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随着美联储逐渐退出量化宽松,如果市场人士在一年前对一件事能取得一致意见,那么它就是2014年债券价格将下跌、收益率将上涨。量化宽松在去年10月结束,但债券尤其是期限较长的债券价格全年都攀升。30年期国债回报率高达30%,其收益率从4%降至2.8%。然而事与愿违,绝大部分收益投资成绩非凡。一年前我们看好高收益蓝筹、市政债券、房地产投资信托(REIT)、电信股、可转债和电力
As the Fed gradually withdraws from quantitative easing, if market participants agree on one thing a year ago, then it is that in 2014 bond prices will fall and yields will rise. Quantitative easing ended in October last year, but bonds, especially those with longer maturities, climbed throughout the year. The 30-year bond yields up 30% and its yield dropped from 4% to 2.8%. However, contrary to expectations, the vast majority of earnings investment extraordinary performance. A year ago we were bullish on high yield blue chips, municipal bonds, real estate investment trusts (REITs), telecommunications stocks, convertible bonds and electricity