全球债券收益率预测：我们对美国、欧元区、英国和日本的最新债券收益率预测

Forecasts Global bond yield forecasts Our latest bond yield forecasts for the US, the euro area, theUK and Japan. Anshul Pradhan+1 212 412 3681anshul.pradhan@barclays.comBCI, US Rohan Khanna+44 (0) 20 7773 0533rohan.khanna1@barclays.comBarclays, UK Moyeen Islam+44 (0) 20 7773 4675moyeen.islam@barclays.comBarclays, UK Shinichiro Kadota+81 3 4530 1374shinichiro.kadota2@barclays.comBSJL, Japan Thisdocumentisintendedforinstitutionalinvestorsandisnotsubjecttoalloftheindependence and disclosure standards applicable to debt research reports prepared for retailinvestors under U.S. FINRA Rule 2242. Barclays trades the securities covered in this report for itsown account and on a discretionary basis on behalf of certain clients. Such trading interestsmay be contrary to the recommendationsofferedin this report. Please see analyst certifications and important disclosures beginning on page 3.Completed: 15-May-25, 20:33 GMTReleased: 15-May-25, 21:28 GMTRestricted - External Jonathan Hill, CFAInflation-Linked Research+1 212 526 3497jonathan.hill@barclays.comBCI, US Michael Pond, CFAHead of Inflation-Linked Research+1 212 412 5051michael.pond@barclays.comBCI, US Shinichiro KadotaHead of Japan FX and Rates Strategy+81 3 4530 1374shinichiro.kadota2@barclays.comBSJL, Japan Ayao EharaJapan FX and Rates Strategy+81 3 4530 1379ayao.ehara@barclays.comBSJL, Japan Analyst(s) Certification(s):We, Moyeen Islam, Anshul Pradhan, Shinichiro Kadota and Rohan Khanna, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensationwas, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe local time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: For current important disclosures regarding any issuers which are the subject of this research report please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companies covered in its research reports. As a result, investorsshould be aware that Barclays may have a conflict of interest that couldaffectthe objectivity of this report. Barclays Capital Inc. and/or one of itsaffiliatesregularly trades, generally deals as principal and generally provides liquidity (as market maker or otherwise) in the debt securities that are thesubject of this research report (and related derivatives thereof). Barclays trading desks may have either a long and / or short position in such securities,other financial instruments and / or derivatives, which may pose a conflict with the interests of investing customers. Where permitted and subject toappropriate information barrier restrictions, Barclays fixed income research analysts regularly interact with its trading desk personnel regardingcurrent market conditions and prices. Barclays fixed income research analysts receive compensation based on various factors including, but notlimited to, the quality of their work, the overall performance of the firm (including the profitability of the Investment Banking Department), theprofitability and revenues of the Markets business and the potential interest of the firm's investing clients in research with respect to the asset classcovered by the analyst. To the extent that any historical pricing information was obtained from Barclays trading desks, the firm makes norepresentation that it is accurate or complete. All levels, prices and spreads are historical and do not necessarily represent current market levels, pricesor spreads, some or all of which may have changed since the publication of this document. Barclays Research Department produces various types ofresearch including, but not limited to, fundamental analysis, equity-linked analysis, quantitative analysis, and trade ideas. Recommendations andtrade ideas contained in one type of Barclays Research maydifferfrom those contained in other types of Barclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise. In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.