Official definition · 官方定义
“A sovereign bond yield is an interest rate that a national government pays to service its outstanding bonds.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
A Treasury yield is the return on a US government bond of a given maturity. It is treated as the risk-free rate, the benchmark against which every other borrower is measured.
国债收益率是特定期限美国国债的回报率。它被视为无风险利率，是衡量其他所有借款人成本高低的基准。
The 10-year Treasury yield is the single most quoted number in finance. It is the discount rate behind equity valuations, the reference for mortgage rates, and the safe rate that emerging-market borrowing is compared with. When it rises because growth is strong, stocks can cope; when it rises because investors fear inflation or a fiscal problem, almost everything falls at once.
10 年期美债收益率是金融界被引用最多的数字。它是股票估值的折现率、房贷利率的参照，也是新兴市场融资成本的比较基准。
如果它因为增长强劲而上升，股票还能承受；如果它因为投资者担心通胀或财政问题而上升，几乎所有资产会同时下跌。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | The tenth of a point that moved the whole curve 国债收益率 · 第 3 张术语卡 | The ten-year went back above 5 per cent, and the two-year reached 4.73 per cent. 「收益率上升」等于「债券价格下跌」，因为票息是固定的，只有价格跌了，新买的人才能拿到更高的回报。这就是为什么通胀一超预期，已经持有债券的人当天就亏钱。另一个常见误解：收益率上升不代表政府「要还更多利息」——存量债的利息是固定的，只有新发的债才按新利率付息。 |
| 37 bp | AI's bill is now paid with borrowed money 国债收益率 · 第 6 张术语卡 | The 10-year fell to 4.91%, down 37 basis points in October. 收益率下跌有两种原因：一是预期降息（好消息），二是避险买盘（坏消息）。本期是第二种——股票在跌，钱却涌进国债，说明投资者不是不信 AI，而是在为「回报来得比预期晚」买保险。 |
| 114 bp | Why a $2 trillion deficit and 5% Treasury yields are becoming America’s biggest economic challenge 国债收益率 · 第 2 张术语卡 | The 10-year yield has climbed 114 basis points since February to 5.1%, and mortgages track it. 10 年期收益率是整个经济体长期利率的“锚”：房贷、企业债、州政府基建融资都参考它。收益率每上升 1 个百分点，40 万亿美元债务的年度利息理论上就多出约 4000 亿美元——这就是“利息账单跟着收益率走”的含义。 |
| 5.23% | Wall Street slumps as hot inflation revives the Fed’s rate-hike fears 国债收益率 · 第 4 张术语卡 | The 10-year yield jumped to 5.23%, its highest since 2002 — that is why mortgages and stocks both felt pain. 债券价格与收益率反向：价格跌、收益率升。投资者抛售国债时收益率上涨，意味着政府、企业与个人的借钱成本都上升。 |
| 5.24% | Wall Street banks face an earnings test after a $270 billion slide 国债收益率 · 第 1 张术语卡 | The 10-year yield closed at 5.24% on Friday and the 30-year at 5.60% — both multi-decade highs. That move, not the earnings, is why bank shares fell. 收益率与债券价格反向变动，这一点必须记牢：收益率上升，意味着已经发出去的旧债在市场上的价格下跌。所以同一件事对不同的人影响相反 —— 对刚买债的人是好消息（未来的票息更高），对已经持有债券的银行是坏消息（账上资产缩水）。另外要分清短端与长端：这次涨的是十年、三十年这样的长端，通常反映的是通胀预期、财政供给或期限溢价，而不是央行的短期利率决定。 |
Yield is set by the Fed
The Fed sets the overnight rate. Ten-year yields are set by the market.
A rise means investors are dumping America
It can also mean growth is stronger than expected.
Treasuries are risk-free
Risk-free in nominal dollars. Inflation still erodes the real return.
· the 10-year yield
· yields across the curve
· the long end
· a Treasury sell-off
· term premium
the 10-year yield 十年期收益率；yields across the curve 整条曲线的收益率；the long end 长端；a Treasury sell-off 美债抛售；term premium 期限溢价。
· yield vs rate (market vs policy)
· Treasury vs Treasury bill (maturity)
yield 是市场价，rate 常指政策利率；Treasury 指中长期国债，T-bill 是一年以内的短债。
The 10-year Treasury yield rose to X%, while the two-year held near Y%.
对比句：十年期美债收益率升至 X%，两年期则守在 Y% 附近——两个期限一比，曲线的故事就出来了。
“The ten-year went back above 5 per cent, and the two-year reached 4.73 per cent.”
“The 10-year fell to 4.91%, down 37 basis points in October.”
“The 10-year yield has climbed 114 basis points since February to 5.1%, and mortgages track it.”
“The 10-year yield jumped to 5.23%, its highest since 2002 — that is why mortgages and stocks both felt pain.”
“The 10-year yield closed at 5.24% on Friday and the 30-year at 5.60% — both multi-decade highs. That move, no…”