倒挂的收益率曲线的中文解释

指短期证券的收益率高于长期证券收益率的一种图形，与正常收益率曲线刚好颠倒。在正常的收益率曲线中，长期收益率较高，以反映持有证券较长时间的风险。倒挂收益率曲线一方面可能反映短期票据的过剩，因票据过剩压低价格而抬高收益率；另一方面也可反映长期证券的短缺或市场对长期证券异常强劲的需求--其结果会抬高价格而压低收益率。此外，这也可反映人们预期长期的通货膨胀将低于短期的通货膨胀，最后导致收益率下降。倒挂的收益率曲线英文亦称为negative yield curve.

Inverted Yield Curve的英文解释

A chart pattern that shows yields on short-term securities above those on long-term securities. This is a reversal of a normal yield curve, where long-term rates are higher to reflect the risk of holding securities for a longer time. An inverted yield curve may reflect fears of a glut of short-term paper, which pushes down prices and pushes up yields, or of a shortage of long-term securities, which pushes up prices and pushes down yields. It may also reflect expectations that inflation will be lower in the long term than in the short term, producing an eventual drop in yields. An inverted yield curve is also known as a negative yield curve.

• normal [´nɔ:məl]   a.正规的 n.正常状态   (初中英语单词)
• reflect [ri´flekt]   v.反射；反响；表达   (初中英语单词)
• negative [´negətiv]   a.否定的 n.否定词   (高中英语单词)
• shortage [´ʃɔ:tidʒ]   n.不足(量)；缺少   (英语四级单词)
• holding [´həuldiŋ]   n.保持，固定，存储   (英语六级单词)