{"id":51358,"date":"2026-07-06T07:39:02","date_gmt":"2026-07-06T07:39:02","guid":{"rendered":"https:\/\/www.vtmarkets.com\/zh\/uncategorized\/51358\/"},"modified":"2026-07-06T07:39:02","modified_gmt":"2026-07-06T07:39:02","slug":"%e7%be%8e%e5%9c%8b10%e5%b9%b4%e6%9c%9f%e5%9c%8b%e5%82%b5%e5%ad%b3%e6%81%af%e7%8e%87%e5%9c%a8%e8%81%af%e5%84%b2%e5%b1%80%e6%9c%83%e8%ad%b0%e7%b4%80%e8%a6%81%e5%85%ac%e5%b8%83%e5%89%8d%e8%bc%95%e5%be%ae","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/analysis\/51358\/","title":{"rendered":"\u7f8e\u570b10\u5e74\u671f\u570b\u50b5\u5b73\u606f\u7387\u5728\u806f\u5132\u5c40\u6703\u8b70\u7d00\u8981\u516c\u5e03\u524d\u8f15\u5fae\u56de\u843d"},"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>\u91cd\u9ede<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7f8e\u570b10\u5e74\u671f\u570b\u5eab\u5238\u5b73\u606f\u7387\uff0810\u5e74\u671f\u7f8e\u50b5\u5229\u7387\uff09\u9031\u4e00\u56de\u843d\u81f3\u7d044.47%\uff0c\u4e0a\u9031\u66fe\u903c\u8fd14.50%\u3002<\/li>\n\n\n\n<li>6\u6708\u975e\u8fb2\u5c31\u696d\u4eba\u6578\uff08\u4e0d\u5305\u62ec\u8fb2\u696d\u7684\u65b0\u589e\u8077\u4f4d\uff09\u589e\u52a05.7\u842c\uff0c\u4f4e\u65bc\u5e02\u5834\u9810\u671f\u768411\u842c\u3002<\/li>\n\n\n\n<li>4\u6708\u53ca5\u6708\u5c31\u696d\u6578\u64da\u5408\u5171\u4e0b\u4fee7.4\u842c\u3002<\/li>\n\n\n\n<li>\u5c31\u696d\u6578\u64da\u8f49\u5f31\uff0c\u4ee4\u5e02\u5834\u4e0b\u8abf\u806f\u5132\u5c40\u77ed\u671f\u5167\u518d\u52a0\u606f\u7684\u9810\u671f\u3002<\/li>\n\n\n\n<li>\u6cb9\u50f9\u56de\u843d\u7d13\u7de9\u90e8\u5206\u901a\u8139\u6182\u616e\uff0c\u4ea6\u524a\u5f31\u6b64\u524d\u63a8\u9ad8\u7f8e\u50b5\u5b73\u606f\u7387\u7684\u56e0\u7d20\u3002<\/li>\n\n\n\n<li>\u6280\u8853\u8d70\u52e2\u4e0a\uff0cUS10Y\uff08\u65e5\u7dda\u5716\uff094.44%\u9644\u8fd1\u70ba\u5373\u6642\u652f\u6301\uff1b4.48%\u81f34.50%\u70ba\u9996\u500b\u963b\u529b\u5340\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u7f8e\u570b10\u5e74\u671f\u570b\u5eab\u5238\u5b73\u606f\u7387\u9031\u4e00\u4e0b\u8dcc\uff0c\u5e02\u5834\u7e7c\u7e8c\u6d88\u5316\u504f\u5f31\u7684\u5c31\u696d\u6578\u64da\uff0c\u4e26\u7b49\u5f85\u806f\u5132\u5c406\u6708\u8b70\u606f\u6703\u8b70\u7d00\u8981\uff08FOMC