{"id":50753,"date":"2026-07-06T09:45:07","date_gmt":"2026-07-06T09:45:07","guid":{"rendered":"https:\/\/www.vtmarkets.com\/cn-asia\/uncategorized\/%e7%be%8e%e5%9b%bd10%e5%b9%b4%e6%9c%9f%e5%9b%bd%e5%80%ba%e6%94%b6%e7%9b%8a%e7%8e%87%e5%9c%a8%e7%be%8e%e8%81%94%e5%82%a8%e4%bc%9a%e8%ae%ae%e7%ba%aa%e8%a6%81%e5%85%ac%e5%b8%83%e5%89%8d%e5%b0%8f%e5%b9%85\/"},"modified":"2026-07-06T09:45:07","modified_gmt":"2026-07-06T09:45:07","slug":"%e7%be%8e%e5%9b%bd10%e5%b9%b4%e6%9c%9f%e5%9b%bd%e5%80%ba%e6%94%b6%e7%9b%8a%e7%8e%87%e5%9c%a8%e7%be%8e%e8%81%94%e5%82%a8%e4%bc%9a%e8%ae%ae%e7%ba%aa%e8%a6%81%e5%85%ac%e5%b8%83%e5%89%8d%e5%b0%8f%e5%b9%85","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/cn-asia\/analysis\/%e7%be%8e%e5%9b%bd10%e5%b9%b4%e6%9c%9f%e5%9b%bd%e5%80%ba%e6%94%b6%e7%9b%8a%e7%8e%87%e5%9c%a8%e7%be%8e%e8%81%94%e5%82%a8%e4%bc%9a%e8%ae%ae%e7%ba%aa%e8%a6%81%e5%85%ac%e5%b8%83%e5%89%8d%e5%b0%8f%e5%b9%85\/","title":{"rendered":"\u7f8e\u56fd10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u5728\u7f8e\u8054\u50a8\u4f1a\u8bae\u7eaa\u8981\u516c\u5e03\u524d\u5c0f\u5e45\u4e0b\u884c"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/10Y-US-Treasury-2-r-1-1024x558.webp\" alt=\"\" class=\"wp-image-61115\"\/><\/figure>\n\n\n\n<p><strong>\u8981\u70b9<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7f8e\u56fd10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u56de\u843d\u81f3\u7ea64.47%\uff0c\u6b64\u524d\u4e00\u5468\u4e00\u5ea6\u903c\u8fd14.50%\u3002<\/li>\n\n\n\n<li>6\u6708\u975e\u519c\u5c31\u4e1a\u4eba\u6570\u589e\u52a05.7\u4e07\u4eba\uff0c\u4f4e\u4e8e\u5e02\u573a\u9884\u671f\u7684\u589e\u52a011.0\u4e07\u4eba\u3002<\/li>\n\n\n\n<li>4\u6708\u4e0e5\u6708\u5c31\u4e1a\u6570\u636e\u5408\u8ba1\u4e0b\u4fee7.4\u4e07\u4eba\uff08\u4e0b\u4fee=\u5bf9\u5df2\u516c\u5e03\u6570\u636e\u8fdb\u884c\u4e8b\u540e\u4fee\u6b63\uff09\u3002<\/li>\n\n\n\n<li>\u52b3\u52a8\u529b\u6570\u636e\u8d70\u5f31\uff0c\u964d\u4f4e\u4e86\u5e02\u573a\u5bf9\u7f8e\u8054\u50a8\u77ed\u671f\u518d\u6b21\u52a0\u606f\u7684\u9884\u671f\uff08\u52a0\u606f=\u4e0a\u8c03\u653f\u7b56\u5229\u7387\uff09\u3002<\/li>\n\n\n\n<li>\u6cb9\u4ef7\u56de\u843d\u7f13\u89e3\u90e8\u5206\u901a\u80c0\u62c5\u5fe7\uff08\u901a\u80c0=\u7269\u4ef7\u603b\u4f53\u6301\u7eed\u4e0a\u6da8\uff09\uff0c\u6b64\u524d\u8be5\u62c5\u5fe7\u66fe\u652f\u6491\u56fd\u503a\u6536\u76ca\u7387\u8d70\u9ad8\u3002<\/li>\n\n\n\n<li>\u4eceUS10Y\uff08\u65e5\u7ebf\u56fe=\u6309\u65e5\u7edf\u8ba1\u7684\u4ef7\u683c\/\u6536\u76ca\u7387\u8d70\u52bf\uff09\u770