英語 での The yield curve の使用例とその 日本語 への翻訳
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Analyzing and interpreting the yield curve.
Second, and related, the yield curve has flattened considerably over the past 12 months.
Analysing and interpreting the yield curve.
So when most people talk about the yield curve, they're talking about the risk-free yield curve. .
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It is important to consider the desirable shape of the yield curve while taking these effects into consideration.
The yield curve in Germany, used as a benchmark, had temporarily turned negative with respect to bonds with maturities of six or seven years.
Longer term, it's important to realize that unemployment,credit spreads and the yield curve are all deeply intertwined.
When the yield curve steepens, it usually reflects expectations of higher short-term rates in the future, signaling economic growth.
A negative interest rate in the money markets means that the short end of the yield curve will be lowered to below zero percent.
The yield curve is sometimes dismissed as a recession warning signal, but our research suggests that it should not be ignored.†.
Empirical analyses clearly confirm this effect in lowering the yield curve, centering on the short to medium term the policy duration effect.
This is because the yield curve of government securities, which are virtually credit risk free, serves as the benchmark of pricing other financial products.
Long-term interest rates continued to surge from late November, and the yield curve was pushed back to the level just before the monetary easing of September 9.
The yield curve during the war could not be maintained when consumer price growth rates increased to about 20 percent with the lift of price controls after the war.
Early recovery: in response to central bank easing, the yield curve steepens and the economy begins to recover but implied volatility on options remains expensive as confidence takes time to rebuild.
However, because debt and economic growth were too fast and inflation was rising,the Fed's monetary policy was tightened(i.e. the yield curve inverted for the first time since 1929).
Historically, the slope of the yield curve has been such a reliable predictor of economic conditions that economists at New York and Cleveland Federal Reserve banks use it to calculate the probability of recession.
While those central banks, including the Bank of Japan, have tried a variety of unconventional monetary policies,one common feature is that a flattening of the yield curve has been observed in the process.
This effectively assumes that the shape of the yield curve does not change going forward(note that a rise in term premia, which are currently very depressed, would further lower the level of policy rates required to stabilise debt).
On the other hand, in a case where the conversion of the deflationary mindset does not make progress and market participants' medium-to long-term inflation expectations do not rise, the yield curve would flatten and financial institutions would have a stronger preference for JGB holdings.
Under QQE with a Negative Interest Rate, the Bank,with the aim of lowering the short end of the yield curve, divided the outstanding balance of a financial institution's current account at the Bank into three tiers, a part of which, known as the policy-rate balance, was newly applied a negative interest rate of minus 0.1 percent.
With regard to the narrowing of credit spreads in, for example, the corporate bond market, one member said that the Bank's continuation of itslow interest rate policy caused the yield curve to flatten and credit spreads to narrow, and thus investors and financial institutions might be exposed to significant interest rate and credit risks.
These examinations indicate that, at present, the yield curve that the Bank is currently aiming at is sufficiently effective in stimulating economic activity and prices while avoiding a negative impact on financial intermediation; in other words, the Bank judges the current yield curve to be the most appropriate for maintaining the momentum toward achieving the price stability target of 2 percent.
Given the relationship between expectations formation and the yield curve described above, the central bank should seek to improve transparency by carefully explaining its assessment of the state of the economy and financial developments, and ensuring that the formation of the yield curve will be consistent with its thinking regardingthe conduct of monetary policy by laying out the latter clearly.