US Treasuries suffered their biggest two-day sell-off since the collapse of Lehman Brothers, following a torrid month that has seen borrowing costs for western governments soar.

美国国债遭遇自雷曼兄弟(Lehman Brothers)倒闭以来最大规模的连续两天抛售，近一个月来市场处境艰难，西方国家政府的借款成本飙升。

Germany, Japan and the US have all seen their benchmark market interest rates rise by more than a quarter in the past month while the UK’s has risen by nearly a fifth.

过去一个月来，德国、日本和美国的基准市场利率均上升逾四分之一，而英国的基准市场利率上升近五分之一。

“You could argue that we are at a new stage where the global cost of capital goes higher and higher,” said Steven Major, global head of fixed income research at HSBC.

“可以说，我们处在一个全球资金成本越来越高的新阶段，”汇丰(HSBC)固定收益研究全球主管史蒂文•梅杰(Steven Major)表示。

The yield on 10-year US Treasuries hit a six-month high of 3.33 per cent on Wednesday, up 0.39 percentage points from Monday and 1 percentage point higher than its October low. Japanese five-year yields also rose the most in two years, while Germany’s benchmark borrowing costs hit 3 per cent. “People are getting out of the market and moving to the sidelines, feeling shellshocked at the speed of the rise in yields,” said David Ader, strategist at CRT Capital.

周三，美国10年期国债收益率触及3.33%的六个月高位，与周一相比高出0.39个百分点，与10月份达到的低位相比高出1个百分点。日本5年期国债的收益率也出现两年来最大升幅，而德国的基准借款成本触及3%。“人们正离场观望，觉得被收益率上升的速度吓坏了，”CRT Capital策略师大卫•阿德(David Ader)表示。

US 10-year yields have risen by about 0.76 percentage points since November 8, those of Germany by 0.62 percentage points, the UK by 0.53 percentage points and Japan by 0.29 percentage points as the prices of the bonds has fallen.

自11月8日以来，随着西方各国国债价格下跌，美国10年期国债的收益率上升约0.76个百分点，德国国债的收益率上升0.62个百分点，英国国债的收益率上升0.53个百分点，日本国债的收益率上升0.29个百分点。

Yields are still relatively low compared with long-term trends but investors are starting to fret that they could continue to move sharply higher. “Yields at this level are clearly unsustainable,” said Paul Marson, chief investment officer at Lombard Odier, the Swiss private bank.

与长期趋势相比，国债收益率仍相对较低，但投资者开始担心国债收益率可能继续大幅上升。“这种水平的收益率显然是不可持续的，”瑞士私人银行隆奥(Lombard Odier)的首席投资官保罗•马森(Paul Marson)表示。

The market moves came after President Barack Obama agreed with Congressional Republicans to extend Bush-era tax cuts and combine them with a $120bn payroll tax holiday. But investors and traders were divided over whether that was sufficient to explain the recent global spike in yields.

近日市场抛售国债之前，美国总统巴拉克•奥巴马(Barack Obama)与国会中的共和党方面达成一致，延长布什时代的减税措施，同时出台1200亿美元的薪资税“税收假期”。但是，对于这是否足以解释近日全球国债收益率的飙升，投资者和交易员意见不一。

The primary explanation is that growth expectations have increased because of better economic data and the “second stimulus” provided by the US government. But others argue it could be due to fears that the US Federal Reserve will not follow through on planned asset purchases or because of higher government deficits. “It is probably all three,” said Mr Major.

目前的主流解释是增长预期已经提高，原因是经济数据出现起色，而且美国政府提供“第二轮刺激”。但其他人提出，近日抛售国债可能源于市场担心美联储(Federal Reserve)将无法坚持计划中的资产购买，或担心美国政府的财政赤字进一步走高。“很可能三方面的因素都在起作用，”梅杰表示。

Germany has suffered from fears it could bear a high cost for bailing out troubled eurozone countries. Stock markets in Germany, the UK and Hong Kong all fell on Wednesday.

德国遭受打击，则是因为市场担心该国承担救助欧元区困境国家的巨大成本。德国、英国和香港股市周三均下跌。