b\uff0c4.44%\u9644\u8fd1\u4e3a\u8fd1\u7aef\u652f\u6491\uff08\u652f\u6491=\u4ef7\u683c\/\u6536\u76ca\u7387\u4e0b\u8dcc\u65f6\u53ef\u80fd\u6b62\u8dcc\u7684\u533a\u57df\uff09\uff1b4.48%\u81f34.50%\u4e3a\u9996\u4e2a\u963b\u529b\u533a\uff08\u963b\u529b=\u4ef7\u683c\/\u6536\u76ca\u7387\u4e0a\u884c\u65f6\u53ef\u80fd\u53d7\u538b\u7684\u533a\u57df\uff09\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u5468\u4e00\uff0c\u7f8e\u56fd10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u8d70\u4f4e\u3002\u4ea4\u6613\u5458\u7ee7\u7eed\u8bc4\u4f30\u504f\u5f31\u7684\u5c31\u4e1a\u6570\u636e\uff0c\u5e76\u7b49\u5f85\u7f8e\u8054\u50a86\u6708\u653f\u7b56\u4f1a\u8bae\u7eaa\u8981\u516c\u5e03\uff08\u4f1a\u8bae\u7eaa\u8981=\u5bf9\u4f1a\u8bae\u8ba8\u8bba\u7ec6\u8282\u7684\u8bb0\u5f55\uff09\u3002<\/p>\n\n\n\n<p>US10Y\u56de\u843d\u81f3\u7ea64.47%\uff0c\u56de\u5410\u90e8\u5206\u8fd1\u671f\u6da8\u5e45\u3002\u901a\u5e38\u56fd\u503a\u4ef7\u683c\u4e0e\u6536\u76ca\u7387\u53cd\u5411\u53d8\u52a8\uff08\u53cd\u5411=\u4e00\u5347\u4e00\u964d\uff09\uff1a\u6536\u76ca\u7387\u4e0b\u884c\u610f\u5473\u7740\u5bf910\u5e74\u671f\u7f8e\u56fd\u56fd\u503a\uff08\u201c\u56fd\u503a\u7968\u636e\u201d=\u671f\u96502\u81f310\u5e74\u7684\u56fd\u503a\u54c1\u79cd\uff09\u7684\u9700\u6c42\u589e\u5f3a\uff0c\u4ef7\u683c\u76f8\u5bf9\u8d70\u9ad8\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Treasuries rallied after a weaker-than-expected jobs report prompted traders to scale back expectations that the Federal Reserve will raise interest rates in the coming months <a href=\"https:\/\/t.co\/Citg9ZByB8\">https:\/\/t.co\/Citg9ZByB8<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2072664122957693197?ref_src=twsrc%5Etfw\">July 2, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u8be5\u8d70\u52bf\u5ef6\u7eed\u4e86\u5e02\u573a\u5bf96\u6708\u5c31\u4e1a\u62a5\u544a\u7684\u53cd\u5e94\u3002\u7f8e\u56fd6\u6708\u975e\u519c\u5c31\u4e1a\u4eba\u6570\u589e\u52a05.7\u4e07\u4eba\uff0c\u4f4e\u4e8e\u9884\u671f\u768411.0\u4e07\u4eba\uff1b4\u6708\u4e0e5\u6708\u6570\u636e\u5408\u8ba1\u4e0b\u4fee7.4\u4e07\u4eba\u3002<\/p>\n\n\n\n<p>\u5931\u4e1a\u7387\u5c0f\u5e45\u964d\u81f34.2%\uff0c\u52b3\u52a8\u53c2\u4e0e\u7387\u964d\u81f361.5%\uff08\u52b3\u52a8\u53c2\u4e0e\u7387=\u6709\u5de5\u4f5c\u6216\u5728\u6c42\u804c\u7684\u4eba\u5360\u9002\u9f84\u4eba\u53e3\u6bd4\u4f8b\uff09\u3002\u8fd9\u610f\u5473\u7740\u5931\u4e1a\u7387\u4e0b\u964d\u90e8\u5206\u6765\u81ea\u53c2\u4e0e\u52b3\u52a8\u529b\u5e02\u573a\u7684\u4eba\u53d8\u5c11