Record-breaking global bond rally crumbles as fresh inflation fears grip investors
新一轮通胀担忧逼退债市涨势
Fixed income markets reverse gains since start of year in ‘reality check’ over path of interest rates
有迹象显示通胀将会持续高企，投资者被迫逆转其对央行很快就会结束加息的乐观预测。期货市场现在预测美国利率将在7月升至5.4%。
The record-breaking global bond market rally since the start of this year has fizzled out as mounting signs of persistent inflation force investors to reverse their views on the likely future path of interest rate rises.Investors rushed into fixed income in the first few weeks of 2023 as they became increasingly expectant that the US Federal Reserve and other major central banks would soon end their aggressive campaign of monetary policy tightening.
全球债券市场自今年初以来的创纪录涨势已经消退，显示通胀将会顽固高企的越来越多迹象迫使投资者逆转其对央行加息路径的预测。
A Bloomberg index tracking high-grade government and corporate bonds rose as much as 4 per cent last month, its best ever start to the year.
投资者在2023年的最初几周涌入固定收益产品，越来越期待美联储(Federal Reserve)和其他主要央行将很快结束其大力度收紧货币政策的行动。
But that gain has now disappeared after a scorching US labour market report earlier this month kicked off a run of better than expected economic data on both sides of the Atlantic, upending expectations that the Fed and the European Central Bank were close to winning their battle with inflation.
追踪高评级政府和公司债券的彭博(Bloomberg)指数1月一度上升4%，呈现史上表现最好的一年开局。
