He was giving up 1.6% in yield, plus upside equity in a AAA-rated credit for the 'safe haven' of an ever-eroding AA-plus piece of government paper.

他放弃的不仅是1.6%的收益率，还有强生股票的AAA信用评级及日后的上升空间，而去购买所谓的“避险天堂”、信誉仍在不断丧失的AA+级的美国国债。

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It is not hard to see why they resist: a safe system would force average returns lower as high-yield activities came with more frequent, but systemically harmless, failures.

不难看出后者为什么抗拒：一个安全的系统将压低平均回报率，因为高收益活动将带来更频繁的、于系统无害的倒闭。

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Interbank loan rates starting today also eased, though modestly, while the yield on safe short-term US Treasuries moved higher, as risk appetite improved.

银行间同业拆借利率今天也有所趋缓，虽然幅度不大。随着风险偏好增加，美国短期国债收益率有所上升。

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Click here to find out whether mortgage REITs like Annaly mortgage, with its 15% dividend yield is safe.

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In theory, that makes buying high yield this way as safe as it gets.

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Yes, high yield is overvalued, but safe money in the form of money market funds pays one or two basis points.

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