\uff0c\u800c\u975e\u62db\u8058\u660e\u663e\u8f6c\u5f3a\u3002<\/p>\n\n\n\n<p>\u5c31\u4e1a\u62a5\u544a\u504f\u5f31\uff0c\u4f7f\u7f8e\u8054\u50a8\u5728\u8003\u8651\u8fdb\u4e00\u6b65\u6536\u7d27\u653f\u7b56\uff08\u6536\u7d27=\u63d0\u9ad8\u5229\u7387\u6216\u51cf\u5c11\u6d41\u52a8\u6027\uff09\u524d\uff0c\u6709\u66f4\u591a\u65f6\u95f4\u8bc4\u4f30\u901a\u80c0\u8d70\u52bf\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The US economy added just 57,000 jobs in June, far fewer than forecast. Joachim Klement of Panmure Liberum tells Reuters that gives the Fed time to see how inflation plays out, and he doesn&#39;t believe there will be a rate hike this year at all <a href=\"https:\/\/t.co\/noQtCGGYhi\">https:\/\/t.co\/noQtCGGYhi<\/a> <a href=\"https:\/\/t.co\/dG3Zul70LZ\">pic.twitter.com\/dG3Zul70LZ<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2073034020498424286?ref_src=twsrc%5Etfw\">July 3, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u201c\u7f8e\u8054\u50a8\u4eca\u5e74\u53ef\u80fd\u4e0d\u518d\u52a0\u606f\u201d\u7684\u770b\u6cd5\u5c5e\u4e8e\u5206\u6790\u5224\u65ad\uff0c\u5e76\u975e\u5df2\u786e\u8ba4\u7684\u653f\u7b56\u7ed3\u679c\u3002\u4f46\u52b3\u52a8\u6570\u636e\u8f6c\u5f31\u4fc3\u4f7f\u4ea4\u6613\u5458\u4e0b\u8c03\u5bf9\u77ed\u671f\u6536\u7d27\u7684\u9884\u671f\uff0c\u4ece\u800c\u652f\u6491\u56fd\u503a\u4ef7\u683c\u5e76\u538b\u4f4e\u6536\u76ca\u7387\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4ea4\u6613\u5458\u4e3a\u4f55\u5173\u6ce8<\/h2>\n\n\n\n<p>\u7f8e\u56fd10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u88ab\u5e7f\u6cdb\u5173\u6ce8\uff0c\u56e0\u4e3a\u5b83\u53cd\u6620\u5e02\u573a\u5bf9\u957f\u671f\u7ecf\u6d4e\u589e\u957f\u3001\u901a\u80c0\u4e0e\u7f8e\u8054\u50a8\u653f\u7b56\u7684\u9884\u671f\uff08\u957f\u671f=\u66f4\u957f\u65f6\u95f4\u7ef4\u5ea6\uff09\u3002<\/p>\n\n\n\n<p>\u5f53\u524d\u8d70\u52bf\u7684\u5173\u952e\u5728\u4e8e\uff1a\u5e02\u573a\u4e00\u8fb9\u6d88\u5316\u5c31\u4e1a\u589e\u957f\u653e\u7f13\uff0c\u53e6\u4e00\u8fb9\u4ecd\u9700\u9762\u5bf9\u901a\u80c0\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n\n\n\n<p>\u62db\u8058\u653e\u7f13\u53ef\u80fd\u964d\u4f4e\u77ed\u671f\u518d\u5ea6\u52a0\u606f\u7684\u5fc5\u8981\u6027\u3002\u4f46\u7f8e\u8054\u50a8\u5bf9\u901a\u80c0\u6001\u5ea6\u4ecd\u504f\u5f3a\u786c\uff0c\u5e76\u672a\u6392\u9664\u8fdb\u4e00\u6b65\u653f\u7b56\u52a8\u4f5c\u7684\u53ef\u80fd\u3002<\/p>\n\n\n\n<p>\u57286\u670816\u65e5\u81f317\u65e5\u4f1a\u8bae\u4e0a\uff0c\u7f8e\u8054\u50a8\u5c06\u8054