Sceptics note that a large chunk of the increase is accounted for by short-term bills rather than new lending to finance spending.

持怀疑态度的人提出，这大幅增长被认为是短期票据而不是作为财政支出的长期贷款。

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Its purchases of Treasury bonds have surged (see bottom chart) but of late they have been almost exclusively short-term bills.

外管局对美国国债的购买爆发性增长(看图标)但是后来他们购买的几乎都是短期票据。

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Money market funds typically hold a mix of short-term corporate bonds, Treasury bills, and other high-quality debt.

货币基金通常是一个短期企业债券、财政债券、及其它高等级债权的组合。

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But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.

当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊

耶鲁公开课 - 金融市场课程节选

Until recently the Federal Reserve owned rather safe assets like gold, short-term Treasury bills and the short-term IOUs of commercial banks.

FORBES: Could A Federal Reserve Bank Go Bust?

Sceptics note that a large chunk of the increase is accounted for by short-term bills rather than new lending to finance spending.

ECONOMIST: For those looking gamely for bright spots, China flickers

Until the Great Recession, the Fed limited its purchases of Treasury paper to short-term bills that carry no interest rate risk.

FORBES: Could A Federal Reserve Bank Go Bust?