美国国债:收益率美国国债:收益率 Buttonwood 布雷顿森林体系 Not so risk-free 并非那么无风险 May 28th 2009 From The Economist print edition There are questions about the long-term appeal of American Treasury bonds 美国国债的长期表现令人怀疑 LIKE London buses, big events in America ’s Treasury market all seem e at once. Ina week when the Treasury auctioned more than $100 billion of notes and bonds, ten-year Treasury yields surged to their highest level in six months, despite a buy-back offer by the Federal Reserve. That will raise the cost of finance panies and homeowners. 就像伦敦巴士一样,美国债券市场的大事件都是毫无预兆就发生的。在一周之内,财政部拍卖了多达 1000 亿美元的债权,尽管联储回购了一部分,十年期国库券的收益率一路飙升到 6 个月以来的最高点。这会加重公司和家庭的财务成本。 All this activity was inevitable once the authorities decided bine a huge fiscal deficit with quantitative easing (expansion of the money supply). It has been panied bya sharp rise in the gap between short and long rates. The ten-year yield has risen from % on December 18th to % on May 27th. 一旦当权者决定将巨额的财政赤字和数量性政策(货币供给增加)相结合的时候, 所有的这些行为都是不可避免的。伴随着债券发放而来的长短期利率之间的差距大幅增加。十年期债券的收益从 12月 18号的 % 上涨到了 5月 27 号的 % 。 Some of that rise in yields is undoubtedly due to investors switching back into shares on hopes that the global recession might end next year. But there have also been concerns about America ’s long-term financial health. On May 27th Moody ’s said it had no plans to reduce America ’s coveted AAA debt rating. But on the same day
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