\u90a6\u57fa\u91d1\u76ee\u6807\u5229\u7387\u533a\u95f4\u7ef4\u6301\u5728<a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20260617a.htm\">3.50%\u81f33.75%<\/a>\uff08\u8054\u90a6\u57fa\u91d1\u5229\u7387=\u94f6\u884c\u95f4\u9694\u591c\u62c6\u501f\u5229\u7387\u76ee\u6807\u533a\u95f4\uff0c\u662f\u7f8e\u56fd\u6838\u5fc3\u653f\u7b56\u5229\u7387\uff09\u3002<\/p>\n\n\n\n<p>\u5373\u5c06\u516c\u5e03\u7684FOMC\u4f1a\u8bae\u7eaa\u8981\uff08FOMC=\u8054\u90a6\u516c\u5f00\u5e02\u573a\u59d4\u5458\u4f1a\uff0c\u7f8e\u8054\u50a8\u8d1f\u8d23\u5229\u7387\u51b3\u7b56\u7684\u673a\u6784\uff09\u53ef\u80fd\u62ab\u9732\u66f4\u591a\u7ec6\u8282\uff0c\u5305\u62ec\u5b98\u5458\u5982\u4f55\u8bc4\u4f30\u901a\u80c0\u3001\u5c31\u4e1a\u4ee5\u53ca\u662f\u5426\u9700\u8981\u8fdb\u4e00\u6b65\u6536\u7d27\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u5728\u7eaa\u8981\u516c\u5e03\u524d\u540e\uff0cUS10Y\u53ef\u80fd\u5bf9\u5229\u7387\u9884\u671f\u53d8\u5316\u66f4\u654f\u611f\uff08\u654f\u611f=\u6ce2\u52a8\u66f4\u660e\u663e\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5173\u952e\u6536\u76ca\u7387\u6c34\u5e73<\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/10Y-US-Treasury.webp\" alt=\"\" class=\"wp-image-61118\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u6536\u76ca\u7387\u6c34\u5e73<\/strong><\/td><td><strong>\u5e02\u573a\u5173\u6ce8\u70b9<\/strong><\/td><\/tr><tr><td>4.56%<\/td><td>6\u6708\u9ad8\u70b9\u5bf9\u5e94\u7684\u66f4\u4e0a\u65b9\u963b\u529b<\/td><\/tr><tr><td>4.52%<\/td><td>\u5f53\u524d\u533a\u95f4\u4e0a\u65b9\u7684\u6b21\u7ea7\u963b\u529b<\/td><\/tr><tr><td>4.50%<\/td><td>\u91cd\u8981\u5fc3\u7406\u4e0e\u6280\u672f\u963b\u529b\uff08\u5fc3\u7406\u4f4d=\u6574\u6570\/\u5173\u952e\u70b9\u4f4d\u6613\u5f15\u53d1\u4ea4\u6613\u884c\u4e3a\uff09<\/td><\/tr><tr><td>4.48%<\/td><td>\u63a5\u8fd1\u6700\u65b0\u4ea4\u6613\u65e5\u9ad8\u70b9\u7684\u8fd1\u7aef\u963b\u529b<\/td><\/tr><tr><td>4.47%<\/td><td>\u5f53\u524d\u56fe\u8868\u533a\u57df<\/td><\/tr><tr><td>4.44%<\/td><td>\u8fd1\u7aef\u77ed\u7ebf\u652f\u6491<\/td><\/tr><tr><td>4.40%<\/td><td>\u91cd\u8981\u5fc3\u7406\u4e0e\u6280\u672f\u652f\u6491<\/td><\/tr><tr><td>4.36%<\/td><td>\u8fd1\u671f\u6ce2\u6bb5\u4f4e\u70b9\u4e0e\u66f4\u4e0b\u65b9\u652f\u6491\uff08\u6ce2\u6bb5\u4f4e\u70b9=\u9636\u6bb5\u6027\u4f4e\u70b9\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>US10Y\u65e5\u7ebf\u663e\u793a\uff0c\u6536\u76ca\u7387\u5728\u4ece6\u6708\u4e0b\u65ec\u7ea64.36%\u7684\u4f4e\u4f4d\u53cd\u5f39\u540e\uff0c\u76ee\u524d\