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The yield on a 10-year Treasury reached 5% for 1st time since 2007. Why that matters_我的网站

一 |     中新网北京8月24日电(记者 李京泽 李晓喻)中国外交部发言人林剑24日主持例行记者会。         　　有记者提问：我们注意到，继联合国秘书长古特雷斯来华出席2026年世界人工智能大会暨人工智能全球治理高级别会议后，联合国常务副秘书长日前在西安出席“人工智能与人类发展”对话会。    NEW YORK -- The yield on the 10-year Treasury has reached 5% for the first time since 2007. That matters for everyone, not just Wall Street. Treasury yields have been climbing rapidly, with the 10-year yield rallying from less than 3.50% during the spring and from just 0.50% early in the pandemic. Monday morning, the yield on the 10-year Treasury was at 4.96% after hitting 5.02% earlier. The jump means the U.S. government must pay more to borrow money from investors to cover its spending.It also directly affects people around the world, because the 10-year Treasury yield is the centerpiece of the global financial system and helps set prices for all kinds of other loans and investments. Besides making it more expensive for U.S. homebuyers to buy a house with a mortgage, higher yields also put downward pressure on prices for everything from stocks to cryptocurrencies. Eventually, they could help cause companies to lay off more workers. Higher yields mark a sharp turnaround for a generation of consumers and investors who have known pretty much just low yields, as central banks kept benchmark interest rates pinned at nearly zero. Such low rates let people borrow money more easily, which helped economies to strengthen following the 2008 financial crisis, the European debt crisis and other maladies including, most recently, the COVID-19 pandemic. The low rates led to rising prices for houses, stocks and other investments, but they may also have encouraged too much risk-taking and spurred investment bubbles.Now, central banks are more concerned with getting high inflation under control. To do that, they raise interest rates and hope the higher costs to borrow will starve inflation of its fuel by bringing down spending. The Fed's main interest rate affects extremely short-term loans, those that banks charge overnight. The Fed has already pulled its federal funds rate to the highest level since 2001, and it's debating whether to hike it one more time. Either way, it's signaled plans to keep rates high for a while to successfully suffocate inflation. The 10-year Treasury yield has been catching up to the Fed's main interest rate after a string of reports has shown the U.S. economy remains remarkably resilient. While that calms worries about a possible recession caused by high rates, it could also keep upward pressure on inflation and shorter-term rates. Federal Reserve Chair Jerome Powell said Thursday that many other factors could be contributing to the swift rise in the 10-year Treasury yield. They include the U.S. government's big deficits, which require more federal borrowing, and the Fed's ongoing efforts to reduce its trove of bond investments built earlier to keep yields low. On the wonkier side, bond prices have also been falling in tandem with stock prices more often than they used to. That's unnerving for investors who usually see bonds as the safer part of their portfolios, and it could be pushing them to demand higher yields to own them.The rise in the 10-year Treasury yield most directly means the U.S. government has to pay more to borrow money for 10 years. But because the 10-year yield is the reference point for financial markets, it also quickly filters out into all kinds of loans. Even for companies with the best credit ratings, the interest rates they borrow at are set by adding some extra on top of whatever the U.S. government is paying for its Treasurys. Borrowers with worse credit ratings have to pay more extra than those seen as good bets to repay their debts.More expensive borrowing keep U.S. households from spending as much and companies from expanding as much, which should eventually hit overall U.S. economic activity. More immediately, because a 10-year Treasury is seen as one of the safest possible investments on the planet, its yield swiftly sways prices for all kinds of investments. When a super-safe Treasury is paying much more in interest, investors feel less need to pay high prices for a Big Tech stocks, cryptocurrency or other investment that carries more risk. It's a big reason the S&P 500 has seen its gain for the year so far tumble from 19.5% at the end of July to 10% as of Friday. Higher U.S. yields also attract more investments from abroad, which means investors are increasingly swapping their currencies for U.S. dollars. Since the end of July, the U.S. dollar has climbed roughly 4% against the euro, 5% against the British pound and 6% against the Australian dollar. While a stronger dollar helps U.S. tourists buy more stuff when they're abroad, it can also add financial pressure and heighten inflation for other countries, particularly in the developing world. Even for U.S. bond investors, the swift rise in bond yields has brought losses of their own. When new bonds are paying higher yields, it makes the older, lower-yielding bonds already sitting in investors' portfolios or mutual funds less attractive and knocks down their price.The largest U.S. bond mutual fund has lost roughly 3% so far in 2023 and is on track for a third straight yearly loss. That's never happened since its birth in 1987.。发言人能否进一步介绍有关情况？          　　林剑：8月20日至21日，“人工智能与人类发展”对话会在西安举行。

二 | 此次对话会由中国外交部和联合国共同主办，联合国常务副秘书长阿明娜出席并致辞，对话成果将向第81届联合国大会提交。         　　不久前，习近平主席从人类文明进步的角度围绕人工智能带来的机遇和挑战，提出坚持开放共赢、强化风险意识、鼓励包容并蓄、倡导和衷共济4点意见，引起国际社会强烈共鸣。这次对话会的宗旨同习近平主席的重要论述高度契合，各国代表从历史纵深、哲学高度和现实视角探讨人工智能对人类发展的深刻影响。                        　　联合国秘书长和常务副秘书长相继来华出席人工智能国际会议，充分反映人工智能这一前沿技术对于当今世界的重要意义，也体现中方始终支持联合国在人工智能全球治理中发挥主渠道作用。西安是古丝绸之路的东方起点，承载着东西交融、文明互鉴、和合共生的辉煌历史，有助于各方从历史长河中汲取智慧，共同回答人工智能带来的时代之问，增进各国共同福祉。         　　各国与会嘉宾普遍认为，在人工智能发展中应当坚持以人为本、向上向善、机遇共享、责任共担，更多关注发展中国家和弱势群体的利益，利用人工智能赋能人类发展和文明进步。         　　中方愿继续同联合国和世界各国一道，不断推动人工智能开放、包容、普惠、向善发展，更好服务国际社会普遍福祉。

三 | (完）      【编辑:陈海峰】。

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