这些基金不拥有股票或债券类的资产，但它们能和投行进行衍生交易，投行则担保将目标标准点的收益传到账上。

These funds do not own assets like shares or bonds; instead they arrange a derivative deal with an investment bank, which guarantees to deliver the return of the targeted benchmark.

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美国国债收益率和房利美担保的抵押贷款债券收益率之间的利率已经缩小了大约0.7个百分点。

The difference in yields on Treasury debt and mortgage bonds guaranteed by Fannie has narrowed roughly 0.7 percentage points.

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其二，美联储已经在交易低风险，低回报的国债和购买高收益的私人债券-例如银行贴现贷款，商业票据，和抵押担保证券。

Second, it has been trading in low-risk, low-return Treasury debt and buying higher-yielding private debt—discount loans to banks, commercial paper, and mortgage-backed securities, for example.

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