exempt bond
英 美
That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.
那是因为市政债券的利息一般是免税地,所以相较于收税的国债,投资者愿意接受收益率更低的市政债券(原译:投资者承认相较于收税的国债,市政债券的投资收益更低)。
The United States is not exempt. Low American interest rates mean bond markets haven't yet turned on us.
美国也未能幸免,我们尚未迎来低水平的美国利率。
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