minutes\uff0c\u5373\u6703\u5f8c\u8a73\u7d30\u8a0e\u8ad6\u7d00\u9304\uff09\u516c\u5e03\u3002<\/p>\n\n\n\n<p>US10Y\u56de\u843d\u81f3\u7d044.47%\uff0c\u56de\u5410\u8fd1\u671f\u90e8\u5206\u5347\u5e45\u3002\u4e00\u822c\u800c\u8a00\uff0c\u7f8e\u50b5\u50f9\u683c\u8207\u5b73\u606f\u7387\u8d70\u52e2\u76f8\u53cd\uff08\u50f9\u683c\u5347\u3001\u5b73\u606f\u7387\u8dcc\uff1b\u50f9\u683c\u8dcc\u3001\u5b73\u606f\u7387\u5347\uff09\uff0c\u5b73\u606f\u7387\u4e0b\u8dcc\u53cd\u6620\u6295\u8cc7\u8005\u589e\u52a0\u8cb7\u516510\u5e74\u671f\u570b\u5eab\u5238\u7684\u9700\u6c42\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>\u4eca\u6b21\u8d70\u52e2\u5ef6\u7e8c\u5e02\u5834\u5c0d6\u6708\u5c31\u696d\u5831\u544a\u7684\u53cd\u61c9\u3002\u7f8e\u570b6\u6708\u975e\u8fb2\u5c31\u696d\u4eba\u6578\u589e\u52a05.7\u842c\uff0c\u4f4e\u65bc\u9810\u671f\u768411\u842c\uff1b4\u6708\u53ca5\u6708\u6578\u64da\u4ea6\u5408\u5171\u4e0b\u4fee7.4\u842c\u3002<\/p>\n\n\n\n<p>\u5931\u696d\u7387\u5fae\u8dcc\u81f34.2%\uff0c\u4f46\u52de\u52d5\u53c3\u8207\u7387\uff08\u52de\u52d5\u529b\u4e2d\u6709\u5de5\u4f5c\u6216\u6b63\u5728\u627e\u5de5\u4f5c\u7684\u4eba\u6240\u4f54\u6bd4\u4f8b\uff09\u964d\u81f361.5%\u3002\u9019\u610f\u5473\u5931\u696d\u7387\u56de\u843d\uff0c\u90e8\u5206\u539f\u56e0\u53ef\u80fd\u662f\u8f03\u5c11\u4eba\u53c3\u8207\u5c31\u696d\u5e02\u5834\uff0c\u800c\u975e\u4f01\u696d\u62db\u8058\u660e\u986f\u8f49\u5f37\u3002<\/p>\n\n\n\n<p>\u5c31\u696d\u6578\u64da\u504f\u5f31\uff0c\u4ee4\u806f\u5132\u5c40\u6709\u66f4\u591a\u6642\u9593\u89c0\u5bdf\u901a\u8139\uff0c\u518d\u6c7a\u5b9a\u662f\u5426\u9700\u8981\u9032\u4e00\u6b65\u6536\u7dca\u653f\u7b56\uff08tightening\uff0c\u5373\u52a0\u606f\u6216\u6536\u7dca\u91d1\u878d\u74b0\u5883\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 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>\u300c\u806f\u5132\u5c40\u4eca\u5e74\u6216\u907f\u514d\u518d\u52a0\u606f\u300d\u5c6c\u5206\u6790\u5224\u65b7\uff0c\u4e26\u975e\u5df2\u78ba\u8a8d\u7684\u653f\u7b56\u7d50\u679c\u3002\u4e0d\u904e\uff0c\u8f03\u5f31\u7684\u52de\u5de5\u6578\u64da\u4fc3\u4f7f\u4ea4\u6613\u54e1\u964d\u4f4e\u77ed\u671f\u5167\u518d\u52a0\u606f\u7684\u62bc\u6ce8\uff0c\u652f\u6301\u570b\u5eab\u5238\u50f9\u683c\uff0c\u4e26\u4ee4\u5b73\u606f\u7387\u53d7\u58d3\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u70ba\u4f55\u4ea4\u6613\u54e1\u95dc\u6ce8<\/h2>\n\n\n\n<p>\u7f8e\u570b10\u5e74\u671f\u570b\u5eab\u5238\u5b73\u606f\u7387\u662f\u91cd\u8