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The yield on a 10-year Treasury reached 5% for 1st time since 2007. Why that matters_我的网站
一 | NEW YORK -- The yield on the 10-year Treasury has reached 5% for the first time since 2007. That matters for everyone, not just Wall Street. Treasury yields have been climbing rapidly, with the 10-year yield rallying from less than 3.50% during the spring and from just 0.50% early in the pandemic. Monday morning, the yield on the 10-year Treasury was at 4.96% after hitting 5.02% earlier. The jump means the U.S. government must pay more to borrow money from investors to cover its spending.It also directly affects people around the world, because the 10-year Treasury yield is the centerpiece of the global financial system and helps set prices for all kinds of other loans and investments. Besides making it more expensive for U.S. homebuyers to buy a house with a mortgage, higher yields also put downward pressure on prices for everything from stocks to cryptocurrencies. Eventually, they could help cause companies to lay off more workers. Higher yields mark a sharp turnaround for a generation of consumers and investors who have known pretty much just low yields, as central banks kept benchmark interest rates pinned at nearly zero. Such low rates let people borrow money more easily, which helped economies to strengthen following the 2008 financial crisis, the European debt crisis and other maladies including, most recently, the COVID-19 pandemic. The low rates led to rising prices for houses, stocks and other investments, but they may also have encouraged too much risk-taking and spurred investment bubbles.Now, central banks are more concerned with getting high inflation under control. To do that, they raise interest rates and hope the higher costs to borrow will starve inflation of its fuel by bringing down spending. The Fed's main interest rate affects extremely short-term loans, those that banks charge overnight. The Fed has already pulled its federal funds rate to the highest level since 2001, and it's debating whether to hike it one more time. Either way, it's signaled plans to keep rates high for a while to successfully suffocate inflation. The 10-year Treasury yield has been catching up to the Fed's main interest rate after a string of reports has shown the U.S. economy remains remarkably resilient. While that calms worries about a possible recession caused by high rates, it could also keep upward pressure on inflation and shorter-term rates. Federal Reserve Chair Jerome Powell said Thursday that many other factors could be contributing to the swift rise in the 10-year Treasury yield. They include the U.S. government's big deficits, which require more federal borrowing, and the Fed's ongoing efforts to reduce its trove of bond investments built earlier to keep yields low. On the wonkier side, bond prices have also been falling in tandem with stock prices more often than they used to. That's unnerving for investors who usually see bonds as the safer part of their portfolios, and it could be pushing them to demand higher yields to own them.The rise in the 10-year Treasury yield most directly means the U.S. government has to pay more to borrow money for 10 years. But because the 10-year yield is the reference point for financial markets, it also quickly filters out into all kinds of loans. Even for companies with the best credit ratings, the interest rates they borrow at are set by adding some extra on top of whatever the U.S. government is paying for its Treasurys. Borrowers with worse credit ratings have to pay more extra than those seen as good bets to repay their debts.More expensive borrowing keep U.S. households from spending as much and companies from expanding as much, which should eventually hit overall U.S. economic activity. More immediately, because a 10-year Treasury is seen as one of the safest possible investments on the planet, its yield swiftly sways prices for all kinds of investments. When a super-safe Treasury is paying much more in interest, investors feel less need to pay high prices for a Big Tech stocks, cryptocurrency or other investment that carries more risk. It's a big reason the S&P 500 has seen its gain for the year so far tumble from 19.5% at the end of July to 10% as of Friday. Higher U.S. yields also attract more investments from abroad, which means investors are increasingly swapping their currencies for U.S. dollars. Since the end of July, the U.S. dollar has climbed roughly 4% against the euro, 5% against the British pound and 6% against the Australian dollar. While a stronger dollar helps U.S. tourists buy more stuff when they're abroad, it can also add financial pressure and heighten inflation for other countries, particularly in the developing world. Even for U.S. bond investors, the swift rise in bond yields has brought losses of their own. When new bonds are paying higher yields, it makes the older, lower-yielding bonds already sitting in investors' portfolios or mutual funds less attractive and knocks down their price.The largest U.S. bond mutual fund has lost roughly 3% so far in 2023 and is on track for a third straight yearly loss. That's never happened since its birth in 1987.。
On Monday afternoon, American teacher Ronald Sakolsky visited the homeland of Chinese desert fighter Yin Yuzhen in Uxin Banner of Ordos, Inner Mongolia Autonomous Region. This was a place the American man had visited in 2000 and it has completely changed since then.
In 1999, Sakolsky, a teacher in a China-US education exchange program, was touched by a report on Yin and her husband's afforestation efforts in the harsh wilderness of Mu Us Desert, and raised $5,000 to support her green cause. During that visit, they took pictures - in front of the sunken pit where the Yin couple once resided and in the barren land with a finger-thin sapling they had just planted against a backdrop of dust and bare earth.
What has the $5,000 changed?
