But, again, the Treasury could offset this effect by changing the maturity structure of its outstanding debt (by shifting toward bills and away from bonds).

但是，再次长期债券通过流通债券期限结构的改变而对冲这种影响(通过从长期国债转向中期国债)。

youdao

The agencies have been shifting their ground, downgrading mortgage-backed bonds by the dozen and promising to keep a close eye on CDOs.

评级机构正改变立场，下调了许多抵押债券的等级，并保证密切关注债务抵押债券。

youdao

But, as he points out, velocity can slow because of positive events, such as consumers and businesses shifting money from bonds and other illiquid investments to cash so they can spend it.

FORBES: Spend That Cash

With so little IPO activity, Chinese banks are shifting their focus to bonds or trading.

WSJ: China Banks Change Tack as Hong Kong IPOs Dry Up

What to watch out for: housing and retail sales further strengthening, and investors shifting even more of their holdings from bonds to stocks.

WSJ: Stocks Testing Records��But There's Still Room to Run