区别是现在主要表现在对债券收益率、股票上涨往来帐户和预算赤字的压力上，而不是富有戏剧性的外汇危机上。
The difference is that now they emerge in pressure on bond yields and ballooning current-account and budget deficits, rather than in dramatic foreign-exchange crises.
目前为止的证据表明，最近推动债券收益率上升的是信心而不是畏惧。
So far the evidence suggests that it is confidence rather than fear that has pushed bond yields up of late.
法国的增长正在加快，而意大利持续在落后，当担忧欧洲偿付能力在周边扩散时，意大利的债券收益率却上涨了。
French growth is picking up but Italy's continues to lag behind and Italian bond yields have risen lately as worries about peripheral European solvency spread.
不过，如果外国投资者是如此的担心，那债券收益率为什么没有因美元的跌势而大幅上升呢？
But if foreign investors are so concerned, why hasn't the dollar's decline been accompanied by a sharp rise in bond yields?
债券的收益率太低，而不能提供令人兴奋的长期收益。
Bonds offered too low a yield to produce exciting long-term returns.
美国的债券收益率正在飞涨，而西方的央行尽管内部紧张气氛正在加剧，依然保持着掩耳盗铃的姿态。
US bond yields are surging and Western central Banks, despite growing tension within their ranks, remain in ostrich mode.
日本在2009年因为较高的债务负担而失去其AAA评级，但是因为通缩，它的债券收益率仍维持在谷底水平。
Japan lost its AAA rating in 2009 because of a world-leading debt burden. But because of deflation, its bond yields remain at rock-bottom levels.
短期债券利率只有0.5%，而十年期国债的收益率为可怜的4%。
Short-term rates are just 0.5% and ten-year government bonds yield a lowish 4%.
可转换债券，由于在2008年被杠杆对冲基金被迫抛售而大幅下跌，提供了一个很好的收益率组合和准股票权益。
Convertible securities, which were bashed in 2008 in part from forced selling by leveraged hedge funds, offer a nice combination of yield and equity kickers.
西班牙已经成功地从伴随着惨不忍睹的债券收益率的欧元区边缘国家集团中全身而退。
Spain had successfully dislodged itself from the group of peripheral euro-area countries with the most punishing bond yields.
爱尔兰的债券收益率跌回了7.93%，但是西班牙的债券收益率升到了4.75%，而希腊则上升到了11.75%。
Bond yields in Ireland dropped back to 7.93%, but rose to 4.75% in Spain and 11.75% in Greece.
这家软件巨头周一所发售债券的利息仅仅略高于美国国债的收益率，而明显低于其他公司债。
The software giant Monday was able to sell bonds at interest rates that were only a slight premium to U.S. government debt and at much lower rates than other corporations.
Evercore客户曾持有收益率为5 - 7%的澳大利亚公司债和收益率为8 - 9%的巴西债券，而不是持有收益率近乎零的美国国债。
Evercore clients owned Australian corporate bonds paying between 5% and 7% and Brazilian bonds paying 8% to 9% instead of U.S. Treasuries yielding almost nothing.
尽管如此，今年7月以来2027年到期的全球债券收益率已经上升了270个基点，达到13.5%，而5年期信用违约掉期(CDS)利差扩大了557个基点，达到1494个基点(参见图标5.1)。
Nevertheless, the 2027 global bond yield has increased 270 BPS to 13.5% since late July and 5-year CDS spreads widened 557 BPS to 1494 BPS (Chart 5.1).
流动性基差是指由于缺乏流动性而产生利率差价，即债券的内含收益率与短期市场利率的差价。
Liquidity spread is the difference between the locked-in yields of bonds and short-term interest rates.
最终债券收益率将是推动预期经济增长和通货膨胀，而不是国籍的持有的债券。
Ultimately bond yields are going to be driven by expectations about growth and inflation and not the nationality of the holder of the bonds.
收益率继续下降需要一轮经济衰退，但这并不是我们的核心预期。近期债券收益率的上升空间也比较有限，因为来自通胀的压力微乎其微而美国经济正在对房产市场的低迷作调整。
The upside for yields is also quite limited in the near term with little pressure on inflation and the us economy still adjusting to the housing down turn.
收益率继续下降需要一轮经济衰退，但这并不是我们的核心预期。近期债券收益率的上升空间也比较有限，因为来自通胀的压力微乎其微而美国经济正在对房产市场的低迷作调整。
The upside for yields is also quite limited in the near term with little pressure on inflation and the us economy still adjusting to the housing down turn.
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