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]

瑞讯银行（Swissquote）高级分析师Ipek Ozkardeskaya指出，10年期收益率跃升至4.25%以上，部分源于 市场传闻称欧洲或将"武器化"其美国资产，以回应特朗普的强硬贸易与地缘政治立场。她估算，欧洲合 计持有约10万亿美元美国资产，其中约6万亿美元为美股；大规模抛售虽可能对美市场形成冲击，也意 味着欧洲投资者需承受显著的自身损失，短期内并不现实。 加拿大AGF Investments固定收益与外汇主管Tom Nakamura表示，美债市场在压力时期往往成为各类观 点的"避雷针"。他认为，此轮波动的两大催化剂：其一，特朗普寻求从丹麦获得格陵兰的争议引发新的 关税威胁，短期加剧增长担忧并提升政策宽松预期，同时放大长期的通胀与财政风险，推动收益率曲线 陡峭化；其二，日本因素同样关键，市场关注首相高市早苗能否推出大规模刺激。 转自：新华财经 新华财经北京1月21日电（王菁）美债市场周二（1月20日）遭遇重挫。随着特朗普宣布计划自下月起对 来自八个欧洲国家的进口商品加征10%关税，投资者对贸易与地缘政治风险的担忧迅速升温，触发美债 抛售潮。 当日，10年期美债收益率一度上行8.1BPs，触及4.31 ...