美国国债

周四，芝加哥商品交易所（ChicagoMercantileExchange）提高了美国国债作为抵押品的折价率。

On Thursday the Chicago Mercantile Exchange raised collateral haircuts for clearing Treasuries .

8月份的Tic数据很可能标志着美国国债购买量的一个高峰。

The August Tic data could well mark a high point for US Treasuries purchases .

但投资者眼下已经在问：当美联储（fed）停止充当美国国债的最大购买人时，将会发生什么情况？

Already , however , investors are asking what will happen when the Fed stops being the dominant buyer of US government debt .

盈亏平衡通胀率反映的是美国国债现货收益率与通胀保值债券（tips）收益率之差。

Breakeven rates reflect the difference between yields on cash treasury bonds and those of Treasury inflation protected securities , or tips .

由于预期美联储（fed）将出台更多宽松政策，中国在去年12月大举减持美国国债，同时买进了收益率较高的抵押贷款证券。

China was a large seller of US Treasuries in December but sought higher-yielding mortgage securities amid expectations of more policy easing by the Federal Reserve .

路透社（Reuters）周四的一篇报道重温了中国显然在过量购买美国国债的好时光。

Reuters report today hearkens back to a happier time , when China was apparently buying too much Treasury debt .

纽约大宗商品经纪商MFGlobal的爱德华•梅尔（EdwardMeir）表示：除了安全的美国国债，没人买其它东西。

Edward Meir , of commodities broker MF Global in New York , said : Nobody is buying anything else than safe US Treasuries .

随着欧洲和亚洲股市普遍上涨，富时环球指数（FTSEall-WorldIndex）上涨了0.8%，而美国国债价格和美元汇率有所下跌。

The FTSE All-World index was up 0.8 per cent following gains across Europe and Asia , while US Treasuries and the dollar slipped .

在5月29日美国国债收益率飙升、抵押贷款利率走势出现部分逆转后，美联储（Fed）目前正处在观望之中，官员们不愿仓促作出任何下意识的政策反应。

The Federal Reserve is in wait-and-see mode following the surge in bond yields and mortgage rates that partly reversed on Friday , with officials unwilling to be bounced into any knee-jerk policy reaction .

eda发行的债券将提供一个可与美国国债市场相抗衡的单流动且透明的欧元区基准债券市场。

Bonds issued by the EDA would provide the market with a single , liquid and transparent eurozone benchmark bond market , rivalling the US Treasury market .

对比10年期美国国债和10年期财政部通胀保值债券（Tips）的利率，支持长期名义利率上升源于通胀预期的解释。

Comparing the interest rates on 10-year Treasuries with the interest rates for 10-year Treasury inflation protected securities ( Tips ) supports this inflation explanation for the rise in long-term nominal rates .

伴随着美国国债市场收益率的大幅上升，美国抵押贷款利率上周急剧上涨。投资者开始坚信，通胀压力可能迫使美联储（Fed）在今年晚些时候加息。

US mortgage rates soared last week amid a sharp rise in Treasury market yields , as investors started to bet that inflation pressures could prompt the Federal Reserve to raise interest rates later this year .

此次美国国债拍卖的需求规模让华尔街经纪商震惊，资产管理者等投资者的购买量达到创纪录水平，外国央行选择直接从纽约联邦储备银行（FederalReserveBankofNewYork）购买10年期国债。

Wall Street dealers were stunned by the scale of demand in the Treasury auction , with record buying by investors such as money managers and foreign central banks electing to purchase the 10-year note directly from the Federal Reserve Bank of New York .

相比之下，巴克莱（Barclays）美国国债指数今年累计回升了5.8%，而期限在20年以上的一篮子国债累计上涨了14.2%。

In contrast , Barclays ' index of US Treasuries has returned 5.8 per cent this year , while a basket of bonds with a maturity of more than 20 years has gained 14.2 per cent .

由此造成了美国国债cds利差较高的局面：尽管投资者知道，美国政府出现债券违约的可能性非常小，但政治气候变幻莫测，以至于很难对政府的现金流做出预测。

Hence the high ( ISH ) level of CDS spreads for US Treasuries : Although investors know that America is highly unlikely to default on its bonds , the political climate is so volatile that it is hard to predict cash flows .

与此同时，据cmadatavision数据，5年期美国国债信用违约互换的价格在早盘交易中升至17.5个基点的创纪录高位。

Meanwhile , the price of credit default swaps on five-year US government debt rose to a record 17.5 basis points in early trading , according to CMA Datavision .

相反，正如我的同事尼科尔布洛克（nicolebullock）最近所报道的，房利美的30年期当前票面利率债券（行业基准）息差近日跌至仅比美国国债高出57个基点的水平。

On the contrary , as my colleague Nicole Bullock reported this week , the spread between the 30-year Fannie Mae current coupon bond ( the sector benchmark ) fell to just 57 basis points over Treasuries this week .

油价上涨和美国国债收益率走高，本可能不利于股市，但股市昨日持续了反弹走势自2009年3月以来，这波反弹已推动标准普尔500指数（SP500）上涨75%以上。

Rising oil prices and Treasury yields can be bad for stocks , but equities markets yesterday continued a rally that has propelled the S & P 500 index up more than 75 per cent from March 2009 .

一旦美联储终止购买美国国债，房地产活动、个人消费和股价之间的关联得以重建，就必须引起警觉：美联储在几个月的犹豫不决后，可能会推出第三轮量化宽松政策（QE3）。

If the end of fed bond purchases restores the link between housing activity , personal consumption and stock prices , watch out below & and then watch out , after a few months of handwringing , for qe3 .

拥有大量美元的中国、日本和德国投资者没有直接把资金贷给次贷市场，却投资于债务抵押债券（CDO）等不透明的信贷产品。他们错误地以为，这类产品与美国国债一样安全。

Dollar-rich Chinese , Japanese and German investors did not lend the money directly to the subprime mortgage market but they invested in opaque credit products , such as collateralised debt obligations , which they mistakenly deemed to be as safe as US government bonds .

美国国债是靠联邦财政政策提供融资的。

US Treasury bonds are financed by a federal fiscal policy .

新加坡和一些石油输出国也增持了美国国债。

Singapore and oil exporting countries also increased their Treasury holdings .

10年期美国国债的收益率居然还下降了大约四分之一。

Yields on 10-year government debt have actually fallen about one-quarter .

美国国债市场也许是正确的。

The Treasury market , at least , is probably right .

美国国债市场究竟怎么了？

What is happening in the market for US government debt ?

日本目前持有的美国国债超过了中国。

Japan now holds more US Treasury bonds than China does .

美国国债收益率上一次出现如此低位还是在1941年1月。

The last time they were this low was January 1941 .

所罗门不能代表客户参与美国国债拍卖。

Salomon could not bid in Treasury auctions for customers .

然而，美国国债价格却陡然升高，将收益率压至新低。

Instead bond prices have soared , sending yields to new lows .

到夏天的时候，他就重新开始买入美国国债。

During the summer he would start buying Treasuries again .