如果在11月2日5年期国债收益率为1.25%，那么指数关联型债券实际收益率为- 0.55%就意味着，预期通胀率为1.8%。

If five-year Treasury bonds are yielding 1.25%, as they were on November 2nd, then a negative 0.55% real yield on inflation-linked bonds implies an expected inflation rate of 1.8%.

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实际上，养老金跟别的债务一样，因此应该用债券收益率来折现。

In effect, pensions are a debt like any other, and should be discounted with a bond yield.

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而且实际上很长时间里这些垃圾债券的额外收益，远高于违约的风险给投资者带来的损失。

And indeed over time the extra yield offered by these bonds more than compensated investors for the risk of default.

youdao

The yield-to-maturity on an indexed bond is already in real terms because the coupons are indexed to inflation.

这种债券的到期收益率,就是实际收益率,因为票息已经被通胀指数化了

耶鲁公开课 - 金融市场课程节选

The thing that is very interesting that he finds is the difference, 4%, between the historical real return on stocks and the historical real return on bonds.

非常有趣的是,他发现历史实际股票收益，和历史实际债券收益之间,存在4%的差异。

耶鲁公开课 - 金融市场课程节选