风暴再起！全球国债抛售潮，发生了什么？

Group 1 - A global government bond sell-off is occurring, pushing the 30-year U.S. Treasury yield towards the psychological 5% mark [2] - The sell-off has affected bond markets across the Atlantic, with yields rising in the U.S., U.K., Italy, and France, reaching new highs since the financial crisis [2][4] - The U.S. 30-year Treasury yield has risen to 5%, marking the first time since July, while the 10-year yield has climbed to 4.291% [2] Group 2 - The U.K. 30-year Treasury yield has reached 5.72%, the highest since 1998, while Germany and France's yields have also hit their highest levels since 2011 and 2009, respectively [4] - Japan's 30-year Treasury yield has surged to 3.28%, the highest on record, with the 20-year yield reaching 2.69%, a new high since 1999 [7] Group 3 - The sell-off is attributed to a combination of massive corporate bond supply, concerns over government fiscal conditions, and seasonal liquidity tightening [8] - September is traditionally unfavorable for long bond holders, with significant corporate bond issuance expected, estimated at $150 billion to $180 billion in the U.S. alone this month [10][11] - The market is currently focused on the upcoming U.S. employment report, which will influence the Federal Reserve's interest rate decisions [8][14] Group 4 - The bond market's turmoil reflects deep concerns about the fiscal health of developed economies, exacerbated by pandemic-related spending [12] - Historical trends indicate that September is typically a poor month for long-duration bonds, with a median decline of 2% over the past decade [13] - Technical liquidity factors are also contributing to the market's challenges, with significant cash withdrawals expected in September [13]