u4f4d\u4e8e\u7ea64.465%\u3002\u4f46\u53cd\u5f39\u57284.48%\u81f34.50%\u963b\u529b\u533a\u4e0b\u65b9\u53d7\u963b\u3002<\/p>\n\n\n\n<p>\u82e5\u6536\u76ca\u7387\u6301\u7eed\u4e0a\u78344.48%\uff0c4.50%\u5c06\u91cd\u65b0\u6210\u4e3a\u7126\u70b9\u3002\u4f46\u8981\u5f62\u6210\u66f4\u5f3a\u4e0a\u884c\uff0c\u9700\u8981\u7a81\u7834\u5e76\u7ad9\u7a334.50%\uff08\u7ad9\u7a33=\u4e0d\u6613\u56de\u843d\uff09\u3002<\/p>\n\n\n\n<p>\u82e5\u786e\u8ba4\u7a81\u7834\u8be5\u6c34\u5e73\uff08\u786e\u8ba4=\u7a81\u7834\u540e\u4e0d\u8fc5\u901f\u56de\u64a4\uff09\uff0c\u5173\u6ce8\u70b9\u53ef\u80fd\u8f6c\u54114.52%\uff0c\u968f\u540e\u662f4.56%\u9644\u8fd1\u66f4\u4e0a\u65b9\u963b\u529b\u3002<\/p>\n\n\n\n<p>\u4e0b\u884c\u65b9\u9762\uff0c4.44%\u4e3a\u9996\u4e2a\u9700\u8981\u89c2\u5bdf\u7684\u652f\u6491\u4f4d\u3002\u82e5\u8dcc\u7834\u8be5\u533a\u57df\uff0c\u53ef\u80fd\u4e0b\u63a2\u81f34.40%\u5fc3\u7406\u4f4d\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u591a\u5934\u4e0e\u7a7a\u5934\u60c5\u666f<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>\u60c5\u666f<\/strong><\/td><td><strong>\u89e6\u53d1\u6761\u4ef6<\/strong><\/td><td><strong>\u6f5c\u5728\u5e02\u573a\u53cd\u5e94<\/strong><\/td><\/tr><tr><td>\u6536\u76ca\u7387\u53cd\u5f39<\/td><td>\u4e0a\u78344.48%<\/td><td>US10Y\u53ef\u80fd\u518d\u5ea6\u6d4b\u8bd54.50%<\/td><\/tr><tr><td>\u6536\u76ca\u7387\u4e0a\u7834\u533a\u95f4<\/td><td>\u4e0a\u78344.50%<\/td><td>\u5173\u6ce8\u70b9\u53ef\u80fd\u8f6c\u54114.52%\u81f34.56%<\/td><\/tr><tr><td>\u533a\u95f4\u9707\u8361<\/td><td>\u7ef4\u6301\u57284.44%\u81f34.50%\u4e4b\u95f4<\/td><td>\u4ea4\u6613\u5458\u53ef\u80fd\u7b49\u5f85\u66f4\u660e\u786e\u7684\u7f8e\u8054\u50a8\u4fe1\u53f7<\/td><\/tr><tr><td>\u6536\u76ca\u7387\u4e0b\u884c<\/td><td>\u8dcc\u78344.44%<\/td><td>US10Y\u53ef\u80fd\u4e0b\u63a2\u81f34.40%<\/td><\/tr><tr><td>\u4e0b\u884c\u5ef6\u4f38<\/td><td>\u8dcc\u78344.40%<\/td><td>\u53ef\u80fd\u8fdb\u4e00\u6b65\u4e0b\u63a2\u81f34.36%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u6536\u76ca\u7387\u4e0a\u884c\u60c5\u666f\u53d6\u51b3\u4e8eUS10Y\u4e0a\u78344.48%\uff0c\u5e76\u786e\u8ba4\u7a81\u78344.50%\u3002\u8fd9\u53ef\u80fd\u610f\u5473\u7740\u5e02\u573a\u91cd\u65b0\u8ba1\u5165\u66f4\u7d27\u7684\u653f\u7b56\u9884\u671f\uff0c\u6216\u8ba4\u4e3a\u901a\u80c0\u66f4\u96be\u56de\u843d\u3002<\/p>\n\n\n\n<p>\u66f4\u5f3a\u4e0a\u884c\u8fd8\u9700\u8981\u7a81\u78344.52%\u3002\u82e5\u6536\u76ca\u7387\u4e0a\u7834\u8be5\u6c34\u5e73\uff0c\u53ef\u80fd\u8fdb\u4e00\u6b65\u4e0a\u884c\u81f34.56%