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| Financial markets notched up another historic milestone yesterday as the yield on 10-year US Treasury debt fell below 3 per cent for the first time in 50 years. The decline in yields – to a low of 2.98 per cent – comes in response to unconventional policy measures taken by the US Federal Reserve this week aimed at pushing short-term and long-term interest rates lower. This so-called “quantitative easing” is a strategy central banks use to fight deflation, the dreaded combination of declining growth and falling asset prices. “It is astonishing [that yields are so low],” said Michael Chang, interest rate strategist at Credit Suisse. “The current environment is not like anything we've seen before. The Fed's being very aggressive in quantitative easing, and the fall in yields is the result.” On Tuesday, the Fed said it would buy $600bn of mortgage bonds issued or guaranteed by government agencies such as Fannie Mae and Freddie Mac. This pushed mortgage rates sharply lower. The lower rates threaten to trigger a wave of refinancing of mortgages, the prospect of which in turn pushes investors to hedge that risk by buying 10-year Treasury debt, a benchmark for many mortgage rates. 金融市场昨日创下了另一个历史里程碑，美国10年期国债收益率50年来第一次降至3%以下。 10年期国债收益率下跌至2.98%，是对美联储本周旨在下调短期汇率和长期汇率的非常规政策的回应。 这种所谓的“定量宽松货币政策”是央行用于应对通货紧缩的对策，即增长率下降和资产价格不断下跌的可怕组合。 “令人震惊（收益率如此之低）！”瑞士信贷的利率策略师Michael Chang说。“现在的环境不像从前了。美联储在对定量宽松政策的态度非常强硬，收益率下降是必然结果。” 本周二，美联储宣布将6000亿美元由政府机构如房利美、房地美发售或担保的抵押债券。这一举措使得贷款利率大幅走低。 低利率将会引发新一轮的抵押贷款再融资，投资者会通过购买10年期国债来对冲风险，10年期国债是许多贷款利率的基准利率。 |
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