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  本报记者 刘 琪

  4月份以来,美债市场呈现剧烈波动态势,引发市场各方高度关注。以被视作“全球资产定价之锚”的10年期美债收益率为例,美国财政部数据显示,4月1日,10年期美债收益率为4.17%,4月4日跌至月内最低点4.01%后持续上涨,于4月11日攀升至4.48%,创2月21日以来新高。4月16日小幅回落至4.29%后再度上扬,4月21日至4月23日均处于4.4%以上。

  中信证券首席经济学家明明向《证券日报》记者表示,近期美债收益率大幅上升与投资者大量抛售美债有关。同时,高杠杆策略加剧了美国金融市场的波动。当美国金融市场波动加剧时,对冲基金可能会更频繁地进行平仓操作,进一步加剧美债市场的抛售压力。

  在明明看来,美债波动的根源在于美国长期的风险累积。近年来,美国财政大幅扩张,叠加当前美国政策利率处在高位水平,美国财政的负担持续加重。同时,美债市场中稳定资金占比下降或放大市场波动风险。此外,市场对美债作为避险资产的认可度下降,或导致美债的抛售压力增加。

  东方金诚研究发展部高级副总监白雪在接受《证券日报》记者采访时表示,近期美债收益率过山车式的波动是“高杠杆交易+政策不确定性+美元信用弱化”共振的结果,预计短期内美债收益率或继续在高位波动。

  “当前,市场对美国经济前景和货币政策的预期难以形成明确方向。同时,全球经济和政治局势的不确定性依然较高,这些因素都将导致美债市场的波动加剧。”白雪进一步表示,短期来看,今年二季度美债收益率将维持高位震荡,10年期美债收益率中枢或维持在4.0%以上。下半年,美债利率中枢或将进一步上移。与此同时,若美国选择通过减税法案刺激经济,或重估黄金储备以缓解债务压力,可能加剧全球市场对美元信用体系的质疑,进而推高美债风险溢价,加之其国内财政压力与美债期限溢价,高利率环境下再融资成本攀升或将进一步推高美债长期收益率。

  明明预计,10年期美债利率中枢未来较长一段时间或将维持在4.0%以上。一方面,美债作为定价锚,其收益率剧烈波动,不仅会引发全球主权债市场重新定价、企业借贷成本上升,也会导致全球金融市场恐慌情绪升温。另一方面,美债波动风险还会导致美国国内融资成本与不确定性上行,进一步增加其经济下行压力。此外,美债市场动荡也会削弱美元底层信用,使美元在全球支付和储备体系中的主导地位面临挑战。

  值得一提的是,近期市场上有声音称,今年将有巨量美债到期,美国政府或面临巨大偿付压力。

  据华创证券研究所副所长、首席宏观分析师张瑜统计测算,2025年美国国债到期规模约为10.8万亿美元,与2024年的10.6万亿美元接近,但远高于2023年以前水平。因此,2025年其实并没有出现国债到期额相较2024年的巨幅提升,但伴随美国财政赤字不断走高,美国国债的债务到期问题确实可能加剧。

  维珍航空团创始人、英国亿万富翁理查德·布兰森本周接受采访时表示,特朗普的关税政策正给世界造成巨大损害。

  布兰森表示,特朗普的关税政策“有可能对世界造成如此大的损害,这真令人悲伤,难以置信的悲伤”,“两周前,世界一度处于彻底崩溃的边缘。”

  这位亿万富翁表示,特朗普的关税决定“已经在经济上造成了很大伤害”。

  布兰森说,随着特朗普在一些关税计划上出尔反尔,其政策制定显示出“不稳定”的迹象,“这种不可预测性对世界各地的每个人来说都是可怕的。”

  布兰森说,由于特朗普在全球造成的不可预测性,人们推迟了投资和支出的决定。

  这位亿万富翁表示,企业将“一如既往地经营”,在关税时代继续战斗。他说,在贸易战导致“美国经济疲软”之前,他的游轮和航空公司正在蓬勃发展。

  布兰森表示,维珍航空公司从美国到欧洲航班的疲软部分被维珍航空从多伦多到伦敦的新航线所抵消,加拿大人对特朗普的关税和他给加拿大贴上“第51个州”的标签感到不满,“加拿大人正在涌入英国,而不是去美国。”

  周五公布的行业数据显示,英国3月汽车产量增加,因海外和国内对英国制造汽车的需求增加,但这不足以阻止产出的季度下滑。

  英国汽车制造商和贸易商协会(SMMT)表示,上个月共制造了79018辆汽车,比去年同期增长17.1%。

  尽管3月份产量增长,但英国第一季度的汽车产量下降了6.3%。

  英国汽车制造商和贸易商协会称,“进入第二季度,制造商面临相当大的不确定性,因美国需求可能减弱,对其他市场和供应链造成冲击。”

  美国是英国汽车的第二大进口国,仅次于欧盟。

  该协会表示:“贸易谈判必须继续进行,以达成一项支持大西洋两岸就业、需求和增长的协议。”

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