中英对照，中文在上。

马里奥•德拉吉(Mario Draghi)的言论昨日助燃了欧元区债券的抛售潮。这位欧洲央行(ECB)行长表示，债券市场不得不“习惯于”超低利率时代的波动性。
Mario Draghi fuelled a sharp sell-off in eurozone bonds yesterday, after the European Central Bank president said debt markets had to “get used” to volatility in an era of ultra-low interest rates.
基准欧元区主权债务的收益率（与价格走势相反）飙升至今年迄今最高水平。
Yields on benchmark eurozone sovereign debt, which move inversely to prices, spiked to their highest level so far this year.
10年期德国国债收益率达到0.897%，是去年10月以来的最高点。据花旗(Citi)介绍，这一收益率在两天内上升了32个基点，升幅为1998年以来最高。
The yield on German 10-year bonds — Bunds — hit 0.897 per cent, its highest since October last year. It has risen 32 basis points in two days, a jump not seen since 1998, according to Citi.

自欧洲央行3月启动1.1万亿欧元的量化宽松(QE)计划、开始买入债券以来，此轮波动标志着冲击欧洲主权债务市场的最新一轮动荡。
The movements mark the latest bout of instability to hit Europe’s sovereign debt markets since the ECB started buying bonds under its 1.1bn quantitative easing programme in March.
“人们曾暗暗希望，德拉吉可能会尝试抚平市场波动。”瑞银(UBS)固定收益策略师贾斯汀•奈特(Justin Knight)表示。“但他不仅对更高的收益率不以为意，还说我们将不得不习惯于更高的波动性，这一点似乎表明，他的态度超级放松——这助燃了市场情绪。”
“There was some latent hope that Mr Draghi might try to smooth the market volatility,” said Justin Knight, a fixed-income strategist at UBS. “The fact that he was not only relaxed about higher yields but said that we would have to get used to higher volatility, suggested he was super relaxed — and that has played into market sentiment.”
主权债券购买计划最初大幅压低了欧洲的借款成本，但其效果在4月底突然反转，德国国债收益率大幅跃升。没有明显的单一触发因素，但策略师将此归咎于市场扭曲和投资者情绪变化，而德拉吉昨日的言论再度引燃了债市震荡。
The sovereign bond buying scheme initially pushed European borrowing costs sharply lower, but its effects were suddenly thrown into reverse at the end of April when Bund yields leapt higher. There was no obvious single trigger, but strategists blamed market distortions as well as shifts in investor sentiment, and Mr Draghi’s comments yesterday reignited that turbulence.
“这个市场如此缺乏流动性，以至于你会看到非常猛烈和快速的变动——如今这不是一个效率很高的市场，因为QE扭曲了一切，”安盛投资管理公司(Axa Investment Managers)基金经理约拉姆•勒斯蒂格(Yoram Lustig)表示。
“The market is so illiquid that you have very violent and quick movements — it’s not a very efficient market these days because QE is distorting everything,” said Yoram Lustig, a fund manager at AXA Investment Managers.
近期债券遭到抛售的力度，已让人将其与美联储(Fed) 2013年宣布拟结束QE时所引发的“缩减恐慌”相提并论，并再度唤醒这样的担忧：全球债券市场在经历长达30年的牛市后，正在进入一个更加不确定的时代。
The ferocity of the recent bond rout has drawn parallels with the “taper tantrum” sparked by the US Federal Reserve’s plans to end QE in 2013, and reawakened concerns that global bond markets are heading into a more uncertain era after a three-decade bull run.
德拉吉言论所引发的市场动荡蔓延至大西洋彼岸，10年期美国国债收益率上升11个基点，至2.37%，这是自去年11月以来的最高点。
The market moves sparked by Mr Draghi’s comments spread across the Atlantic, sending the US 10-year Treasury yield 11 basis points higher to 2.37 per cent, the highest since November last year.
传统上，美国国债倾向于带动全球其他债券市场，但是，自欧洲央行最初宣布启动QE的计划以来，欧元区一直引领债市走势。
Treasuries have historically tended to push other global bond markets around, but the eurozone has led movements since the ECB first announced plans to start QE.
在德拉吉表态之前，利好的经济数据、投资者对债券市场流动性的担忧、以及对希腊与债权人达成协议的预期，已经鼓励投资者减少债券敞口。欧洲央行行长当地时间下午在法兰克福的一个新闻发布会上讲话后，债市抛售加快。
Before Mr Draghi’s remarks, positive economic data, investor concerns over bond market liquidity and anticipation of a deal between Greece and its creditors had already encouraged investors to shed their exposure to bonds. The sell-off gathered pace following the ECB president’s comments, made at a press conference in Frankfurt at mid-afternoon local time.
“我们应该习惯于更高波动性的时期。在利率处于极低水平时，资产价格往往表现出较高的波动性。”德拉吉表示，“（欧洲央行负责政策制定的）管理委员会一致认为，我们应该看透这些动向，保持稳健的货币政策立场。”
“We should get used to periods of higher volatility. At very low levels of interest rates asset prices tend to show higher volatility,” Mr Draghi said. “The [ECB’s policy making] governing council was unanimous that we should look through these developments and maintain a steady monetary policy stance.”