债券 101 驾驭当今高收益率的简单投资者指南

关键论点

• 起始收益率上升意味着票息收入能发挥更大作用，投资者不再需要利率大幅下行就能让债券变得有用。
• 债券在投资组合中承担多种角色：将短期目标与股票风险分离、匹配未来负债、以及为退休支出提供资金。
• 长久期债券是对收益率下行的主动押注，而不仅仅是短债的高收益版本。
• 由于政府债券收益率已具吸引力，投资者为获取收益而冒险进入低质量信用债的理由减少。

对应原文证据

1. Inflation, oil prices, government borrowing and further Federal Reserve tightening could keep yields elevated or push them higher still.
2. The US 10-year Treasury yield has moved above 5%, after another sell-off in global bond markets.
3. The Federal Reserve has also just raised interest rates for the first time in more than three years, taking the policy rate to 3.75–4.00%, while signalling that inflation remains a concern and further tightening may be required.