You'll lose money first because that 30-year Treasury bond, with its 4.5% coupon rate of interest, will look pretty pathetic in a year if 30-year bonds are paying 6%.

你亏钱首先是因为持有了30年期的国债，它的票面利率是4.5%，如果一年之内30年国债的利率升到6%，那你手头的债券就亏大发了。

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After all, the Treasury-bond yield is the risk-free rate, off which other assets are priced.

毕竟，国债利率是无风险利率，其他的资产的定价都扣除了这个因素。

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Some argue that pensioners have even greater rights than bondholders and that points to using a "risk-free" rate like the Treasury-bond yield.

还有些人主张，退休金领取者比债权人的权利还要大，因此应该采用国库债券收益率那样的零风险利率。

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For years, strategists and soothsayers have been predicting that low rates on bonds, generally benchmarked by a 10-year Treasury bond rate that has largely remained under 2%, would force investors into riskier assets.

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Even after a bump in recent weeks, the benchmark 10-year U.S. Treasury bond sports an interest rate of less than 2%.

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The rate on the savings bond is 0.44% higher than the rate of the 20 Year Treasury bond.

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