981\u6307\u6a19\uff0c\u901a\u5e38\u53cd\u6620\u5e02\u5834\u5c0d\u8f03\u9577\u671f\u7684\u7d93\u6fdf\u589e\u9577\u3001\u901a\u8139\uff0c\u4ee5\u53ca\u806f\u5132\u5c40\u653f\u7b56\u8def\u5f91\u7684\u9810\u671f\u3002<\/p>\n\n\n\n<p>\u76ee\u524d\u5e02\u5834\u7126\u9ede\u5728\u65bc\uff1a\u5c31\u696d\u589e\u9577\u653e\u6162\uff0c\u8207\u901a\u8139\u4ecd\u672a\u5b8c\u5168\u6d88\u9000\u4e4b\u9593\u7684\u62c9\u92f8\u3002<\/p>\n\n\n\n<p>\u62db\u8058\u8f49\u6162\u6216\u964d\u4f4e\u77ed\u671f\u518d\u52a0\u606f\u7684\u9700\u8981\uff1b\u4f46\u806f\u5132\u5c40\u5c0d\u901a\u8139\u7acb\u5834\u4ecd\u504f\u5f37\u786c\uff0c\u672a\u6392\u9664\u518d\u63a1\u53d6\u653f\u7b56\u884c\u52d5\u3002<\/p>\n\n\n\n<p>\u806f\u5132\u5c40\u57286\u670816\u81f317\u65e5\u6703\u8b70\u628a\u806f\u90a6\u57fa\u91d1\u76ee\u6a19\u5229\u7387\u5340\u9593\uff08Federal funds target range\uff0c\u7f8e\u570b\u653f\u7b56\u5229\u7387\u7684\u76ee\u6a19\u7bc4\u570d\uff09\u7dad\u6301\u65bc<a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20260617a.htm\">3.50%\u81f33.75%<\/a>\u3002<\/p>\n\n\n\n<p>\u5373\u5c07\u516c\u5e03\u7684FOMC\u6703\u8b70\u7d00\u8981\uff0c\u6216\u63d0\u4f9b\u66f4\u591a\u7d30\u7bc0\uff0c\u8aaa\u660e\u6c7a\u7b56\u8005\u5982\u4f55\u8a55\u4f30\u901a\u8139\u3001\u5c31\u696d\u60c5\u6cc1\uff0c\u4ee5\u53ca\u662f\u5426\u9700\u8981\u984d\u5916\u6536\u7dca\u653f\u7b56\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u5728\u7d00\u8981\u516c\u5e03\u524d\u5f8c\uff0cUS10Y\u53ef\u80fd\u5c0d\u5229\u7387\u9810\u671f\u8b8a\u5316\u66f4\u70ba\u654f\u611f\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u95dc\u9375\u5b73\u606f\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>\u5b73\u606f\u7387\u6c34\u5e73<\/strong><\/td><td><strong>\u5e02\u5834\u95dc\u6ce8\u9ede<\/strong><\/td><\/tr><tr><td>4.56%<\/td><td>6\u6708\u9ad8\u4f4d\u5f15\u4f38\u7684\u8f03\u5927\u963b\u529b<\/td><\/tr><tr><td>4.52%<\/td><td>\u73fe\u6c34\u5e73\u4e0a\u65b9\u7684\u6b21\u8981\u963b\u529b<\/td><\/tr><tr><td>4.50%<\/td><td>\u95dc\u9375\u5fc3\u7406\u95dc\u53e3\u53ca\u6280\u8853\u963b\u529b<\/td><\/tr><tr><td>4.48%<\/td><td>\u8cbc\u8fd1\u6700\u8fd1\u4e00\u500b\u4ea4\u6613\u65e5\u9ad8\u4f4d\u7684\u5373\u6642\u963b\u529b<\/td><\/tr><tr><td>4.47%<\/td><td>\u73fe\u6642\u5716\u8868\u9644\u8fd1\u6c34\u5e73<\/td><\/tr><tr><td>4.44%<\/td><td>\u77ed\