Of particular interest to investors will be the effect of higher oil on asset prices. Last year,spikes in oil prices coincided with falls in bond yields. Investors were clearly reasoning that crude would act as a tax on consumer demand. But this time round,the spike has been accompanied by a jump in US 10 year Treasury bond yields from 4 to 4.4 per cent.
Perhaps investors have decided that the economy is less vulnerable to high oil prices than it was in the past,given that last years $50 plus peak was accompanied by rapid output growth. Or perhaps investors are now starting to worry that high commodity prices might,after all,be a sign of more general inflationary pressures.
一、全文翻译
高价油还是问题吗?
很多人以为高油价现在已不再是问题。恐怖主义溢价减少、投机资金撤出,中国需求放缓或欧佩克产量增加,这些因素应已把原油价格降低至更正常的水平。
但是,我们再次看到美国原油期货触及每桶53美元高点。欧佩克代理秘书长阿德南?谢哈布-埃尔丁昨天甚至说,如果供应出现大规模中断,油价可能会升至80美元。
近期油价上涨与欧洲和美国东北天气寒冷,以及美国炼油厂昨天出现的短暂生产中断有关。由于美国库存数据令人失望,周三汽油价格也飙升至创纪录高点。
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