但是,由指数连动债券与一般债券的息差产生的通胀预期,不会引起津巴布韦式货币贬值的恐慌。
But inflation expectations, derived from the gap between yields on index-linked and conventional bonds, hardly suggest fears of a Zimbabwe-style debasement.
最后一点是,一种叫物价指数债券的债券,这种债券的票息被通胀指数化了。
Finally, I just want to say that we have also a kind of bond called an indexed bond, which is a bond whose coupons are indexed to inflation.
如果比较一下传统债券和2028年到期的指数关联型国债的收益,结果是隐性通胀率为2.4%。
If you compare the yield on conventional bonds with the yield on the index-linked Treasury bond that matures in 2028, the result is an implied inflation rate of 2.4%.
10年期的债券收益率从2.65%跌至2.53%,几乎同时,预期的通胀率也已稳步走高(预期的通胀率的测量是通过通胀指数证券市场获得)。
The 10-year bond yield has fallen from 2.65% to 2.53%. At the same time, expected inflation, as measured by the inflation-indexed bond market, has risen steadily.
如果在11月2日5年期国债收益率为1.25%,那么指数关联型债券实际收益率为- 0.55%就意味着,预期通胀率为1.8%。
If five-year Treasury bonds are yielding 1.25%, as they were on November 2nd, then a negative 0.55% real yield on inflation-linked bonds implies an expected inflation rate of 1.8%.
如果在11月2日5年期国债收益率为1.25%,那么指数关联型债券实际收益率为- 0.55%就意味着,预期通胀率为1.8%。
If five-year Treasury bonds are yielding 1.25%, as they were on November 2nd, then a negative 0.55% real yield on inflation-linked bonds implies an expected inflation rate of 1.8%.
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