But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.

当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊

耶鲁公开课 - 金融市场课程节选

What they did instead of just-remember the Federal Funds Rate is a target interest rate that the Fed attempts to hit through buying and selling treasury bills in the U.S. or in other countries buying and selling government bonds to affect the market.

他们真正做的事-记住,联邦资金利率是,美联储试图通过在美国,买进和卖出国库券,或在其他国家买进和卖出政府债券,来影响市场的目标利率。

耶鲁公开课 - 金融市场课程节选