美国国债市场也许是正确的。
近几个月来，美国国债市场的主要变化不是来自中国。
The big change in the Treasury market in recent months hasn't come from China.
美国国债市场是世界上最大、最具流动性的市场。
The Treasury market is the largest and most liquid market in the world.
在投资者战战兢兢的又一周里，美国国债市场被通胀搅乱。
America's Treasury market is unsettled by inflation, in another jittery week for the world's investors.
但是，需求正在减少，而美国国债市场也开始震荡。
But that demand is fading, and the Treasury market has become volatile.
有人或许会说，应远离美国国债市场，因为这个市场将失去最大的买家。
One would think you'd want to steer clear of the Treasury market, which is going to lose its biggest buyer.
这可能会稀释美国国债市场，压低国债价格，推高收益率，带动抵押贷款利率走高。
This likely would dilute the Treasury bond market, drive down prices, push up yields and cause mortgage rates to rise.
这可能会稀释美国国债市场，压低国债价格，推高收益率，带动抵押贷款利率走高。
Treasurys, sold to pay for it all.This likely would dilute the Treasury bond market, drive down prices, push up yields and cause mortgage rates to rise.
正如你可能想象的，我确信它是后者，并认为美国国债市场成为妈妈的所有泡沫。
As you might imagine, I am confident that it is the latter and consider the U. s. Treasury market to be the mother of all bubbles.
惊慌失措的投资者通常奔向规模大流动性强的美国国债市场，仅管对美国的公共财政焦虑不安。
Scared investors often rush into the big and liquid market for US Treasuries, despite anxieties about America’s public finances.
这可能会稀释美国国债市场，压低国债价格，推高收益率，带动抵押贷款利率走高。
Treasurys, sold to pay for it all. This likely would dilute the Treasury bond market, drive down prices, push up yields and cause mortgage rates to rise.
而在美国，未偿还国债的约四分之一由外国人持有，这必然会使美国国债市场更不稳定。
In the U.S., foreigners hold roughly a quarter of the outstanding Treasury notes, making the market inherently more unstable.
由于中国是美国国债第二大持有国(仅次于日本)，因而这一恐慌亦波及美国国债市场。
China's specter has also been hovering over the U. S. government bond market, where it is the second-largest foreign investor after Japan.
《金融时报》报道称，直到2009年5月雷曼兄弟公司破产后，美国国债市场才引入了违约罚金制度。
The ft reports that only in May 2009, after the Lehman collapse, was a fail penalty introduced in the US Treasurys market.
但是大额的联合债券发行即使对信用风险很低的国家也有益，因为这种债券在流通性上足可匹敌美国国债市场。
But a large collective bond issue could have benefits even for countries with low credit risk, as it would rival America's Treasuries market for liquidity.
在美国国债市场，10年期国债收益率目前只有2.761%，通货膨胀会逐渐侵蚀国债的利息回报。
In the Treasury market, where inflation erodes the value of the interest payments over time, the 10-year bond is yielding just 2.761%.
不过，北京明白，如果中国突然收回对美国国债市场的支持，由于中国仍持有的巨额美元资产价值将下降，中国将是最大的输家之一。
However, Beijing knows that if it abruptly withdrew support from the us Treasury bond market, China would be one of the biggest losers because of the drop in the value of its huge remaining holdings.
道明证券(TD Securities)的分析师表示：“过去一年，中国外汇储备的上升势头伴随着对美国国债市场参与度的减少。”
"The upward march in Chinese reserves has been accompanied by reduced participation in the Treasury market over the past year," say analysts at TD Securities.
很明显美国国债市场不担心这个-十年期的国债收益率还不到3%，并且如果目前的趋势继续下去的话，债券市场也没有什么理由需要担心。
The Treasury market obviously isn't worried - not it 10 year Treasury yields are under 3%. And there is little reason for the bond market to be worried if current trends continue.
美元和英镑的一个不同之处是，美元作为全球储备货币和美国金融市场（包括美国国债市场）主要交易币种的独特地位使其获得了天然的支撑。
Unlike the pound, the dollar is being buttressed by its unique status as the world's reserve currency and the vehicle for transactions in U. S. financial markets, including Treasury bonds.
但这却分散了人们对一项重要转变的注意。美国国债市场目前更依赖于包括美国联邦储备委员会(Federal Reserve)在内的美国买家，而不是中国。
But that has obscured an important change: the market for Treasury bonds is now more reliant on U.S. buyers — including the Federal Reserve after its recent buying spree — than the Chinese.
投资者重新投入国债市场，纷纷抛售股票，避险转投美国国债。
Investors jumped back into the Treasury bond market as they shunned stocks for the safety of government debt.
投资者重新投入国债市场，纷纷抛售股票，避险转投美国国债。
Investors jumped back into the Treasury bond market as they shunned stocks for the safety of government debt.
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