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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 |     AI摘要      近日，市消安委办联合多部门开展消防安全夜查，重点整治电动车违规充电及“拆窗破网”。当晚检查场所300余家，排查隐患并督促整改。后续将持续深化整治与曝光，全力营造安全环境。    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.。         近日，市消安委办组织消防救援、城管、公安、市监、文旅以及属地政府，在全市范围内组织开展消防安全集中夜查行动。

二 | 重点排查电动自行车“进楼入户”问题，推进人员密集场所“拆窗破网”及“生命通道”畅通集中攻坚，切实防范化解夜间火灾风险。    在丽都服装市场，检查组详细了解该区域性火灾隐患的整体整改进展，重点询问了电动自行车集中充电设施规划建设以及违规广告牌、防盗网等障碍物拆除清理情况，并对整改推进中存在的难点问题现场进行调度协调。随后，检查组实地查看市场内电动自行车停放充电管理、广告牌设置、消防车通道畅通及电气线路敷设等情况。检查中发现，部分商铺仍存在电动自行车“飞线充电”、电气线路敷设不规范等隐患。检查组现场逐一指出隐患可能引发的严重后果，面对面讲解安全用电常识和火灾防范要点，引导业主自觉遵守消防安全规定，立即整改隐患问题。

三 |     行动当晚，全市共成立检查组113个，其中联合检查组101个，出动检查人员387人次，检查居民小区84个、单位场所223家。检查组采取“不打招呼、直奔现场”的方式，深入高层住宅小区、人员密集场所、夜间经营性场所等重点区域，围绕电动自行车违规停放充电、疏散通道和安全出口是否畅通、外窗铁栅栏封堵情况、消防控制室值班值守制度执行以及消防管网供水保障能力等关键环节，开展全面细致检查，并对“防消联勤”工作机制落实情况和微型消防站实战响应能力进行实地拉动检验。    检查组表示，将深入推进电动自行车安全隐患全链条整治，持续深化“拆窗破网”和“生命通道”打通工程，进一步强化“防消联勤”协同联动，切实提升社会单位本质安全水平。同时，加大宣传警示和媒体曝光力度，对典型违法行为和重大火灾隐患予以公开曝光，充分发挥舆论监督倒逼作用，推动各方责任落到实处，全力营造安全稳定的消防环境。（漳州融媒记者 李润 通讯员 涂林发 周钟山）。

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