u7dda\u5373\u6642\u652f\u6301<\/td><\/tr><tr><td>4.40%<\/td><td>\u95dc\u9375\u5fc3\u7406\u95dc\u53e3\u53ca\u6280\u8853\u652f\u6301<\/td><\/tr><tr><td>4.36%<\/td><td>\u8fd1\u671f\u6ce2\u6bb5\u4f4e\u4f4d\u53ca\u8f03\u5927\u4e0b\u65b9\u652f\u6301<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>US10Y\u65e5\u7dda\u5716\u986f\u793a\uff0c\u5b73\u606f\u7387\u57286\u6708\u5e95\u7d044.36%\u7684\u4f4e\u4f4d\u53cd\u5f48\u5f8c\uff0c\u73fe\u63a5\u8fd14.465%\u3002\u4f46\u53cd\u5f48\u57284.48%\u81f34.50%\u963b\u529b\u5340\u4e0b\u65b9\u653e\u6162\u3002<\/p>\n\n\n\n<p>\u82e5\u80fd\u6301\u7e8c\u5347\u7a7f4.48%\uff0c\u5e02\u5834\u7126\u9ede\u6216\u91cd\u56de4.50%\u3002\u4f46\u8981\u51fa\u73fe\u66f4\u660e\u986f\u5347\u52e2\uff0c\u5b73\u606f\u7387\u9700\u8981\u7a81\u7834\u4e26\u4f01\u7a69\u65bc4.50%\u4e4b\u4e0a\uff08\u4f01\u7a69\u6307\u80fd\u5728\u8a72\u6c34\u5e73\u4e0a\u65b9\u7dad\u6301\u4e00\u6bb5\u6642\u9593\uff0c\u800c\u975e\u77ed\u66ab\u89f8\u53ca\uff09\u3002<\/p>\n\n\n\n<p>\u4e00\u65e6\u78ba\u8a8d\u5347\u7834\uff08confirmed break\uff0c\u5373\u6709\u6548\u7a81\u7834\uff0c\u901a\u5e38\u914d\u5408\u6536\u5e02\u4f01\u7a69\u6216\u6210\u4ea4\/\u6ce2\u5e45\u914d\u5408\uff09\u8a72\u6c34\u5e73\uff0c\u7126\u9ede\u6216\u8f49\u54114.52%\uff0c\u5176\u5f8c\u662f\u7d044.56%\u7684\u8f03\u5927\u963b\u529b\u3002<\/p>\n\n\n\n<p>\u4e0b\u884c\u65b9\u9762\uff0c4.44%\u662f\u9996\u500b\u652f\u6301\u4f4d\uff1b\u82e5\u8dcc\u7a7f\uff0c\u6216\u4e0b\u8a664.40%\u5fc3\u7406\u95dc\u53e3\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u504f\u597d\u8207\u504f\u6de1\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>\u89f8\u767c\u689d\u4ef6<\/strong><\/td><td><strong>\u6f5b\u5728\u5e02\u5834\u53cd\u61c9<\/strong><\/td><\/tr><tr><td>\u5b73\u606f\u7387\u56de\u5347<\/td><td>\u5347\u7a7f4.48%<\/td><td>US10Y\u6216\u518d\u6e2c\u8a664.50%<\/td><\/tr><tr><td>\u5b73\u606f\u7387\u7a81\u7834<\/td><td>\u5347\u78344.50%<\/td><td>\u7126\u9ede\u6216\u8f49\u54114.52%\u81f34.56%<\/td><\/tr><tr><td>\u5340\u9593\u6574\u56fa<\/td><td>\u7dad\u6301\u57284.44%\u81f34.50%<\/td><td>\u5e02\u5834\u6216\u7b49\u5f85\u806f\u5132\u5c40\u66f4\u6e05\u6670\u8a0a\u865f<\/td><\/tr><tr><td>\u5b73\u606f\u7387\u4e0b\u884c<\/td><td>\u8dcc\u7a7f4.44%<\/td><td>US10Y\u6216\u56de\u843d\u81f34.40%<\/td><\/tr><tr><td>\u8dcc\u52e2\u5ef6\u4f38<\/td><td