On Monday, they came to the Sakolsky forest - a permanent tribute honoring Sakolsky's early contribution to the region's ecological revival - and replicated the vintage pictures, standing in front of a pit that has long been abandoned and beside a newly planted sapling. This time, however, there are bushes and trees in the background.
This contrast not only witnessed their friendship across time and the Pacific Ocean, but also showcased a promise Yin has kept for 27 years and a green dream that has been made possible through generations of joint unwavering efforts from Yin, her husband and countless other sand fighters.
Homecoming with family cooking
Yin hosted Sakolsky on Monday at her home, filling the air with the aroma of home-cooked meals during their long-awaited reunion. Watermelons were served along with other fresh fruits and vegetables, all harvested locally. Yin told the Global Times earlier that she learned the English word "more" to persuade him to eat more.
In 1999, Yin had few options for showing her hospitality, so she cooked a bowl of plain noodles for Sakolsky. Now, the harsh wasteland has transformed into a vibrant green oasis, thanks to unwavering afforestation efforts.
In the courtyard, the Global Times reporter saw Yin grinning from ear to ear with pride as she introduced the produce from the farmland - green pepper longer than a palm, a bottle gourd even bigger than Yin's head, and bags of foxtail millet packaged with the assistance of Yin's grandchildren, who are proud of the family's generations of commitment to green causes.
During a tour of Yin's home, Sakolsky was impressed by the beautiful house with its green courtyard, saying "You deserve every centimeter of this house." Throughout the visit, he repeatedly praised Yin's hands, which the desert fighter and model worker used to change both the land and her own life through arduous work.
The $5,000 Sakolsky donated in 1999 was equivalent to three years' income for Yin's entire family at the time. Today, that money has grown into more than 50,000 trees.
But Yin's journey did not stop there. Over the following decades, with the support of China's growing ecological restoration policies — including subsidies for afforestation and compensation for forest managers — she transformed the barren land into a productive family forest farm. Her success has inspired many others in the region to take up tree planting and sand control, transforming what was once a desperate struggle into a sustainable livelihood.
From the sandy hollow where the Yin couple lived in in 1985 and the earth hut they resided in until 1993, to the solid brick house Sakolsky saw when he last visited, and the two-story house the big family now lives in, the change in living environment is a clear example of ecological dividends.
Uxin Banner lies in the heartland of the Mu Us Desert. The desertification rate was over 90 percent in the 1950s and forestation coverage was merely 7.2 percent as of 1980. Now, the forestation rate has increased to 33 percent, while plantation coverage has expanded to 85 percent, per official data.
Carry on the greenness, kindness
This miracle would have been impossible without numerous people like Yin, long-term systematic planning and scientific governance.
Chen Ziliang, an expert from the local forestry and grassland bureau, said that Mu Us Desert's sand‑control journey has evolved from collective afforestation to contract desert‑reclamation, moving beyond the simple goal of "keeping trees alive" to restoring vegetation based on water‑resource conditions.
Putting the idea of "lucid waters and lush mountains are invaluable assets" into practice, Uxin Banner no longer views "greenness" and "growth" as an either‑or proposition. On restored sandy lands, the under‑forest economy, eco‑agriculture and eco‑tourism have flourished. Sand‑fixing shrubs are now processed into animal feed and biomass fuel, and local authorities are exploring photovoltaic‑powered desert control, the Global Times learned.
Sand control is no longer just about keeping sand away; it's a development approach that guarantees a greener and better living environment alongside a booming economy and increasing incomes.
On Monday afternoon, when Sakolsky finally stepped into the forest named after him, this American teacher witnessed the Chinese woman's perseverance and commitment to her promises. The $5,000 donated without expectations has grown into a thriving forest of around 50,000 trees.
"A promise is a promise. Ms. Yin fulfilled her promise," Sakolsky said. After 27 years, the wasteland is green, and Sakolsky and Yin are "brother and sister."
"This is the answer to how we guide young people: We must teach them love and perseverance. We need to show young people photos of Ms. Yin planting trees, digging the soil with her bare hands," Sakolsky remarked while packing a jar of sand. He said he planned to bring it back to the US, telling his grandchildren it is not just a jar of sand, but "a jar of love."
Sakolsky told the Global Times earlier that the younger generation only knows about the dust-covered landscape from photos and stories of the elderly. It is important to tell them how the greenness is achieved, and how every single person can contribute to making an extensive forest in the harshest environment.
"I see where China and America can work together. I see it, so I will not quit. She [Yin] never quit. 'Quit' is not in her vocabulary," Sakolsky said with emotion on Monday.
"Chinese and Americans can be family. We can get over the differences if we focus on the similarities... If we focus on our similarities and not our differences, we can solve the problems."
At the end of Monday's schedule, Yin and Sakolsky planted another sapling together, just as they did about three decades ago, but in a completely different landscape.
This new sapling carries on the story of not only greenness through generations of joint efforts, but also kindness across the Pacific Ocean.
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Published on:18:31:14