So there's not a lot of room in the government bond market or other high-quality bond markets to generate excess returns.

所以对于政府债券或者优质债券,超额收益的空间不大

耶鲁公开课 - 金融市场课程节选

If we have an annual return that we're looking at, we can find a completely riskless asset with an annual return-- it would be a government bond that matures in one year.

如果我们可以查看各项资产的年度收益，我们可以找到一个零风险,且达到预期年度收益的资产项目-,也许是一年期的政府债券。

耶鲁公开课 - 金融市场课程节选

The shortest term debt instrument in the United States is the Federal Funds Rate, which is an overnight rate--one day maturity-- and the longest issued by the Government is a thirty-year government bond, which will be repaid three decades in the future.

美国最短期的债券,是联邦基金利率,隔夜拆兑,一天到期,而时间最长的国债,是一种三十年期的政府债券,未来三十年才兑现

耶鲁公开课 - 金融市场课程节选