>\u8dcc\u7a7f4.40%<\/td><td>\u6216\u9032\u4e00\u6b65\u4e0b\u8a664.36%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u5b73\u606f\u7387\u56de\u5347\u7684\u60c5\u666f\uff0c\u53d6\u6c7a\u65bcUS10Y\u5148\u5347\u7a7f4.48%\uff0c\u518d\u78ba\u8a8d\u7a81\u78344.50%\u3002\u9019\u53ef\u80fd\u53cd\u6620\u5e02\u5834\u91cd\u65b0\u62bc\u6ce8\u653f\u7b56\u66f4\u6536\u7dca\uff0c\u6216\u901a\u8139\u8f03\u70ba\u9811\u56fa\uff08persistent inflation\uff0c\u5373\u901a\u8139\u56de\u843d\u6162\u3001\u9ecf\u6027\u9ad8\uff09\u3002<\/p>\n\n\n\n<p>\u66f4\u5f37\u5347\u52e2\u5247\u9700\u8981\u5347\u78344.52%\u3002\u82e5\u80fd\u7a81\u7834\uff0c\u6216\u4e0a\u8a66\u7d044.56%\u7684\u8f03\u5927\u963b\u529b\u3002<\/p>\n\n\n\n<p>\u4e2d\u6027\u60c5\u666f\u662f4.44%\u81f34.50%\u4e4b\u9593\u6574\u56fa\u3002\u5340\u9593\u4e0a\u843d\uff08range-bound\uff0c\u5373\u5728\u56fa\u5b9a\u7bc4\u570d\u5167\u6ce2\u52d5\uff09\u6216\u53cd\u6620\u4ea4\u6613\u54e1\u7b49\u5f85FOMC\u6703\u8b70\u7d00\u8981\uff0c\u4ee5\u53ca\u5373\u5c07\u9032\u884c\u7684\u7f8e\u570b\u570b\u5eab\u5238\u62cd\u8ce3\uff08Treasury auctions\uff0c\u5373\u653f\u5e9c\u767c\u884c\u65b0\u50b5\u3001\u6295\u8cc7\u8005\u7af6\u6295\uff09\u518d\u4f5c\u65b9\u5411\u6027\u90e8\u7f72\u3002<\/p>\n\n\n\n<p>\u5b73\u606f\u7387\u4e0b\u884c\u60c5\u666f\u5728US10Y\u8dcc\u7a7f4.44%\u5f8c\u66f4\u660e\u78ba\uff1b\u78ba\u8a8d\u8dcc\u7834\u6216\u4ee44.40%\u6210\u70ba\u7126\u9ede\u3002\u82e54.40%\u4ea6\u5931\u5b88\uff0c\u5b73\u606f\u7387\u6216\u56de\u8a66\u8fd1\u671f\u6ce2\u6bb5\u4f4e\u4f4d\u7d044.36%\u3002<\/p>\n\n\n\n<p>\u4e00\u822c\u800c\u8a00\uff0c\u5b73\u606f\u7387\u4e0b\u8dcc\u5229\u597d\u570b\u5eab\u5238\u50f9\u683c\uff1b\u5b73\u606f\u7387\u4e0a\u5347\u5247\u4ee4\u50f9\u683c\u53d7\u58d3\u3002<\/p>\n\n\n\n<p><em>\u514d\u8cac\u8072\u660e<\/em><\/p>\n\n\n\n<p><em>\u4ee5\u4e0a\u50f9\u4f4d\u53ca\u60c5\u666f\u53ea\u53cd\u6620\u4f5c\u8005\u64b0\u5beb\u6642\u7684\u89c0\u9ede\uff0c\u4e26\u975e\u6295\u8cc7\u5efa\u8b70\uff0c\u4ea6\u4e0d\u69cb\u6210VT Markets\u7684\u6b63\u5f0f\u63a8\u85a6\u3002\u4ea4\u6613\u8005\u61c9\u81ea\u884c\u5206\u6790\u4e26\u5be9\u614e\u7ba1\u7406\u98a8\u96aa\u3002<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5728VT