For the biggest beneficiaries of ratings have not been long-term bond investors but the Wall Street firms that used the system to foist misrated debt on them.

因为评级的最大受益人并非长期债券投资者，而是利用这套系统将错误评级的债务转嫁到投资人身上的华尔街公司们。

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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.

在这种情况下，如同我们经常谈及的日本综合症一般。可以想象，中期债券收益率将会跌落到1%至2%范围内的区间。

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Of course, Greece may be able to cut its long-term bond yields if the austerity plan is pushed through.

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。

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The slope of the yield curve can be measured in varying ways but is conventionally thought of as the long-term government bond rate minus the short-term government bond rate.

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Consider alternative investments for your intermediate-term goals like short-term bond funds, municipal bond funds or income funds that include dividend-paying stocks in the mix but watch for bonds with long maturities.

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If you own bond funds, you can either opt for funds with shorter durations or create a fund barbell by mixing long-term and short-term bond funds.

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