每日：收益率见顶后债券的投资理由

关键论点

• 在广泛避险环境下，美债正重新被视为避险资产。
• 起始收益率足够高，收益率需大幅上行才能抵消一年票息。
• 市场对美联储加息的定价高于瑞银预期，为收益率下行和资本利得留出空间。
• 瑞银偏好中长久期优质债券，对最长久期保持谨慎。

对应原文证据

1. Also, inflation has reaccelerated, hyperscalers are raising more money for their AI investment, and fiscal concerns have not abated.
2. While not our base case, higher oil prices have put economic growth risks back into focus, and quality bonds should benefit if growth weakens.
3. While the Federal Reserve is expected to keep interest rates steady when policymakers meet this week, markets are pricing in more tightening over the next 12 months than we currently expect. · this week