I generally view bonds as having three components: the real yield, expected inflation, and an inflation risk premium.

我一般认为债券有三个组成部分：实际收益率、预期通货膨胀率以及通货膨胀风险溢价。

youdao

Its level reflects all sorts of things, including demand from investors for bonds, expectations of future inflation and a risk premium for holding longer-term assets.

ECONOMIST: The economy

Bonds pay interest based on the expected inflation rate until maturity, plus a fair risk premium over inflation based on the riskiness of the bond.

FORBES: How To Harness The Power Of Passive Investing

The expected credit risk premium over inflation from investment-grade securities is also expected to remain stable.

FORBES: Portfolio Solutions' 30-Year Market Forecast for Investment Planning (2013 edition)