After all, the Treasury-bond yield is the risk-free rate, off which other assets are priced.
毕竟,国债利率是无风险利率,其他的资产的定价都扣除了这个因素。
Since America is the world's largest economy, has the most liquid financial markets and operates the world's premier reserve currency, the Treasury bond has been seen as the global risk-free asset.
美国是全球最大的经济体,拥有流动性最强的金融市场,管理着全球最重要的储备货币,因此,美国国债已经被视为一项全球性的无风险资产。
Some argue that pensioners have even greater rights than bondholders and that points to using a "risk-free" rate like the Treasury-bond yield.
还有些人主张,退休金领取者比债权人的权利还要大,因此应该采用国库债券收益率那样的零风险利率。
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