For Treasury bonds, rising interest rates are the main form of risk; for corporate, municipal and other bonds, the financial soundness of the underlying assets raises another kind of risk.

对于美国国债来说，利率上调是主要的风险；而对于公司债券、市政债券和其他债券，其相关资产的财政稳健程度又会引发另一种风险。

youdao

That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.

那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。

youdao

Between September and early November 30-year Treasury yields had risen four times more than municipal yields.

在9月和11月初之间30年期国债收益率超出市政债券收益率的4倍多。

youdao

This massive borrowing pawned off on treasury and municipal investors is the result of the Keynesian theory at its worst.

FORBES: "Day of Reckoning" -- The Next Potential Crises

Now on Saperstein's mind, and the minds of millions of other fixed-income investors, is the multitrillion-dollar question of whether the U.S. Treasury and municipal bond markets are on the verge of blowing up, too, or merely suffering a bout of indigestion.

FORBES: Magazine Article

Unlike the municipal bond market, the Treasury market is a homogenous credit market, highly liquid and dominated by institutional investors, both domestic and international.

FORBES: Muni Bond Manager's Journal: Seasonal Affective Disorder