全球债券抛售潮愈演愈烈，30年期美债收益率突破5%，英国、日本收益率继续攀升

Core Viewpoint - A global bond sell-off is intensifying due to rising concerns over inflation, massive government debt, and fiscal discipline, pushing long-term bond yields to multi-decade highs [1][3]. Group 1: Market Dynamics - The sell-off pressure in the global bond market escalated, with the U.S. 30-year Treasury yield surpassing the significant 5% psychological threshold [1]. - The U.K. 30-year bond yield reached 5.75%, the highest level since 1998, while Japan's 20-year bond yield hit a peak not seen in this century [1]. - A media index measuring global bond returns fell by 0.4%, marking the largest single-day drop since June 6 [3]. Group 2: Investor Sentiment - Concerns over large-scale government spending and its potential inflationary consequences are central to the sell-off [3]. - The yield curve is steepening as investors demand higher risk premiums for long-term bonds, reflecting worries about government fiscal conditions [4]. - The Australian 10-year bond yield has risen to its highest level since July, indicating widespread pressure across major economies' bond markets [4]. Group 3: Trading Strategies - The "steepeners" trading strategy, which involves going long on short-term bonds and short on long-term bonds, is gaining popularity as traders anticipate a widening yield spread [6]. - Recent market movements, such as unexpected rate cuts by central banks in New Zealand and Indonesia, have supported this trading strategy [6]. - Investors like Franklin Templeton's Andrew Canobi are betting on the performance of 2-year U.S. Treasuries over 10-year Treasuries, citing persistent inflation challenges and significant fiscal pressures [6].