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Realize that there's an inevitably challenge for us and actually helping people in this kind of context, especially as the deadline really approaches.
这对我们来说是一个不可避免的挑战,需要在这种环境下帮助人们，特别是当最后期限要接近了。
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Then the--so the term structure was downward-sloping until about two and a half years and then it was upward sloping.
期限结构线先向下倾斜,在到期期限过了两年半的时点后,才缓慢回升
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At the end of the loan upon your payment of the principal and of sufficient additional interest, John Milton, Sr., the goldsmith, would return to you the gold that you had entrusted to him.
在贷款期限到期时，在你支付了本金,和额外的利息后，金匠约翰弥尔顿会把你托付,给他的金币还给你。
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So,as the vaccine was passed from arm to arm, it became less potent, and the length of protection that it would give you varied.
所以当疫苗从一个人传给另一个人之后,它的防治效力会减弱,它带给人的免疫期限也会改变
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Our application deadline was April.
申请的最后期限是四月。
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So we have--U.S. Government issues bills and that's less than or equal to one year and they pay no interest.
美国政府发行的短期国库券,期限通常小于或等于一年,且不付息
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The theory of the term structure is the theory of how interest rates differ according to maturity or term.
利率期限结构理论就是,怎样由不同的期限,产生不同的利率
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The banks weren't willing to lend more than five years because they didn't trust you; they thought things would change and whatever.
银行不愿批准期限超过五年的贷款,因为他们不相信你,他们认为世事难料
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So, according to the expectations theory augmented with liquidity preference-- This strongly upward-sloping term structure in 2003 would reflect two things.
所以,根据结合了流动性偏好的,预期理论,2003年期限结构中表现出的,强烈上扬趋势反映了两方面的因素
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The bonds are auctioned off on regular dates and you cannot participate in the auction; I assume you can't.
这些债券在规定期限内拍卖,你们不能参与这些拍卖,我想你们是不行的
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The term means it was a sixty-day Treasury bill; that means it pays not $100, it would start at $10,000.
期限表示这是六十天期国库券,票面不是100美元,而至少一万美元
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I think one of the most pervasive problems in the financial markets is investment with too short a time horizon.
我认为金融市场上,最为普遍的问题,就是投资期限太短
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As you know, the maturity is 60-days and, as you know, there are about 360 days in a year.
这里的期限是60天,另外一年大概是360天
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The Federal Funds Rate was 5.5% and then the whole term structure -all the way--almost all the way.
联邦基金利率是5.5%,整个期限结构图,几乎自始至终...
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This is January of this year, before the Fed cut interest rates, and this is the term structure.
这是今年一月,联储局降息前的期限结构图
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Now today, the standard mortgage, which you would probably get when you buy your first house, is not fifteen or twenty--it's thirty years.
今天,标准的抵押贷款,当你买第一套房子时你或许就能得到,期限不是15或者20年,而是30年
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The interesting question from the standpoint of economic theory is, why did it have that funny shape?
从经济学理论的角度来看,期限结构的走势为什么会这样呢
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A typical home--a conventional thirty-year-- this is what most people get today and that's--except for subprime.
一个典型的住宅,期限一般是30年,除了次级贷款之外,今天大部分抵押贷款期限都是30年
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That's because on the date that I got this term structure everybody knew the Fed was cutting rates and they got it exactly right.
在我拿到这幅期限结构图的当天,市场获悉了联储局降息的消息,正如预测的一样
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Now, they also have longer maturity, called Treasury strips, but let me move to the other.
现在,贴现债券也会有更长的期限,那些叫作国库债券条子,这个概念我们先不管
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Adjustable rate mortgages have a long term -they might last for thirty years -but the interest rate is not fixed for the whole thirty years.
可调利率抵押贷款的期限很长,也许会长达30年,但是利率在30年间并不是固定的
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So, you can see the term structure doesn't go up between overnight and three months.
从隔夜拆借利率到三月远期利率这段区间内,利率期限结构没有上扬
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They also have government-issued notes and that's from one to ten years and bonds this is just jargon- these are ten or more, well actually more than ten.
中期债券期限通常是,一年至十年,这些都是行话,长期债券期限,在十年以上
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Remember, this thing only runs for sixty days and you could compute your sixty-day return, but people like to compare annual returns-- once again, a tradition we have.
注意,这个债券期限只有60天,当然你可以计算60天的收益率,但是人们往往喜欢用年收益率进行比较,这也是一种传统
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It's one of the questions of economics -what determines the term structure?
经济学中的一个老问题是,期限结构是由什么决定的呢
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The maturity of a mortgage is the date when it's paid off.
其中抵押贷款期限是指清偿贷款的日期
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We've identified the prices and yields of bonds of various maturities.
我们找出了各种不同期限债券的价格和收益
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So you--it doesn't--this theory doesn't say a whole lot about what the term structure will look like but it suggests that it's determined by the interplay of lots of economic factors.
这个理论没有详细说明期限结构,期限结构是什么样子的,但它指出了这是由,经济因素间的相互作用决定的
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He said that we shouldn't think that the-- the simplest story of the term structure of interest rates, which he expounded there, is that forward rates equal expected future interest rates.
他提出,我们不应该认为,他在书中写道,对于利率期限结构,最简略的概括,是远期利率等于未来利率的期望值
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If we have--right now, well, this isn't complete.
如果我们知道,这个期限结构是不完整的
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