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미국의 금융 안정성 위협하는 높은 채권 금리 435

੉ઁ ӝࢎ ݃૑݄ ޙױীࢲ rલs ফӝо աৡ ੉ਬܳ ੉೧ೞप ѩ
פ׮. ־ର ݈ॹܻ٘૑݅ ~The Economist ӝࢎח ੉୊ۢ ߓ҃
૑ध੉ হ੉ח ੉೧ೞӝ ൨ٚ ҃਋о ੗઱ ੓णפ׮. Ӓۧ૑݅ ׮
ܲ ؀ࠗ࠙੄ ৻न ӝࢎٜҗ ׳ܻ ӝࢎীࢲ ߓ҃ ࢸݺਸ ੗ࣁ൤
೧ ઱૑ ঋणפ׮. ٮۄࢲ ੉۠ ղਊਸ ݽܲ ଻ ӝࢎܳ ੍׮оח
rલs ফӝо աয়ח Ѫਸ ࠁҊ porridgeী rલs ৻ী ׮ܲ ڷ੉ ੓
ח૑ ৌब൤ ࢎ੹ਸ ଺ইࠊঠ ೞח ੌ੉ ࢤӡ ࣻب ੓णפ׮.
੉যࢲ ଻ӂ ੉ঠӝܳ ೞ੗ݶ, ޷Ҵ ଻ӂਸ ׮ܘ ৻न ӝࢎ
ח ࢎप࢚ ؀ࠗ࠙੉ Ҵ଻ treasuries ҙ۲ ӝࢎੑפ׮. Ҵ଻ח ੿ࠗ

о ࢎস ૘೯੉ա ੗Ә ઑ׳ਸ ݾ੸ਵ۽ ߊ೯ೞח ଻ӂ੉ભ. Ӓ
ېࢲ ޷Ҵ Ҵ଻ ӝࢎীࢲ bondۄҊ ա৬ب Ҵ଻ܳ ݈೤פ׮.
Is the bull market about to turn into a bubble? ಞীࢲ ଻
ӂ оѺ price җ Әܻ yield ࢎ੉੄ ৉࢚ҙҙ҅ী ؀೧ ਫ਼द ࢸݺਸ
٘۷णפ׮. ૊, Әܻо ࢚थೞݶ ଻ӂ оѺ਷ ೞۅೞҊ, Әܻо
ೞۅೞݶ ଻ӂ оѺ਷ ࢚थ೤פ׮. ৔য۽ Bond yields rise as
prices fall. Yields and prices move in opposite directions৬
э੉ ॶ ࣻ ੓णפ׮.

޷Ҵ Ҵ଻ ઺ীࢲ 10֙ޛ Ҵ଻ 10-year U.S. Treasury ৬ 2֙ޛ Ҵ
଻ 2-year U.S. Treasury о ৻नীࢲ о੢ ݆੉ ա২פ׮. ੹੗ח ੹ ࣁ
҅ ઑ׳Әܻ੄ ӝળ benchmark for borrowing rates globally ੉ۄࢲ Ӓۧ
Ҋ, റ੗ח Әܻ ੹ݎ interest rate expectations ী ޹хೞѱ ߈਽ೞӝ
ٸޙੑפ׮.
Ҵ଻ח ੿ࠗо ૑әਸ ࠁૐೞח উ੹ ੗࢑ safe haven ੑפ׮.
޷Ҵ Ҵ଻ח ࣁ҅ 1ਤ ҃ઁҴ੉ ૑әਸ ࠁૐೞӝ ٸޙী о੢ উ
੹ೠ ੗࢑ਵ۽ ಣо߉णפ׮. ٮۄࢲ ੹ ࣁ҅੄ ઱ਃҴ੉ ޷Ҵ
Ҵ଻ী ై੗ೞҊ ੓Ҋ, Foreign holdings of US Treasuries rise

to a record in July(7ਘ ৻Ҵੋ ޷Ҵ Ҵ଻ ࠁਬঘ ࢎ࢚ ୭؀஖ ӝ