\u9644\u8fd1\u7684\u66f4\u4e0a\u65b9\u963b\u529b\u3002<\/p>\n\n\n\n<p>\u4e2d\u6027\u60c5\u666f\u4e3a4.44%\u81f34.50%\u533a\u95f4\u6574\u7406\uff08\u6574\u7406=\u5728\u533a\u95f4\u5185\u6765\u56de\u6ce2\u52a8\uff09\u3002\u533a\u95f4\u8d70\u52bf\u53ef\u80fd\u8868\u660e\uff0c\u4ea4\u6613\u5458\u5728FOMC\u7eaa\u8981\u4e0e\u540e\u7eed\u56fd\u503a\u62cd\u5356\uff08\u62cd\u5356=\u7f8e\u56fd\u8d22\u653f\u90e8\u53d1\u884c\u56fd\u503a\u7684\u6295\u6807\u9500\u552e\uff09\u524d\u4fdd\u6301\u89c2\u671b\u3002<\/p>\n\n\n\n<p>\u6536\u76ca\u7387\u4e0b\u884c\u60c5\u666f\u5728US10Y\u8dcc\u78344.44%\u540e\u66f4\u4e3a\u660e\u786e\u3002\u82e5\u786e\u8ba4\u8dcc\u7834\uff0c4.40%\u5c06\u6210\u4e3a\u5173\u6ce8\u70b9\uff1b\u82e54.40%\u4e5f\u5931\u5b88\uff0c\u6536\u76ca\u7387\u53ef\u80fd\u56de\u6d4b4.36%\u9644\u8fd1\u7684\u8fd1\u671f\u6ce2\u6bb5\u4f4e\u70b9\u3002<\/p>\n\n\n\n<p>\u901a\u5e38\uff0c\u6536\u76ca\u7387\u4e0b\u884c\u5229\u597d\u56fd\u503a\u4ef7\u683c\uff1b\u6536\u76ca\u7387\u4e0a\u884c\u5219\u5bf9\u56fd\u503a\u4ef7\u683c\u6784\u6210\u538b\u529b\u3002<\/p>\n\n\n\n<p><em>\u514d\u8d23\u58f0\u660e<\/em><\/p>\n\n\n\n<p><em>\u4e0a\u8ff0\u4ef7\u683c\u6c34\u5e73\u4e0e\u4ea4\u6613\u60c5\u666f\u4ec5\u4ee3\u8868\u4f5c\u8005\u5728\u64b0\u5199\u65f6\u7684\u89c2\u70b9\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u6295\u8d44\u5efa\u8bae\uff0c\u4e5f\u4e0d\u6784\u6210VT Markets\u7684\u6b63\u5f0f\u63a8\u8350\u3002\u4ea4\u6613\u8005\u5e94\u81ea\u884c\u5206\u6790\u5e76\u505a\u597d\u98ce\u9669\u7ba1\u7406\uff08\u98ce\u9669\u7ba1\u7406=\u63a7\u5236\u4ed3\u4f4d\u4e0e\u6b62\u635f\u7b49\u4ee5\u9650\u5236\u4e8f\u635f\uff09\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u540e\u7eed\u5173\u6ce8<\/h2>\n\n\n\n<p>\u6700\u91cd\u8981\u4e8b\u4ef6\u662f\u7f8e\u8054\u50a8<strong>6\u670816\u65e5\u81f317\u65e5<\/strong>\u4f1a\u8bae\u7eaa\u8981\uff0c\u8ba1\u5212\u4e8e<strong>7\u67088\u65e5\uff08\u5468\u4e09\uff09<\/strong>\u53d1\u5e03\u3002<\/p>\n\n\n\n<p>\u4ea4\u6613\u5458\u5c06\u91cd\u70b9\u5173\u6ce8\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5bf9\u518d\u6b21\u52a0\u606f\u7684\u652f\u6301\u529b\u5ea6\u6709\u591a\u5927<\/li>\n\n\n\n<li>\u5bf9\u901a\u80c0\u7c98\u6027\uff08\u7c98\u6027=\u56de\u843d\u7f13\u6162\u3001\u96be\u4ee5\u964d\u6e29\uff09\u7684\u62c5\u5fe7\u7a0b\u5ea6<\/li>\n\n\n\n<li>\u662f\u5426\u8ba8\u8bba\u4e86\u5c31\u4e1a\u589e\u957f\u8d70\u5f31<\/li>\n\n\n\n<li>\u54ea\u4e9b\u7ecf\u6d4e\u6761\u4ef6\u53ef\u80fd\u6539\u53d8\u653f\u7b56\u7acb\u573a<\/li>\n\n\n\n<li