This means that unless investors are repeatedly surprised, inflation will lead to higher nominal interest rates as debt is refinanced, and in turn to an unchanged real debt.

这意味着，除非不断有惊喜出现在投资者面前，否则，随着国债的再融资，通货膨胀将会导致更高的票面利率，转而成为实际债务。

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This means that unless investors are repeatedly surprised, inflation will lead to higher nominal interest rates as debt is refinanced, and in turn to an unchanged real debt.

这意味着，除非不断有惊喜出现在投资者面前，否则，随着国债的再融资，通货膨胀将会导致更高的票面利率，转而成为实际债务。

youdao