Name: なぜ国債利回りは経済指標となるのか（Why Bond Yields Are a Key Economic Barometer | WSJ）
Uploaded: 2022-01-29T21:44:34.000Z
Duration: 5 min 17 s
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are more closely watched than bond yields.

- There are forces in play that merit watching.

and 10-year treasury yields have climbed.

The Federal Reserve of Atlanta last March

speaking about how The Fed gauges inflation

and why it's keeping a close eye on certain bond yields.

US government bond yields are a barometer for the economy,

- US government bond yields are extremely important

to the US and even in the global economy.

Bond yields affect everything from the cost of a mortgage

that's gonna be determined to a large extent

- [Presenter] And changes in yields can impact you.

and why they're so crucial to the economy.

we're typically talking about the annualized return

an investor earns by holding a bond until its maturity date.

A bond is a contract with features that are set

which refers to the length of the bond's life.

Bonds that mature between two and 10 years

Then there's it's face value, which is the amount

the bond is worth when it's first created

and the amount it is guaranteed to pay on the maturity date.

This is the fixed amount a bond pays each year

So say an investor buys a new 10-year treasury note

with a face value of $1,000 and a coupon or yield of 4%.

Every year, the investor will receive $40

and on the 10th year, she'll get back the original $1,000

But here's the thing, as soon as she buys that bond,

and when she does certain features of the bond

If the economy is doing well, interest rates may go up,

which means new bonds will be issued at a higher yield,

bringing down the value of existing bonds.

Say a new batch of 10 year treasuries pay a yield of 5%.

Suddenly this bond is less attractive to investors

When the price goes down, the yield goes up

The inverse relationship between the price of a bond

why investors care so much about bond yields

and why you sometimes see yields and stocks

The problem is that that return is gonna be often lower,

- [Presenter] Sam Goldfarb covers changes in bond yields

and how they're connected to financial markets

- If investors are confident about the economy,

they might not be satisfied with the small return

- [Presenter] But climbing treasury yields also signal

that borrowing is getting more expensive.

- It's basically a proxy for longer-term interest rates.

If you want to get a rough sense of, you know,

where your mortgage rates are gonna be going,

you might look at the 10-year treasury note and it's yield.

- [Presenter] Bond yields aren't just watched

The Federal reserve keeps a close eye on them as well.

Bond yields are a key part of monetary policy

that The Fed uses to help influence the economy.

of an improved economic outlook, and that has to be part of

the extraordinarily low levels they were at.

- [Presenter] That's the chairman of The Federal reserve

in March, 2021, talking about the rise in bond yields

In 2020, The Fed had slashed short-term interest rates

at controls to zero in an effort to bolster the economy

And bond yields, which are heavily influenced by

Two years later, much of the economy has rebounded.

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なぜ国債利回りは経済指標となるのか（Why Bond Yields Are a Key Economic Barometer | WSJ）

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