Discount note: note (i. e. short - or medium-term bond) issued at a discount from its face value.

贴现票据：指按面值折扣发行的票据(即短期或中期的债券)。

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In the second scenario, a sudden jump in interest rates, short-term and medium-term bond funds take an immediate hit in their value and then take about two years or more to climb back to their starting value.

WSJ: A 401(k) Defense Against Rising Rates

By indicating that short-term rates will stay low until the end of 2014, the Fed is also having an effect on medium-term bond yields.

ECONOMIST: Buttonwood

In that case, there will be much talk of the Japan syndrome, and it is conceivable that medium-term bond yields will drop into the 1-2% range.

ECONOMIST: Watch out for currency confusion