However, it must be noted that valuations of bonds are extremely expensive as real bond yield (yields after subtracting inflation) are very low, approaching 1% in the US, whereas normally yields are closer to 3%.

• 然而，必须注意的是，实际债券收益率（减去通货膨胀后的收益率）非常低，美国接近1%25，而正常情况下，收益率应接近3%25，所以债券的估值现在极其昂贵。