从任何角度看，这对国债市场是合理的。
That, at any rate, seems to be the judgment of the bond markets.
股市和债市下挫，欧元兑美元汇率进一步下跌。
Stock and bond markets turned down, while the euro lost more ground to the dollar.
美国国债市场也许是正确的。
因为市政债市场太过特殊，也过于特别。
但是股票市场依然比国债市场更有吸引力。
诚然，现在在市政债市场上的确存在很多坏东西。
美国国债市场是世界上最大、最具流动性的市场。
The Treasury market is the largest and most liquid market in the world.
满怀忧虑的投资者再次把资金投入国债市场，导致利率下滑。
Nervous investors again moved money into the Treasury bond market, driving interest rates lower.
公司信用评级下调可能导致其在债市筹资成本更高。
A reduction in a company's credit rating can make it more expensive to raise money in the debt market.
这种利率溢价不是小事，特别是如果扩散到其他国家债市的话。
These interest-rate premiums are no small matter, especially if they spread to other nations' bonds.
亚洲的债市今年有望创下纪录，欧洲公司也在飞快地筹集资金。
Asia's debt market is on pace for a record year, and European companies are also raising money apace.
近几个月来，美国国债市场的主要变化不是来自中国。
The big change in the Treasury market in recent months hasn't come from China.
西班牙的灾难正在向世界第三大公债市场意大利蔓延。
Spain is in the markets' sights and the trouble is spreading to Italy, home of the world's third-largest market for public debt.
如果眼看信用评级下降而听之任之，意大利将最终被国债市场拒之门外。
If its debt is left to spiral down, Italy will be shut out of the bond markets.
债市里的流动性最讨厌的特性就在于它会在你最需要它时消失。
Liquidity in the debt markets has an annoying habit of disappearing just when you most need it.
投资者重新投入国债市场，纷纷抛售股票，避险转投美国国债。
Investors jumped back into the Treasury bond market as they shunned stocks for the safety of government debt.
尽管它的规模让投资者生畏，但它更大更流畅的国债市场也可以提供保护。
Although its size is what makes some investors tremble, its bigger and more liquid public-debt markets also offer protection.
大量资本涌入新兴经济体的国债市场，造成了收益的减少并抬升了货币汇率。
Capital is flooding to the bonds of big emerging economies, squeezing yields and pushing up their currencies.
首先，一些我接触的专家和财经人士都相信地方市场是最有机会的公债市场。
First, many industry experts and financial planners whom I've spoken with believe some of the best bond market opportunities are in the municipal markets.
由于其它债市失灵（例如资产支持的商业票据），公司就从银行兑现这些承诺。
With the collapse in other debtmarkets (such as asset-backed commercial paper), corporate borrowers cashed in those chips.
有人或许会说，应远离美国国债市场，因为这个市场将失去最大的买家。
One would think you'd want to steer clear of the Treasury market, which is going to lose its biggest buyer.
有人或许会说，应远离美国国债市场，因为这个市场将失去最大的买家。
One would think you'd want to steer clear of the Treasury market, which is going to lose its biggest buyer.
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