It takes a couple of attempts, but the phone dutifully displays a page full of T-bill prices and yields. 他试了几次,终于手机不辱使命地显示了一个列满国债价格和收益率的页面。
When T-bill yields fall, investors are prepared to pay more for that safety. 当国库券收益率下跌时,投资者愿意以更高的价格买入这种安全资产。
Some has flooded into money market funds ( which buy government bonds) or the repo world ( often backed by bonds); some money has entered the T-bill market directly. 一部分涌入了货币市场基金(这些基金购买政府债券)或者回购市场(通常得到债券的支持);也有些现金直接进入美国国债市场。
In the Treasury bill market, the three-month T-bill paid a0.12 percent yield. 在短期国库券市场,三个月的国库券支付百分之0.12投资收益率。
By 20 years out, the inflation-adjusted S& P return would be nearly 6 per cent, while the comparable risk-free T-Bill return would be worse than negative 18 per cent. 20年后,经通胀调整后的标准普尔指数回报率接近6%,而具有可比性的无风险国债回报率甚至不到负18%。
At the worst of the recent panic, T-bill yields reached 0.02 per cent, their lowest since 1940. 在近期恐慌情绪最严重的时候,美国国库券收益率达到0.02%,为1940年以来最低,目前也几乎没有回升。