If the Fed wants to push the Federal Funds Rate up and down it goes and buys short-term government bonds.

如果联邦希望推动,联邦资金利率上升下降,它将会去买短期的政府债券。

耶鲁公开课 - 金融市场课程节选

They show the expected return on stocks versus bonds or short-term debt for a whole range of countries.

他们对这些国家的股票预期收益与,国债或者短期债券作出比较。

耶鲁公开课 - 金融市场课程节选

I mean, do you really--you might wonder, aren't people missing something if the excess return is so high of stocks over short-term bonds?

我是指，你们真的。。。你们也会怀疑，这里是不是少了点什么,如果股票收益率高出短期债券收益率那么多？

耶鲁公开课 - 金融市场课程节选

Stocks have paid 4% more a year over this incredibly long time period than short-term bonds.

股票在相当长的一段时间里,每年都比短期债券投资收益率,高出4个百分点。

耶鲁公开课 - 金融市场课程节选

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