货币的支付形式有长期债券和短期债券。
The currency is paid in the form of long-term bonds and short-term bonds.
第二步是提高长期债券利率。
而长期债券则相对较少。
所以联储希望通过购买长期债券以降低长期利率。
So the Fed wants to push down longer-term rates by buying longer-term government bonds.
发行数千亿英镑的长期债券现在看起来有点痴心妄想。
The alternative of banks issuing many hundreds of billions of pounds of long-term bonds also looks fanciful right now.
换句话说，长期债券的收益要高于短期债券。
In other words, long-dated bonds offer a lot more income than short ones.
自从那时，美国开始将其借款中的大部分转移到长期债券。
Since then, it has shifted most of its borrowing to long-term bonds.
当然，如果紧缩计划能顺利完成，希腊可以减少长期债券收益率。
Of course, Greece may be able to cut its long-term bond yields if the austerity plan is pushed through.
由于担忧美国的经济复苏势头放缓，美长期债券的收益率创历史新低。
Yields on American Treasury bonds reached record lows, amid concern that the country's economic recovery was losing momentum.
问题的奥秘在于储蓄者为什么会接受长期债券糟糕的回报率。
The mystery is why savers accepted crummy returns over long periods.
这给其他长期债券投资者留下的份额更少了，从而增加了收益率下行的压力。
That leaves fewer long-term bonds for other investors to buy, adding to downward pressure on yields.
方案没有说明如何实现这一点，但可能会迫使银行将所持债券换成长期债券。
How this would be accomplished wasn't explained but it would probably force Banks to swap their current bonds for ones that have a long maturity.
银行难以出售长期债券的困境持续时间越长，需要再融资的负债就会变得越多。
The longer that banks find it hard to sell longer-term bonds, the bigger the rump of debt that needs to be refinanced will grow.
NTMA是通过长期债券完成大部分借款的，这导致该国债务平均期限相对较长。
It did the bulk of its borrowing through long-term bond auctions, resulting in a relatively long average maturity for the national debt.
由于联邦资金利率已经接近于零，因此联储开始买入较长期债券，以降低长期资金利率。
Because the federal funds rate is already close to zero, the fed has been buying up bonds with a longer maturity to drive down long-term interest rates.
不仅如此，信用度较好的企业现在还能发行长期债券，利率甚至比金融危机前更低。
Debt of longer maturity is also available to creditworthy firms at lower interest rates than before the financial crisis.
公司计划通过发行长期债券筹资37.5亿美元，已经拥有巨额现金的微软，如今锦上添花。
The company will raise $3.75 billion through the issue of long-term debt, adding to the already large pile of cash it keeps on hand.
当短期利率接近于零，长期债券的收益率较高时，这是一种盈利的战略，目前的情况就是如此。
This is a profitable strategy when, as now, short-term interest rates are close to zero and the yields on longer-term bonds are higher.
去年，美联储实际上推出了购买长期债券的政策，一般被称为“量化宽松”(不要为什么这样叫)。
Last year, the Fed actually did institute a policy of buying long-term debt, generally known as "quantitative easing" (don't ask).
日本的债务问题比意大利严重的多，而日本的长期债券利率只有1%左右，而意大利为7%。
Japan is much more deeply in debt than Italy, but the interest rate on long-term Japanese bonds is only about 1 percent to Italy's 7 percent.
所以，从通常的只购买短期债券美联储转为现在的购买长期债券——这种政策通常被称为“量化宽松”。
So the Fed is shifting from its usual policy of buying only short-term debt, and is now buying long-term debt — a policy generally referred to as “quantitative easing.
但税额上涨已带来意外后果：财政部正为寻找长期债券买主而四处奔走，而这以往是最受外国买家青睐的。
But the tax has had unintended consequences: the Treasury is now struggling to find buyers for long-term bonds, which tend to be popular with foreigners.
一年前我们预测美国长期债券利率会上升，在过去的一年里30年期国债的确从2.5%上升到4.6%。
One year ago we predicted that US long bond rates would rise. This is exactly what happened and the 30 year Treasury Bond yield went from 2.5% to 4.6% during the year.
长期债券跌幅超过1个百分点，其他经济指标也显示，美元将进一步疲软，而通货膨胀压力将进一步增加。
The long bond fell more than a percentage point, while every other economic indicator that signals a weaker dollar and higher inflation also rose.
近几周来，长期债券收益率一直攀升，而且长短期债券的息差(被称为收益率曲线)已高出一般水平。
Longer-dated bond yields have risen in recent weeks and the gap between long - and short-term rates (known as the "yield curve") is much higher than normal.
近几周来，长期债券收益率一直攀升，而且长短期债券的息差(被称为收益率曲线)已高出一般水平。
Longer-dated bond yields have risen in recent weeks and the gap between long - and short-term rates (known as the "yield curve") is much higher than normal.
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