>\u5982\u4f55\u6743\u8861\u901a\u80c0\u4e0e\u5c31\u4e1a\u98ce\u9669<\/li>\n<\/ul>\n\n\n\n<p>\u7eaa\u8981\u63aa\u8f9e\u53ef\u80fd\u5f71\u54cdUS10Y\u662f\u5426\u7ee7\u7eed\u53d7\u5236\u4e8e4.50%\uff0c\u6216\u6062\u590d\u6b64\u524d\u4e0a\u884c\u3002<\/p>\n\n\n\n<p>\u56fd\u503a\u62cd\u5356\u5c06\u68c0\u9a8c\u6295\u8d44\u8005\u9700\u6c42\u300210\u5e74\u671f\u4e0e30\u5e74\u671f\u56fd\u503a\u7684\u53d1\u884c\u7ed3\u679c\uff0c\u53ef\u80fd\u53cd\u6620\u4e70\u65b9\u662f\u5426\u613f\u610f\u5728\u5f53\u524d\u6536\u76ca\u7387\u6c34\u5e73\u5438\u7eb3\u66f4\u957f\u671f\u9650\u7684\u653f\u5e9c\u503a\u52a1\uff08\u66f4\u957f\u671f\u9650=\u5230\u671f\u65f6\u95f4\u66f4\u957f\uff09\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The US bond market faces a test of investor demand for longer-dated maturities, with auctions of 10- and 30-year Treasuries highlighting an otherwise light week <a href=\"https:\/\/t.co\/1YfgUxRNTh\">https:\/\/t.co\/1YfgUxRNTh<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2073894950693998769?ref_src=twsrc%5Etfw\">July 5, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>\u62cd\u5356\u9700\u6c42\u5f3a\u52b2\u53ef\u80fd\u6291\u5236US10Y\u4e0a\u884c\uff1b\u6295\u6807\u504f\u5f31\u5219\u53ef\u80fd\u63a8\u52a8\u6536\u76ca\u7387\u4e0a\u884c\uff08\u6295\u6807=\u6295\u8d44\u8005\u63d0\u4ea4\u8d2d\u4e70\u4ef7\u683c\/\u6536\u76ca\u7387\u7684\u62a5\u4ef7\uff09\u3002<\/p>\n\n\n\n<p>\u9664\u7eaa\u8981\u4e0e\u62cd\u5356\u5916\uff0c\u8fd8\u9700\u5173\u6ce8\u901a\u80c0\u6570\u636e\u3001\u6bcf\u5468\u521d\u8bf7\u5931\u4e1a\u91d1\u4eba\u6570\uff08\u521d\u8bf7=\u9996\u6b21\u7533\u8bf7\u5931\u4e1a\u6551\u6d4e\uff09\u4ee5\u53ca\u7f8e\u8054\u50a8\u5b98\u5458\u8868\u6001\u3002<\/p>\n\n\n\n<p>\u77ed\u671f\u6838\u5fc3\u533a\u95f4\u4e3a4.44%\u81f34.50%\u3002\u82e5\u786e\u8ba4\u4e0a\u78344.50%\uff0c\u53ef\u80fd\u5173\u6ce84.52%\u4e0e4.56%\uff1b\u82e5\u8dcc\u78344.44%\uff0c\u53ef\u80fd\u4e0b\u63a24.40%\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u5e38\u89c1\u95ee\u9898<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e3a\u4f55\u7f8e\u56fd10\u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u4e0b\u8dcc\uff1f<\/h3>\n\n\n\n<p>6\u6708\u975e\u519c\u5c31\u4e1a\u589e\u901f\u653e\u7f13\u81f35.7\u4e07\u4eba\uff0c\u4e14\u524d\u4e24\u4e2a\u6708\u6570\u636e\u4e0b\u4fee\uff0c\u964d\u4f4e\u4e86\u5e02\u573a\u5bf9\u7f8e\u8054\u50a8\u77ed\u671f\u518d\u6b21\u6536\u7d27\u653f\u7b56\u7684\u9884\u671f\uff0c\u4ece\u800c\u63a8\u52a8US10Y\u56de\u843d