Markets\u4ea4\u6613\u7f8e\u570b\u570b\u5eab\u5238\u5dee\u50f9\u5408\u7d04\uff08CFD\uff09<\/h2>\n\n\n\n<p>\u7f8e\u570b\u570b\u5eab\u5238\u5e02\u5834\u53ef\u80fd\u56e0\u5c31\u696d\u6578\u64da\u3001\u901a\u8139\u9810\u671f\uff0c\u4ee5\u53ca\u806f\u5132\u5c40\u653f\u7b56\u8a0a\u865f\u8b8a\u5316\u800c\u51fa\u73fe\u6025\u901f\u6ce2\u52d5\u3002<\/p>\n\n\n\n<p>\u900f\u904eVT Markets\uff0c\u4ea4\u6613\u8005\u53ef\u5728\u540c\u4e00\u4ea4\u6613\u5e73\u53f0\u8cb7\u8ce3\u50b5\u5238\u5dee\u50f9\u5408\u7d04\uff08Bond CFD\uff0c\u5373\u4e0d\u9700\u6301\u6709\u5be6\u7269\u50b5\u5238\u3001\u53ea\u5c31\u50f9\u683c\u5347\u8dcc\u4f5c\u4ea4\u6613\u7684\u884d\u751f\u5de5\u5177\uff09\uff0c\u4e26\u76e3\u5bdf\u7f8e\u570b\u570b\u5eab\u5238\u5e02\u5834\u8b8a\u5316\u3002<\/p>\n\n\n\n<p>VT Markets\u63d0\u4f9b\u5de5\u5177\u8ffd\u8e64\u5b73\u606f\u7387\u8d70\u52e2\u3001\u8fa8\u8b58\u91cd\u8981\u50f9\u4f4d\u4e26\u6309\u5e02\u6cc1\u8abf\u6574\u7b56\u7565\u3002\u7121\u8ad6US10Y\u5347\u7a7f4.50%\u6216\u8dcc\u7a7f4.40%\uff0c\u4ea4\u6613\u8005\u90fd\u53ef\u5229\u7528\u9032\u968e\u5716\u8868\u5de5\u5177\u53ca\u8f03\u9748\u6d3b\u7684\u5e33\u6236\u9078\u9805\u89c0\u5bdf\u90e8\u7f72\u3002<\/p>\n\n\n\n<p>\u4e86\u89e3\u66f4\u591a\uff1a\u5728VT Markets\u4ea4\u6613<a href=\"https:\/\/www.vtmarkets.com\/cfd-bonds\/\">\u50b5\u5238\u5dee\u50f9\u5408\u7d04<\/a>\uff08<a href=\"https:\/\/www.vtmarkets.com\/Insights\/\">\u6309\u6b64<\/a>\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u70ba\u4f55\u4ea4\u6613\u7f8e\u570b\u570b\u5eab\u5238\u5dee\u50f9\u5408\u7d04\uff08CFD\uff09\uff1f<\/h2>\n\n\n\n<p>\u50b5\u5238\u5dee\u50f9\u5408\u7d04\u8b93\u4ea4\u6613\u8005\u5728\u4e0d\u8cb7\u5165\u5be6\u7269\u7f8e\u570b\u570b\u5eab\u5238\u7684\u60c5\u6cc1\u4e0b\uff0c\u90e8\u7f72\u50b5\u5238\u50f9\u683c\u4e0a\u5347\u6216\u4e0b\u8dcc\u3002<\/p>\n\n\n\n<p>\u7531\u65bc\u7f8e\u50b5\u50f9\u683c\u8207\u5b73\u606f\u7387\u4e00\u822c\u8d70\u52e2\u76f8\u53cd\uff0cUS10Y\u56de\u843d\u901a\u5e38\u5229\u597d\u570b\u5eab\u5238\u50f9\u683c\uff1b\u5b73\u606f\u7387\u4e0a\u5347\u5247\u4ee4\u50f9\u683c\u53d7\u58d3\u3002<\/p>\n\n\n\n<p>\u7576\u5c31\u696d\u5831\u544a\u3001\u901a\u8139\u6578\u64da\u53ca\u806f\u5132\u5c40\u6c7a\u5b9a\u4ee4\u7f8e\u50b5\u5e02\u5834\u6ce2\u52d5\u52a0\u5287\uff08volatility\uff0c\u5373\u50f9\u683c\u4e0a\u843d\u5e45\u5ea6\u8b8a\u5927\uff09\u6642\uff0c\u50b5\u5238\u5dee\u50f9\u5408\u7d04\u53ef\u7528\u4f5c\u77ed\u7dda\u90e8\u7f72\u5de5\u5177\