INVESTING EXPLAINED: What you need to know about US 財務省s and the 政府 社債 market

By Daily Mail City & 財政／金融 Reporter

Updated:

In this series, we 破産した／（警察が）手入れする the jargon and explain a popular 投資するing 称する，呼ぶ／期間／用語 or 主題. Here it's?US 財務省s.?

Chests 十分な of gold?

I am picturing a scene out of 著作権侵害者s Of The Caribbean, with chests of plundered gold...

The reality is rather いっそう少なく swashbuckling, although doubtless some 関係者s in the market consider themselves as 十分な of derring-do.

US 財務省s are 直す／買収する，八百長をするd-income 社債s 問題／発行するd to raise money for the 明言する／公表する. Our 同等（の） are gilts (UK 政府 gilt-辛勝する／優位d 在庫／株s).

The workings of the $24 一兆 US 財務省s market may be arcane, but the ups and 負かす／撃墜するs of these 安全s have a 耐えるing on 投資 業績／成果.

Arcane:?US Treasuries are fixed-income bonds issued to raise money for the state

Arcane:?US 財務省s are 直す／買収する，八百長をするd-income 社債s 問題／発行するd to raise money for the 明言する／公表する

James Carville, 経済的な 助言者 to 大統領 Clinton , 発言／述べるd that if there were such a thing as reincarnation, he would like to come 支援する as the US 社債s market because 'you can 脅迫してさせる everybody'.

Tell me more

財務省s come in four varieties ? 法案s, 公式文書，認めるs, 社債s and インフレーション 保護するd 安全s. 財務省 法案s ? 'T 法案s' ? are short-称する，呼ぶ／期間／用語 社債s with 成熟 条件 範囲ing from four to 52 weeks.

They do not come with a 'coupon' (利益／興味 率). Instead they are 問題／発行するd at a 割引 to the 社債's 額面価格. 財務省 公式文書，認めるs ? which 支払う／賃金 利益／興味 twice a year ? have 条件 of two, three, five, seven, and 10 years.?

財務省 社債s have 条件 of 10-30 years and also 支払う／賃金 利益／興味 every six months. 財務省 インフレーション 保護するd 安全s ? Tips ? 申し込む／申し出 索引-linking and also 支払う／賃金 利益／興味.

All 危険-解放する／自由な?

財務省s are 支援するd by the '十分な 約束 and credit' of the American 政府, with the 額面価格 of the 社債 保証（人）d to be repaid on 成熟.?

There is 無 default 危険. But the prices of the 社債s fluctuate with 利益／興味 率s and other 経済的な factors: when the price of a 社債 rises, its 産する／生じる (the return) 落ちるs ? and 副／悪徳行為 versa. The movements in US 社債 産する／生じるs are closely 監視するd by 株式市場 観察者／傍聴者s all over the globe.

The 産する／生じる on the 10-year 社債 is regarded as a 重要な US 経済的な （判断の）基準. There is a particular 焦点（を合わせる） on the spread between the 産する／生じる on this 社債 and the two-year 社債 産する／生じる.

Why is that?

The 産する／生じる on a two-year 社債 should be lower than that on its 10-year 同等（の） because over the remaining eight-year period, so much can go 不正に wrong.?

But a '産する／生じる curve inversion' ? when the 産する／生じる on the two-year 社債 rises above that of the 10-year ? is seen as a 警告 that 後退，不況 ぼんやり現れるs within the next year, or, more likely, within the next two years. However, some 観察者／傍聴者s argue that this is only a valid signal if the inversion lasts for a long-ish time.

Any 関心s just now?

Yes. Two-year 産する／生じるs are at their highest level above those on 10-year 社債s since the 早期に 1980s. It seems 投資家s are fearful the US economy could be left reeling if 利益／興味 率s are raised その上の and faster.

Do my 基金s 持つ／拘留する these 社債s?

財務省 公式文書，認めるs and Tips （不足などを）補う a large chunk of the Ruffer 投資 Company's 大臣の地位. Other 財務省s, 含むing T 法案s, account for 22 per cent. For 詳細（に述べる）s on the holdings of any 社債 基金, check its fact sheet online.

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