加拿大10年期政府债券收益率攀升至约3.4%，接近五个月高点，这是由于国内和全球力量的趋同推动利率预期上升。在国内，核心通胀率居高不下（削减后的平均值超过2%）和4月份意外的零售额激增说服加拿大央行将政策利率维持在2.75%，这强化了货币宽松政策仍未出台的观点。与此同时，渥太华持续的预算赤字迫使大量长期债务发行，在养老基金等传统买家寻求其他地方更高收益率之际，基准债券供应不断膨胀。在国外，美国国债收益率因强劲的就业数据和美中贸易紧张局势的重新爆发而上升，导致加拿大国债收益率随之走高，钢铁和铝关税的持续不确定性迫使投资者坚持要求为持有加拿大国债增加溢价。
The yield on the Canadian 10-year government bond climbed to about 3.4%, a near five-month high, driven by a convergence of domestic and global forces that have pushed interest-rate expectations higher. At home, stubbornly elevated core inflation (with trimmed-mean readings above 2%) and April’s unexpected retail-sales surge persuaded the Bank of Canada to maintain its policy rate at 2.75%, reinforcing the view that monetary accommodation remains off the table. Meanwhile, Ottawa’s sustained budget deficits have necessitated hefty long-term debt issuance, swelling benchmark bond supply just as traditional buyers such as pension funds seek richer yields elsewhere. Abroad, US Treasury yields have risen on strong jobs data and renewed US–China trade tensions, dragging Canadian yields higher in their wake, and persistent uncertainty over steel and aluminum tariffs, has compelled investors to insist on an added premium for holding Canadian duration.
