周三，10年期美国国债收益率升至4.28%以上，标志着在财政担忧加剧的情况下连续第三次上涨。一波公司债券发行浪潮扩大了固定收益市场的供应，重新引发了人们对华盛顿扩张性财政立场后美国债务不可持续增长的担忧。因此，收益率曲线急剧变陡，短期债券受到美联储降息押注的支持，而长期债券面临大量抛售。欧洲也出现了类似的压力，财政担忧给英国国债带来了压力，荷兰养老基金的长期债券销售引发了恐慌，该地区债券发行量创下历史新高。投资者现在将注意力转向美国JOLTS职位空缺和美联储褐皮书，以获得新的信号。周五公布的8月就业报告，以及失业和私人招聘数据也在等待中。

The yield on the 10-year US Treasury rose above 4.28% on Wednesday, marking a third consecutive advance amid mounting fiscal concerns. A wave of corporate bond issuance swelled supply in fixed-income markets, reviving worries over the unsustainable rise in US debt following Washington’s expansionary fiscal stance. As a result, the yield curve steepened sharply, with shorter maturities supported by Fed rate-cut bets while long-dated bonds faced heavy selling. Similar pressures emerged in Europe, where fiscal worries weighed on UK Gilts, long-maturity sales by Dutch pension funds sparked jitters, and the region saw a record day of bond issuance. Investors now turn their attention to the US JOLTS Job Openings and the Fed Beige Book due later today for fresh signals. The August payrolls report on Friday, alongside unemployment and private hiring figures are also awaited.