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u63a5\u4e0b\u4f86\u7559\u610f\u4ec0\u9ebc<\/h2>\n\n\n\n<p>\u7126\u9ede\u662f\u806f\u5132\u5c40<strong>6\u670816\u81f317\u65e5<\/strong>\u6703\u8b70\u7d00\u8981\uff0c\u9810\u5b9a\u65bc<strong>7\u67088\u65e5\uff08\u5468\u4e09\uff09<\/strong>\u516c\u5e03\u3002<\/p>\n\n\n\n<p>\u4ea4\u6613\u54e1\u5c07\u7559\u610f\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u662f\u5426\u6709\u8db3\u5920\u652f\u6301\u518d\u52a0\u606f<\/li>\n\n\n\n<li>\u5c0d\u901a\u8139\u6301\u7e8c\u504f\u9ad8\u7684\u6182\u616e\u7a0b\u5ea6<\/li>\n\n\n\n<li>\u6709\u5426\u8a0e\u8ad6\u5c31\u696d\u589e\u9577\u8f49\u5f31<\/li>\n\n\n\n<li>\u54ea\u4e9b\u7d93\u6fdf\u689d\u4ef6\u53ef\u80fd\u6539\u8b8a\u653f\u7b56\u53d6\u5411<\/li>\n\n\n\n<li>\u5982\u4f55\u6b0a\u8861\u901a\u8139\u8207\u5c31\u696d\u7684\u98a8\u96aa<\/li>\n<\/ul>\n\n\n\n<p>\u7d00\u8981\u63aa\u8fad\u53ef\u80fd\u5de6\u53f3US10Y\u7e7c\u7e8c\u53d7\u5236\u65bc4.50%\u4e0b\u65b9\uff0c\u6216\u518d\u5ea6\u5ef6\u7e8c\u65e9\u524d\u5347\u52e2\u3002<\/p>\n\n\n\n<p>\u53e6\u5916\uff0c\u7f8e\u570b\u570b\u5eab\u5238\u62cd\u8ce3\u5c07\u518d\u6e2c\u8a66\u6295\u8cc7\u8005\u9700\u6c42\u300210\u5e74\u671f\u53ca30\u5e74\u671f\u570b\u50b5\u7684\u6295\u6a19\u60c5\u6cc1\uff0c\u53ef\u53cd\u6620\u8cb7\u5bb6\u662f\u5426\u9858\u610f\u5728\u73fe\u6642\u5b73\u606f\u7387\u6c34\u5e73\u627f\u63a5\u8f03\u9577\u5e74\u671f\u653f\u5e9c\u50b5\u52d9\uff08longer-dated debt\uff0c\u5373\u5230\u671f\u6642\u9593\u66f4\u9577\u7684\u50b5\u5238\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\u8ce3\u9700\u6c42\u5f37\u6216\u6709\u52a9\u9650\u5236US10Y\u4e0a\u5347\uff1b\u6295\u6a19\u504f\u5f31\u5247\u53ef\u80fd\u4ee4\u5b73\u606f\u7387\u53d7\u63a8\u5347\u3002<\/p>\n\n\n\n<p>\u9664\u7d00\u8981\u53ca\u62cd\u8ce3\u5916\uff0c\u4ea6\u9700\u7559\u610f\u901a\u8139\u6578\u64da\u3001\u6bcf\u5468\u9996\u6b21\u7533\u9818\u5931\u696d\u6551\u6fdf\u4eba\u6578\uff08weekly jobless claims\uff0c\u5373\u7533\u9818\u5931\u696d\u6551\u6fdf\u7684\u65b0\u7533\u8acb\u6578\u64da\uff09\uff0c\u4ee5\u53ca\u806f\u5132\u5c40\u5b98\u54e1\u8a00\u8ad6\u3002<\/p>\n\n\n\n<p>\u77ed\u671f\u800c\u8a00\uff0c4.44%\u81f34.50%\u4ecd\u662f\u4e3b\u8981\u6ce2\u5e45\u5340\u9593\u3002\u82e5\u78ba\u8a8d\u5347\u78344.50%\uff0c\u6216\u4e0a\u671b4.52%\u53ca4.56%\uff1b\u82e5\u8dcc\u7a7f4.44%\uff0c\u5247\