A sell-off in US government debt intensified on Tuesday, sending 10-year Treasury yields clearly above 2.5 per cent and prompting two “bond kings” to proclaim a new era for fixed income.

周二，美国政府债券遭到进一步抛售，10年期美国国债收益率明确突破2.5%关口，两位“债券之王”也宣布固定收益的新时代来临。

Bill Gross, the long-time fixed income investor, said that a “bond bear market [was] confirmed today”, after yields on the 10-year note rose by 7 basis points.

长期的固定收益投资者比尔•格罗斯(Bill Gross)表示，10年期美国国债收益率上升7个基点后，“债券熊市今日已得到确认”。

Meanwhile, Jeffrey Gundlach, the founder of DoubleLine Capital, declared that central bank policy was shifting to an “era of quantitative tightening”, following the Bank of Japan’s decision to trim its purchases of long-dated Japanese government debt.

与此同时，Doubleline Capital创始人杰弗里•冈拉克(Jeffrey Gundlach)宣称，央行政策正转向“量化紧缩时代”。此前，日本央行(BoJ)决定减少购买长期日本国债。

Yields on the 10-year Treasury have climbed in five of the past six trading days as inflation expectations have risen, and the yield settled on Tuesday at its highest since last March. The BoJ decision spurred the latest sell-off, investors and strategists said.

随着通胀预期的升温，10年期美国国债收益率在过去6个交易日中上涨了5日，周二达到去年3月以来的最高水平。投资者和策略师表示，日本央行的决定引发了这波最新的抛售。

The move by the BoJ has also added to the sense that 2018 will become an inflection point in the post-crisis era of ultra-accommodative monetary policy, and government bond yields rose across the world.

日本央行此举还让人们更加感到，2018年将成为实行超宽松货币政策的后危机时代的拐点。全球各地的政府债券收益率都有所上升。

The 10-year Treasury ended the day at 2.55 per cent. The 10-year UK Gilt yield climbed 5bp to 1.28 per cent and the equivalent German Bund yield rose 4bp to 0.46 per cent.

10年期美国国债收益率昨日收于2.55%，10年期英国国债收益率攀升5个基点，至1.28%，10年期德国国债收益率上升4个基点，至0.46%。

The Fed plans to lift interest rates three times this year and has started to reduce the size of its crisis-bloated balance sheet, while the European Central Bank is expected to end its own QE programme later this year.

美联储(Fed)计划今年加息3次，并已开始收缩其因应对危机而扩充的资产负债表，而欧洲央行(ECB)预计将在今年晚些时候结束它自己的量化宽松计划。