Along with the scarcity of bond insurance, that could make life even harder for smaller borrowers whose principal appeal was their tax-exempt status.
随着债券保险的缺失，这使得较小的借款者(他们最主要的吸引力是他们的免税地位)，生活更艰难。
That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.
那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。
The United States is not exempt. Low American interest rates mean bond markets haven't yet turned on us.
美国也未能幸免，我们尚未迎来低水平的美国利率。
The United States is not exempt. Low American interest rates mean bond markets haven't yet turned on us.
美国也未能幸免，我们尚未迎来低水平的美国利率。
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