u6216\u4e0b\u8a664.40%\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\u898b\u554f\u984c<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u70ba\u4f55\u7f8e\u570b10\u5e74\u671f\u570b\u5eab\u5238\u5b73\u606f\u7387\u4e0b\u8dcc\uff1f<\/h3>\n\n\n\n<p>US10Y\u4e0b\u8dcc\uff0c\u4e3b\u8981\u56e06\u6708\u975e\u8fb2\u65b0\u589e\u8077\u4f4d\u653e\u6162\u81f35.7\u842c\uff0c\u52a0\u4e0a\u524d\u5169\u500b\u6708\u6578\u64da\u88ab\u4e0b\u4fee\uff0c\u4ee4\u5e02\u5834\u964d\u4f4e\u806f\u5132\u5c40\u77ed\u671f\u5167\u9700\u8981\u518d\u6536\u7dca\u653f\u7b56\u7684\u9810\u671f\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5b73\u606f\u7387\u4e0b\u8dcc\u6642\uff0c\u570b\u5eab\u5238\u50f9\u683c\u6703\u600e\u6a23\uff1f<\/h3>\n\n\n\n<p>\u7f8e\u50b5\u50f9\u683c\u8207\u5b73\u606f\u7387\u4e00\u822c\u8d70\u52e2\u76f8\u53cd\u3002\u7576\u6295\u8cc7\u8005\u9700\u6c42\u4e0a\u5347\uff0c\u570b\u5eab\u5238\u50f9\u683c\u4e0a\u5347\u3001\u5b73\u606f\u7387\u4e0b\u8dcc\uff1b\u7576\u5e02\u5834\u62cb\u552e\u570b\u5eab\u5238\uff0c\u50f9\u683c\u4e0b\u8dcc\u3001\u5b73\u606f\u7387\u4e0a\u5347\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7f8e\u570b10\u5e74\u671f\u662f\u300c\u50b5\u5238\u300d\u9084\u662f\u300c\u7968\u64da\u300d\uff1f<\/h3>\n\n\n\n<p>\u6309\u7f8e\u570b\u8ca1\u653f\u90e8\u5206\u985e\uff0c\u539f\u59cb\u5230\u671f\u5e74\u671f\u4ecb\u4e4e2\u5e74\u81f310\u5e74\u7684\u5c6c\u300c\u570b\u5eab\u7968\u64da\u300d\uff08Treasury 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class=\"wp-block-heading\">\u4ec0\u9ebc\u56e0\u7d20\u53ef\u80fd\u63a8\u52d5US10Y\u5347\u7a7f4.50%\uff1f<\/h3>\n\n\n\n<p>\u82e5\u7d93\u6fdf\u6578\u64da\u8f49\u5f37\u3001\u901a\u8139\u6301\u7e8c\u504f\u9ad8\uff0c\u6216\u806f\u5132\u5c40\u91cb\u51fa\u66f4\u504f\u6536\u7dca\u7684\u8a0a\u865f\uff08restrictive communication\uff0c\u5373\u6697\u793a\u5229\u7387\u53ef\u80fd\u66f4\u9ad8\u6216\u7dad\u6301\u66f4\u4e45\uff09\uff0c\u5e02\u5834\u5c0d\u653f\u7b56\u5229\u7387\u4e0a\u884c\u7684\u9810\u671f\u6216\u5347\u6eab\uff0c\u63a8\u52d5US10Y\u5347\u7834\u963b\u529b\u5340\u3002<\/p>\n\n\n\n\n<p><b>\u7acb\u5373\u5f00\u59cb\u4ea4\u6613 \u2014 \u70b9\u51fb<a href=\"http:\/\/www.vtmarkets.com\/zh\/trade-now\/?utm_source=DMI\">\u6b64\u5904<\/a>\u5f00\u8bbe\u60a8\u7684 VT Markets 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