“特朗普关税”引发美债抛售潮，10年期国债收益率创五个月新高

Core Viewpoint - The U.S. long-term treasury bonds faced significant declines due to heightened trade and geopolitical risks following Trump's announcement of a 10% tariff on imports from eight European countries, leading to a sell-off in the bond market [1] Group 1: Market Reactions - The U.S. treasury market, valued at approximately $30 trillion, experienced notable volatility, with the 10-year treasury yield rising by 8.1 basis points to a peak of 4.31%, closing at 4.29%, the highest in five months [1] - The 30-year treasury yield reached a high of 4.95%, closing at 4.92%, marking a four-month high and recording the largest single-day decline since July 11 [1] - Investors are expressing concerns over the potential continuation of the "sell-off of U.S. assets," which could trigger a chain reaction similar to the 2022 UK bond crisis [1] Group 2: European Investor Sentiment - European investors, who collectively hold over $1.5 trillion in U.S. treasuries, reacted negatively to the latest trade measures, with Denmark's AkademikerPension planning to exit U.S. treasuries by the end of the month, citing unsustainable U.S. government finances [1] - Analysts estimate that Europe holds about $10 trillion in U.S. assets, with approximately $6 trillion in U.S. equities, indicating that large-scale sell-offs could significantly impact the U.S. market while also inflicting substantial losses on European investors [2] Group 3: Broader Economic Implications - The rapid rise in yields for the 10-year and 30-year bonds suggests potential upward pressure on financing costs for mortgages, consumer loans, and corporate bonds [2] - The current market volatility is attributed to two main catalysts: Trump's controversial tariff threats and concerns regarding Japan's economic stimulus measures, which could exacerbate inflation and fiscal risks [2] - Despite the recent fluctuations, analysts believe that the long-term attractiveness of U.S. treasuries remains intact, as the U.S. bond market is the largest and most liquid globally, playing a crucial role in the financial system [3]