当这个问题提出后，很多投资者第一反应是他们的表现是反向关系。但这是事实吗？债券价格上涨时股市是否真的下跌？或者债券价格下跌时股市是否真的上涨？
在观察这两种市场之间的短期关系时，股票价格和债券价格之间确实存在着相反的关系。然而，在考虑长期关系时，它可能被证明是一个不同的逻辑。
为了证明这点，我们通过使用迈云提供的互相关 模型，我们将过去20年里美国道琼斯指数E-Mini期货价格与CBOT美国30年期国债的期货价格走势进行分析。
从上图中可以明显看出，两种市场表现实际上证明历史上彼此具有的强正相关（r = 72.84％）。
事实上，这两者往往在短期内朝着相反的方向发展，尤其是在2008-2010年次贷危机。在经济发展不确定时期，投资者避险情绪偏高，通常会卖出股票，同时买入避险资产，比如美国国债，因此打压股市价格，从而推动债券价格上涨。 一般而言，股市对经济周期比债券更敏感。债券收益率通常被视为投资者信心的一个指标：在股市牛市期间，国债的价格将会下降，因为投资者愿意承担更多股市风险从而寻求更高的回报投资，从而使其表现优于债券市场。
然而，由于这两种资产受到共同市场趋势的影响，从长远来看，它们往往会朝同一方向发展。较低的债券收益率将吸引投资者投资于提供更高回报率的股市。当经济刚刚从经济衰退中复苏时，这一点尤为明显 - 股市和债券价格同步上涨，因为利率较低且预计经济增长将会回升。
由于美联储最近将重新开始其宽松的货币政策以维持经济增长，近期也可能出现这种正相关关系。如果美国30国债收益率继续下降，那么目前股市的上涨趋势可能还会持续。但是，美国30年国债收益率是否可以继续下降？甚至进入负利率时代？通过迈云的Time Series Model 模型显示美国30年期国债利率过去10年的走势（数据源：FRED）。
Looking at the graph, bond yields indeed seem to be in a downward trend. In the span of less than a year, yields have dropped from 3.46% to 2.11% (as of 12/09/2019). Does this mean that the FRED’s Treasury rates could potentially drop further? If it does, how high can stock prices go?
Several recent trends seem to be pushing yields even lower, such as ECB’s announcement on Thursday to resume quantitative easing and sustained asset purchases by the Fed, which can potentially push yields into negative territory. If we expect a positive correlation between stock and bond prices, we can expect a rallying of the stock market together with the bond prices in the future.
However, an important question investors may ask is: Is such a policy of lowering interest rates sustainable? Can the US T-bond yield turn negative and stay that way? It is not impossible, considering this is already the case for German bonds and shorter-term T-bills. Furthermore, the Fed’s plan to introduce 50- and 100-year bonds will expand the bank’s policy tools, providing further room to push down the yield curve in order to support an expansionary monetary policy.
Given the current situation:
What should investor’s expectation of future yields (and hence stock prices) be? Would monetary expansion continue or eventually reverse?
Is the current upward trend in stock prices driven by lowering yields or improving market sentiment? Are we entering a bull market, or would there be a correction if policy intervention ends?
Are current stock prices expensive or cheap? In next week’s article, we would be analysing this question using the Spread Analysis Model. So stay tuned!
如何在迈云上生成此图表：
对于互相关 模型，将开始日期设置为1989-09-12，将结束日期设置为当前日期。选择“Dow Indu 30 E-Mini”和“T-Bond”作为2种产品进行分析（两种合约为连续性，序列号= 1，选择第一近月合约）。选择两个合约的单位为“默认”。“反向绘制”和“领先指标”可以保持为“禁止”。
对于Time Series Model 模型，将开始日期设置为2009-09-12，将结束日期设置为当前日期。选择“30-Year Treasury Constant Maturity Rate Daily (Not Seasonally Adjusted)”作为产品。选择产品的单位为“默认”。
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