当债券收益率上升时，其价格将会下跌，这将吃掉来债券带来的所有盈利。

When bond yields rise, their prices fall, eating into any gains from the security's coupon.

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当短期利率接近于零，长期债券的收益率较高时，这是一种盈利的战略，目前的情况就是如此。

This is a profitable strategy when, as now, short-term interest rates are close to zero and the yields on longer-term bonds are higher.

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平坦的收益率曲线会伤及银行的盈利。

The resulting flatter yield curve hurts bank earnings.

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