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6536\u76ca\u7387\u4e0b\u8dcc\u65f6\uff0c\u56fd\u503a\u4ef7\u683c\u4f1a\u600e\u6837\uff1f<\/h3>\n\n\n\n<p>\u56fd\u503a\u4ef7\u683c\u4e0e\u6536\u76ca\u7387\u901a\u5e38\u53cd\u5411\u53d8\u52a8\u3002\u56fd\u503a\u9700\u6c42\u4e0a\u5347\u65f6\uff0c\u4ef7\u683c\u4e0a\u6da8\u3001\u6536\u76ca\u7387\u4e0b\u964d\uff1b\u56fd\u503a\u88ab\u5356\u51fa\u65f6\uff0c\u4ef7\u683c\u4e0b\u8dcc\u3001\u6536\u76ca\u7387\u4e0a\u5347\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7f8e\u56fd10\u5e74\u671f\u56fd\u503a\u662f\u201c\u503a\u5238\u201d\u8fd8\u662f\u201c\u7968\u636e\u201d\uff1f<\/h3>\n\n\n\n<p>\u7f8e\u56fd\u8d22\u653f\u90e8\u5c06\u539f\u59cb\u671f\u9650\u4e3a2\u5e74\u81f310\u5e74\u7684\u56fd\u503a\u5f52\u7c7b\u4e3a\u201c\u7968\u636e\u201d\uff08Treasury notes\uff09\u3002\u56e0\u6b64\uff0c10\u5e74\u671f\u57fa\u51c6\u54c1\u79cd\u6280\u672f\u4e0a\u5c5e\u4e8e\u201c\u56fd\u503a\u7968\u636e\u201d\uff0c\u4f46\u5728\u5e02\u573a\u8ba8\u8bba\u4e2d\u5e38\u88ab\u7eb3\u5165\u66f4\u5e7f\u4e49\u7684\u201c\u503a\u5238\u5e02\u573a\u201d\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4e3a\u4f55FOMC\u4f1a\u8bae\u7eaa\u8981\u5bf9US10Y\u91cd\u8981\uff1f<\/h3>\n\n\n\n<p>\u4f1a\u8bae\u7eaa\u8981\u6bd4\u653f\u7b56\u58f0\u660e\u66f4\u8be6\u7ec6\uff0c\u53ef\u80fd\u62ab\u9732\u51b3\u7b56\u8005\u5982\u4f55\u8bc4\u4f30\u901a\u80c0\u3001\u5c31\u4e1a\uff0c\u4ee5\u53ca\u662f\u5426\u9700\u8981\u8fdb\u4e00\u6b65\u8c03\u6574\u5229\u7387\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u9700\u8981\u5173\u6ce8\u54ea\u4e9bUS10Y\u5173\u952e\u6c34\u5e73\uff1f<\/h3>\n\n\n\n<p>\u8fd1\u7aef\u652f\u6491\u57284.44%\uff0c\u5176\u540e\u662f4.40%\u4e0e4.36%\uff1b\u8fd1\u7aef\u963b\u529b\u57284.48%\uff0c\u5176\u540e\u662f4.50%\u30014.52%\u4e0e4.56%\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4ec0\u4e48\u56e0\u7d20\u53ef\u80fd\u63a8\u52a8US10Y\u4e0a\u78344.50%\uff1f<\/h3>\n\n\n\n<p>\u66f4\u5f3a\u7684\u7ecf\u6d4e\u6570\u636e\u3001\u901a\u80c0\u6301\u7eed\u504f\u9ad8\uff0c\u6216\u7f8e\u8054\u50a8\u66f4\u504f\u7d27\u7684\u8868\u6001\uff0c\u53ef\u80fd\u62ac\u5347\u5bf9\u66f4\u9ad8\u653f\u7b56\u5229\u7387\u7684\u9884\u671f\uff0c\u4ece\u800c\u63a8\u52a8US10Y\u7a81\u7834\u8fd1\u671f\u963b\u529b\u533a\u3002<\/p>\n\n\n\n\n<p><b>\u7acb\u5373\u5f00\u59cb\u4ea4\u6613 \u2014 \u70b9\u51fb<a href=\"https:\/\/www.vtmarkets.com\/cn-asia\/trade-now\/\">\u8fd9\u91cc<\/a>\u521b\u5efa\u60a8\u7684 VT Markets 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