作者：纯马卓 来源：原创 发布日期：08-23
一 | 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.。 AI摘要 第三届海峡两岸围棋交流活动在云南保山开幕，60余名两岸棋手通过体验非遗“永子”制作、共下地面棋等方式增进情谊，以围棋为纽带深化文化交流与认同。 8月24日，第三届海峡两岸围棋交流活动在云南保山开幕，60余名两岸棋手共做一副棋，共下一盘棋。发（白玲 摄） 昆明8月25日电（记者 王贤思、庄北宁）8月24日，第三届海峡两岸围棋交流活动在云南保山开幕，60余名两岸棋手共做一副棋，共下一盘棋，以增进交流、加深情谊。 活动将持续至27日。
二 | 参加交流活动的两岸棋手走进保山市永子文化园，了解永子历史和制作技艺，登上大型地面棋盘共同落子，并亲手体验永子制作。从一颗棋子到一盘棋，两岸棋手在共同的文化体验中拉近距离。 围棋已有4000余年历史，是中华优秀传统文化的重要载体。而“永子”，是永昌围棋子的雅称。保山古称永昌，其特产的南红玛瑙、黄龙玉、翡翠等矿石，经高温熔炼，再通过手工滴制、哑光打磨等多道工序，最终造就了永子。 永子制作技艺国家级非物质文化遗产代表性传承人李国伟介绍，永子制作技艺曾一度失传。经过20余年的潜心钻研与反复试验，永子原料配方最终定型，制作技艺日臻成熟，并于2021年被列入国家级非物质文化遗产代表性项目名录。如今，永子已多次成为世界级围棋赛事的指定用棋。 8月24日，第三届海峡两岸围棋交流活动在云南保山开幕，60余名两岸棋手共做一副棋，共下一盘棋。发（白玲 摄） 两岸棋手在专业工匠指导下体验永子制作。一颗成品棋子重约6克、直径22.5毫米，制作过程中对重量、尺寸都有严格要求。
三 | “差之毫厘，就可能成为废子。
四 | ”李国伟说。 “永子的烧制技艺令人动容。”台湾青年棋手黄名棻感叹道，她家中也收藏着一副永子，黑棋在灯光下会泛出绿光，白棋久照后在黑暗中如同夜明珠，很有趣。
五 | 了解永子文化后，两岸棋手走上大型地面棋盘。没有分组，也不计输赢，棋手们站在巨大的棋盘上共同落子，从棋局聊到棋风，从落子思路聊到围棋心得。原本陌生的棋手，在一来一往中渐渐熟悉起来。“走上去时很兴奋，很开心能和大家一起下棋、交流感情。”黄名棻说。
六 | “对于两岸青少年而言，围棋更是一座天然的心灵之桥。
七 | ”中国围棋协会主席常昊说，围棋根植于中华文明，是承载东方智慧的文化瑰宝，也是维系两岸同胞的文化纽带。
八 | 方寸棋盘之上，蕴含和合共生、守正有度、以礼相待的中华处世哲学，是两岸同胞共同传承、共同认同的文化根脉。
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Published on:06:25:46