美国政府债券市场昨日再次暴跌，美元飙升至13年来的高点。经济数据更为强劲提升了加息理由，并强化了几十年债券牛市已迎来拐点的观点。

　　The Republican sweep of the White House and Congress, coupled with president-elect Donald Trump’s promise to unleash a $1tn economic stimulus package of tax cuts and infrastructure investment, has caused a seismic shift in global bond markets, with prices tumbling and borrowing costs rising as investors bet that inflation will finally reappear.

　　共和党掌控了白宫和国会，再加上候任总统唐纳德.特朗普(Donald Trump)承诺推出1万亿美元减税和基础设施投资的经济刺激方案，导致全球债券市场出现重大转变，债券价格暴跌，借款成本上升，投资者押注通胀终将卷土重来。

　　European bond yields had already jumped on the back of reports that the European Central Bank was considering changes to its securities lending programme, which would ease a bond shortage.

　　由于有报道称，欧洲央行(ECB)正考虑改变其证券出借计划——这将缓解债券短缺的局面——欧洲债券收益率已经飙升。

　　The moves were reinforced by strong US durable goods data, and exacerbated by thin trading in bond markets ahead of the US Thanksgiving holiday.

　　让这些举措更具效力的是，美国耐用品数据强劲，以及美国感恩节假日前夕债券市场交易淡静。

　　In what was supposed to be a quiet day, bond vigilantes are putting it to the Treasury market, said Andrew Brenner, head of international fixed income at National Alliance Capital Markets.

　　National Alliance Capital Markets的固定收益主管安德鲁.布伦纳(Andrew Brenner)表示：在本应交易淡静的一天，‘债券义勇军’在美国国债市场掀起波澜。

　　The 10-year Treasury yield shot up by as much as 10 basis points, its biggest move since the presidential election, to over 2.4 per cent, for the first time since the summer of 2015.

　　美国10年期国债收益率一度飙升10个基点——这是自美国大选以来的最大涨幅——自2015年夏季以来首次升至2.4%上方，收盘时涨幅为4个基点，报2.35%。

　　The two-year note yield — the most acutely sensitive to interest rate expectations — climbed to a six-year high of 1.14 per cent.

　　对利率预期最为敏感的两年期债券收率飙升至1.15%，创下6年来的高点。