Here's the New York Minute.

這是 New York Minute。

The Hunt For Yield continues.

收益率的找尋仍持續著。

We've had a quiet day on US stock markets

今天的美國股市較平靜，

but elsewhere there's been a lot action, both the Nikkei 225

但其他地方的波動頗大，期中包括日經225指數

and the German DAX index are at new highs for the year,

和德國法蘭克福股價指數，都創了本年度的新高，

having rallied more than 20% from their lows.

各從低點上漲了20%。

But that's nothing compared to what we've seen in bond markets, most spectacularly in the UK.

但這仍然比不上我們在債券市場所看到的，尤其是在英國。

Where, as you can see,

你可以看到

the long dated gilts is one of the strongest performing securities anywhere in the world.

英國的長天期績優公債是全球表現最佳的債券之一，

Now when bond markets performing like that,

當債券市場表現這樣的時候，

it has an effect on US credit.

會對美國信貸有影響。

If we take a look at the Moody's Baa corporate yield,

我們來看穆迪信用評等公司 Baa 級別企業收益，

this is the rate at which the largest, strongest, US companies can borrow,

這是最大、最強的美國公司可以借貸的比率，

It's near 60 year lows. Which explains why so many of them are taking the opportunity to releverage.

它接近60年來的最低點。說明了為什麼那麼多公司藉機調整槓桿。

Similarly, if we take a look at the performance of the largest ETF holding

同樣地，如果我們看看持有高收益債券或垃圾債券

high yields or junk bonds,

的最大檔 ETF 的表現，

it's at a new high for the year.

可以發現它也創了今年的新高。

When people are worried about yields,

當人們擔心收益時，

they start worrying much less about risk.

就會減少對風險的擔憂。

And that's the New York Minute.

這是 New York Minute。