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Bond ETFs Slide As Fed Cuts Clash With Trump's Fiscal Agenda

Bond ETFs Slide As Fed Cuts Clash With Trump's Fiscal Agenda

債券型etf 下跌,因聯儲局的減息與特朗普的財政議程發生衝突
Benzinga ·  11/11 15:58

Investors looking to bonds and bond ETFs for stability may face heightened volatility due to President-elect Donald Trump's approach to tariffs could put upward pressure on yields.

尋求穩定性的投資者可能會因爲美國候任總統特朗普對關稅的態度而面臨加劇的波動,可能會對債券和債券etf產生上行壓力。

What Happened: Bond yields continue to climb after the Fed's 25-basis-point rate cut on Thursday. With the 10-year Treasury yield reached 4.34% in response to market speculation around Trump's fiscal agenda.

事件經過:聯儲局週四減息25個點子後,債券收益率繼續攀升。由於市場猜測特朗普財政議程,10年期國債收益率達到4.34%。

This shift complicates the Federal Reserve's efforts to ease borrowing costs, a concern for individual bondholders and bond ETFs investors. The backdrop of tax cuts and anticipated tariffs could limit the Fed's ability to cut rates deeply.

這一變化讓聯儲局降低借款成本的努力變得複雜,對個人債券持有人和債券etf投資者構成了擔憂。稅收減少和預期關稅可能限制聯儲局深度減息的能力。

Also Read: Why Trump's Win Has 2 Market Experts Betting On Small Caps, Financials

也可閱讀:特朗普勝選後爲何兩位市場專家看好小盤股、金融板塊

Since mid-September, Treasury yields have surged by over 70 basis points, putting additional pressure on bond prices and impacting major bond ETFs. BofA Global Research has adjusted its outlook, with Treasury yields now projected in the 4.25%-4.75% range, Reuters reports. This rising yield environment creates challenges for bonds, as higher yields correspond to declining bond prices, which could erode returns for investors in bond ETFs.

自9月中旬以來,國債收益率飆升了70個點子以上,給債券價格帶來額外壓力,影響了主要的債券etf。美銀美林環球研究已調整其展望,預計國債收益率將在4.25%-4.75%的區間內,路透社報道。這種逐漸增長的收益環境對債券構成挑戰,因爲較高的收益率意味着債券價格下跌,這可能會侵蝕債券etf投資者的回報。

Why It Matters: According to Reuters, the Committee for a Responsible Federal Budget estimates that Trump's proposed fiscal policies will add approximately $7.75 trillion to the national debt in a decade. Economists, banks and analysts have all warned that the plans will worsen inflation and make debt unsustainable.

爲何重要:據路透社報道,負責聯邦財政預算的委員會估計,特朗普擬議的財政政策將在未來十年內爲國債累加約7.75萬億美元的債務。經濟學家、銀行和分析師都警告稱,這些計劃將加劇通貨膨脹,使債務不可持續。

Bond ETFs, which offer exposure across various segments of the bond market, are likely to feel the impact of these fiscal pressures as bond yields trend higher.

債券etf提供對債券市場各個領域的曝光,可能會感受到這些財政壓力的影響,因爲債券收益率可能會有所上升。

Increased yields may lead to more appealing income for bond ETF investors but could also heighten risks related to price declines as yields continue to rise.

收益率的提高可能會爲債券etf投資者帶來更有吸引力的收入,但也可能會提高與價格下跌相關的風險,因爲收益率繼續上升。

On Monday, 10 prominent bond ETFs were mainly trading lower:

週一,10只知名債券型etf基本上走低交易:

  • Vanguard Total Bond Market ETF (NASDAQ:BND): $72.93, down 0.22%.
  • iShares Core U.S. Aggregate Bond ETF (NYSE:AGG): $98.26, 0.25% lower.
  • SPDR Portfolio Aggregate Bond ETF (NYSE:SPAB): $25.34, down 0.3%.
  • iShares iBoxx $ Investment Grade Corporate Bond ETF (NYSE:LQD): $109.60, 0.23% lower.
  • Vanguard Short-Term Corporate Bond ETF (NASDAQ:VCSH): $78.30, down 0.09%.
  • iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT): $91.93, down 0.6%.
  • Vanguard Intermediate-Term Corporate Bond ETF (NASDAQ:VCIT): $81.47, 0.22% lower.
  • iShares U.S. Treasury Bond ETF (BATS:GOVT): $22.72, down 0.24%.
  • SPDR Bloomberg High Yield Bond ETF (NYSE:JNK): $97.02, down 0.05%.
  • Vanguard Total International Bond ETF (NASDAQ:BNDX): $49.94, up 0.09%
  • 總債券市場etf-vanguard(納斯達克:BND):$72.93,下跌0.22%。
  • 核心美國綜合債券etf(紐交所:AGG):$98.26,下跌0.25%。
  • 組合債券型etf-spdr(紐交所:SPAB):$25.34,下跌0.3%。
  • iBoxx投資級企業債券etf(紐交所:LQD):$109.60,下跌0.23%。
  • 短期公司債券etf-vanguard(納斯達克:VCSH):$78.30,下跌0.09%。
  • 20年以上國債etf-ishares(納斯達克:TLT):$91.93,下跌0.6%。
  • 中期公司債券etf-vanguard(納斯達克:VCIT):$81.47,下跌0.22%。
  • ishares安碩核心美國國債etf (BATS:GOVT):$22.72,下跌0.24%。
  • spdr bloomberg高收益債券etf (紐交所:JNK):$97.02,下跌0.05%。
  • 總體國際債券etf-vanguard (納斯達克:BNDX):$49.94,上漲0.09%

With rising bond yields and fiscal expansion under Trump, bond ETFs could continue to see volatility.

隨着債券收益率上升和特朗普的財政擴張,債券etf可能繼續面臨波動。

Bond investors may need to weigh the attraction of higher yields against potential declines in bond prices, particularly in high-yield and long-term Treasury segments, where market shifts are expected to be most pronounced.

債券投資者可能需要權衡高收益的吸引力與債券價格潛在下降之間的關係,特別是在高收益和長期國債領域,市場轉變預計最爲顯著。

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Photo: Shutterstock

Photo: shutterstock

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