中英對照讀新聞》Treasuries Are Trading Like Risky Assets in Warning to Trump 美國公債如風險資產般交易，對川普發出警訊

川普的關稅風暴，衝擊金融市場，使股匯債市劇烈波動。（彭博）

◎魏國金

Billed on Wall Street as so rock-solid safe they’re risk-free, US Treasury bonds have long served as first port of call for investors during times of panic. They rallied during the global financial crisis, on 9/11 and even when America’s own credit rating was cut.

在華爾街被譽為穩若磐石般安全、毫無風險的美國公債，長期做為投資人在恐慌時期的首選。它們在全球金融危機、911恐怖攻擊，甚至當美國自身的信用評等被降級時都上漲。

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But now, as President Donald Trump unleashes an all-out assault on global trade, their status as the world’s safe haven is increasingly coming into question.

然而如今，隨著總統川普對全球貿易發動全面襲擊，它們做為全球避風港的地位正愈來愈受到質疑。

Yields, especially on longer-term debt, have surged in recent days while the dollar has plunged. Even more disconcerting is the pattern of the recent market moves. Investors have often dumped 10- and 30-year Treasuries — pushing prices down and yields up — at the very same time they frantically sold stocks, crypto and other risky assets.

殖利率，尤其是較長期債近日已暴漲，而美元重挫。甚至更令人不安的是近期市場走勢的模式。投資人經常拋售10年與30年公債，推動價格下滑，殖利率上升；與此同時，他們瘋狂出售股票、加密貨幣與其他風險資產。

新聞辭典

port of call：停靠港、落腳點。例句：I am not sure where their next port of call is.（我不能確定他們下一站是哪裡）。

come into question：受質疑、被討論。例句：His ability as a chef has never come into question.（他做為主廚的能力未曾受到質疑）。

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