布拉德从去年7月份就开始警告美国可能面临着日本式的通货紧缩的风险，并且呼吁购买国库券来降低这一风险。

Bullard has warned since last July about a risk of Japanese-style deflation in the U.S. while calling for purchases of Treasury securities to reduce the threat.

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当报纸上头条的通货膨胀是3.9%时，投资者大概也不愿意收到一张利润只有4.1%的10年国库券。

At the ten-year level, it may seem odd that investors are willing to receive a Treasury-bond yield of just 4.1% when headline i nflation is 3.9%.

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在固定收入市场上，鉴于有望是低通货膨胀和更为平稳的收益曲线回落，我们要强调五年偿还期的国库发行票据，可以获得额外的收入。

In the fixed income market, we would emphasize Treasury issues in the five-year maturity range for extra income against what promises to be a low-inflation and flatter-yield-curve backdrop.

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