Treasuries are debt issued by the US government, in bills of a year or less, notes of two to ten years, and bonds of twenty to thirty. They are backed by the full faith of the government and trade in the deepest market in the world.
美国国债是联邦政府发行的债务：一年以内的叫短期国库券，两到十年叫中期票据，二十到三十年叫长期国债。它以政府信用为担保，交易于全球最深的债券市场。
Treasuries are the plumbing of global finance. They are the collateral in repo, the benchmark for mortgages, and the asset foreigners hold when they want dollar safety. That is why a Treasury sell-off is not just a bond story: it raises borrowing costs for everyone and strengthens the dollar at the same time.
美债是全球金融的管道：它是回购市场的抵押品、房贷利率的基准，也是外国人想要美元安全资产时的去处。
所以美债被抛售不只是债券新闻：它同时抬高所有人的借贷成本，并推高美元。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| $618bn | Foreign capital flows into US stocks hit record $942bn 美国国债 · 第 5 张术语卡 | The article contrasts record equity buying with falling net purchases of Treasuries, and notes China's holdings dropped to $618bn, the lowest since August 2008. 关键链条：外国需求走弱 → 美国财政部仍要发行大量新债 → 只能更依赖国内买家，或付出更高利率。中国持仓 6180 亿美元，为 2008 年 8 月以来最低，同期转向黄金与机构债。 |
| — | U.S. bond-market slide deepens, pushing yields to two-decade highs 美国国债 · 第 1 张术语卡 | The whole article is about the price of this one instrument. When Treasury prices fall, their yields rise — and that sets the borrowing cost for mortgages, companies and the government itself. 债券的「价格」和「收益率」永远反向：100 美元面值的债跌到 98 美元，利息相对本金就变高，收益率随之上升。所以「收益率创新高」=「债券价格在跌、政府借钱变贵」。美债被当作全球「无风险资产」的定价锚，它的收益率是房贷、公司债乃至股票估值的起点。 |
Treasuries cannot default
The US has technical defaults and downgrades; the risk is political, not zero.
Buying Treasuries is always safe
Safe in nominal dollars, exposed to inflation and price risk.
All Treasuries are the same
Maturity changes everything: bills barely move, 30-year bonds swing hard.
· the 10-year Treasury
· a Treasury auction
· bill, note, bond
· the long end of the curve
· safe-haven demand
the 10-year Treasury 十年期美债；a Treasury auction 美债拍卖；bill, note, bond 短债、中期债、长期债；the long end of the curve 曲线长端；safe-haven demand 避险需求。
· Treasury vs Treasury bill (generic vs short maturity)
· yield vs price
Treasury 是统称，T-bill 特指一年以内；yield 是回报率，price 是价格，两者反向变动。
Demand at the auction was weak, with the 30-year yield clearing at X%.
拍卖句：拍卖需求疲弱，三十年期收益率定在 X%——clearing at 指拍卖的最终定价。
“The article contrasts record equity buying with falling net purchases of Treasuries, and notes China's holdin…”
“The whole article is about the price of this one instrument. When Treasury prices fall, their yields rise — a…”