相反，Shilling先生认为投资者应持有长期国债。
Instead Mr Shilling thinks that investors should own long-dated Treasury bonds.
银行持有的国债，长期以来被看做是极其安全的，但现在也开始看起来更像一种风险资产。
The banks’ bond holdings, long seen as ultra-safe, are slowly starting to look more like a risk.
虽然持有人可以在到期时得到全部偿付，但如果一旦收益率上升长期国债的价格可能大幅下跌。
While a holder can expect to get repaid in full at maturity, the price of longer-term Treasuries could fall sharply in the interim if yields rise.
银行持有的国债，长期以来被看做是极其安全的，但现在也开始看起来更像一种风险资产。
The banks' bond holdings, long seen as ultra-safe, are slowly starting to look more like a risk.
投资者在持有较长期债券时，通常要求获得风险溢价，而在这种情况下，长期国债的风险溢价已经大大降低。
The risk premium that investors usually demand for holding bonds over a longer period has shrivelled.
美联储本周三宣布，其将延长4000亿美元国债持有期限，以期降低长期银行贷款的利率，这即所谓的 美元扭曲操作 。
The Fed announced Wednesday that it would shuffle $400 billion of its own bond holdings in hopes of reducing interest rates on long-term loans, a plan known as Operation Twist.
除了投资者希望持有美元计价证券最安全发行人——美国财政部的负债以外，很难找到长期美国国债收益率如此之低的原因。
It is hard to see a reason for yields on long-term Treasuries being so low, other than a desire to hold the liabilities of the US Treasury, safest issuer of dollar - denominated securities.
中国减少美元资产持有的一个方法是将他们的长期美国国债储备逐渐转成较短期的美国债券。
One way the Chinese can lessen their exposure to dollar assets over time is to shift their reserves from long-term Treasuries into shorter-term U. S. bonds.
似乎在一开始销售债券持有人比美联储更快的速度可以买到他们的长期国债。
It seems that bondholders began selling longer-term Treasuries at a faster rate than the Fed could buy them.
似乎在一开始销售债券持有人比美联储更快的速度可以买到他们的长期国债。
It seems that bondholders began selling longer-term Treasuries at a faster rate than the Fed could buy them.
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