美国债市发出警报：40万亿美元债务、美联储与AI热潮

The US bond market is speaking loudly. Stacey Vanek Smith decodes the messages The market for US Treasury bonds is one of the largest in the world, with as much as $1.2 trillion traded daily. It’s so big, it’s a powerful mirror of the US economy, reflecting risks near and far: inflation, wars, budget deficits, demographic cliffs. Judging from a recent pronounced spike in the yields on some of the most widely tracked US Treasuries, some of those worries are mounting: The 30-year hit a two-decade high this summer while the interest rate on the 10-year—the benchmark for mortgages, auto loans and some types of commercial credit—has climbed by more than half a percentage point since the start of May. …