全球主权债券抛售加剧，反映出通膨控制面临严峻挑战。美国10年期公债殖利率攀升至5.04%，创2007年以来新高；澳洲同天期公债殖利率升至2011年以来最高水准；日本公债在国防支出扩增预期下走跌；印度5年期公债殖利率亦创下自2022年5月以来的最大涨幅，主因央行计划出售公债以抽走市场流动性。

各国央行面临愈发庞大的紧缩压力。市场预期美国 Federal Reserve 将自2023年7月以来首度上调短期借贷成本，Bank of Japan 预计将在不到10个月内迎来第三次升息，而 Kotak Mahindra Bank 经济学家预估 Reserve Bank of India 将调升借贷成本50至75个基点，且下月政策审查升息机率显著上升。

在欧洲，货币市场态度转趋鹰派，与央行看法产生分歧。换汇合约（Swaps）显示，市场预期 European Central Bank 未来12个月将升息4次、每次1码（0.25个百分点），Bank of England 则将升息5次。伴随 Brent 原油价格维持在每桶约107美元（约159公升）高位以及企业借贷需求大增，决策者面临的政策路径格外艰险。

Global sovereign bond selloffs are intensifying, signaling severe challenges for central banks aiming to tame inflation. The US 10-year Treasury yield surged to 5.04%, marking its highest level since 2007. Concurrently, comparable yields in Australia reached peaks unseen since 2011, Japanese bonds retreated amid reports of increased defense spending, and Indian five-year note yields jumped by the largest margin since May 2022 following central bank cash-draining operations.

Central banks face mounting pressure to enforce aggressive monetary tightening. Investors anticipate that the Federal Reserve will raise short-term borrowing costs for the first time since July 2023, while the Bank of Japan appears positioned for its third rate hike in under 10 months. Furthermore, a Kotak Mahindra Bank economist projects that the Reserve Bank of India will increase borrowing costs by 50 to 75 basis points.

European money markets are turning increasingly hawkish, diverging from central bankers' guidance. Swaps currently price in four additional quarter-point interest-rate increases from the European Central Bank and five from the Bank of England over the next 12 months. With Brent crude trading near $107 per barrel (approximately 159 liters) and high corporate borrowing sustaining elevated yields, policymakers face an exceptionally treacherous economic horizon.