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436 High bond yields imperil America’s financial stability

۾)୊ۢ ࣁ҅ ઱ਃҴٜ੉ ৈӝী ঴݃ա ై੗ೞҊ ੓ח૑ ૘҅ೠ

Ѿҗܳ ঌ۰઱ח ӝࢎо ੿ӝ੸ਵ۽ ա২פ׮. ٮۄࢲ ҃ઁ ࠛ
ഛपࢿ economic uncertainty ੉ ֫ই૑Ѣա ਤ೷ ഥೖ risk aversion ब
ܻо ъ೧૕ ٸ Ҵ଻ܳ ݒࣻೞח ਑૒੐੉ ъ೧૘פ׮. Ӓ۞ݶ
оѺ਷ য়ܳ పפ Ҵ଻ ࣻ੊ܫ਷ ڄয૘פ׮.
޷Ҵ ҃ઁо উ જਸ ٸ The 10-year Treasury yield fell
on Monday as investorss concerns on the economic outlook
rise amid a global stock market-selloff(Ӗ۽ߥ ૐद ݒبࣁ۽
҃ઁ ੹ݎী ؀ೠ ై੗੗ٜ੄ ਋۰о ழ૑੗ ਘਃੌ 10֙ ݅ӝ

޷ Ҵ଻ ࣻ੊ܫ਷ ೞۅ೮׮)৬ э਷ ղਊ੄ ৻न ӝࢎܳ ݆੉ ੽
ೞѱ غח Ѫب ੉۠ ੉ਬ ٸޙੑפ׮.
2֙ޛҗ 10֙ޛ Ҵ଻ ࣻ੊ܫ ਑૒੐ਸ ా೧ ҃ӝ ஜ୓ܳ ৘
ஏೞח ӝࢎب ݆੉ աয়חؘ, ੉ٸ ࡅ૗হ੉ ٜযоח ਊযо
ࣻ੊ܫ ҋࢶ yield curve ੑפ׮. ࣻ੊ܫ ҋࢶ਷ ౠ੿ द੼ীࢲ ׮ন
ೠ ݅ӝܳ о૓ ଻ӂ੄ ࣻ੊ܫਸ दп੸ਵ۽ ಴അೠ Ӓې೐ੑפ
׮. X୷਷ Ҵ଻ ݅ӝ ӝр, Y୷਷ Әܻੑפ׮. X୷਷ ઝஏীࢲ ਋

ஏਵ۽ тࣻ۾ ݅ӝо ӡয૑Ҋ, Y୷਷ ইېীࢲ ਤ۽ ৢۄтࣻ
۾ Әܻо ৢۄр׮Ҋ ࠁदݶ ؾפ׮.
ࠁా 2֙ޛࠁ׮ח 10֙ޛ Әܻо ؊ ֫ইঠ ੿࢚ੑפ׮. ׼
ো൤ ݅ӝо ןਵפ Ӓ݅ఀ ࠛഛपࢿਸ хউ೧ Әܻܳ ؊ ୛઱
ח ѱ ݏѷભ. ت੉ য়ۖزউ ޘৈ੓חؘ ઺рী ޖट ੌ੉ ఠ૕
૑ ݽܰפөਃ. ࠁా ҃ઁо উ੿੸੉Ҋ ੢ӝ੸ਵ۽ ࢿ੢ೡ ٸח
੉ۧѱ ࣻ੊ܫ ҋࢶ਷ ਋࢚ೱೞח ੿࢚੸ੋ ࢚క normal yield curve
о ٜ݅য૘פ׮.
Ӓؘ۠ ݅ӝо ૣ਷ 2֙ޛ Әܻо ݅ӝо ӟ 10֙ޛ Әܻࠁ

׮ ֫ই૑ח ҃਋о ࢤӝҌ ೞחؘ ੉ٸ ࣻ੊ܫ ҋࢶ੉ ৉੹ع׮
invertedҊ ݈೤פ׮. ੉ח ై੗੗ٜ੉ ੢ӝ ҃ઁ ੹ݎী ؀೧ ࠗ