escalating fiscal risks [1] - The global bond market has significantly steepened, driven by the long end of the yield curve [1] Group 2: Yield Movements - Year-to-date, the yield on 30-year government bonds has surged by 30-80 basis points, while the spread between 10-30 year bonds has widened by 20-30 basis points [1] - The dominance of U.S. Treasuries in the ultra-long bond segment has amplified this trend [1]