So let's say this is the yield curve.

假设这就是收益曲线。

So the yield curve-- it's nothing fancy.

收益曲线没什么花哨的。

What they watch is the yield curve.

他们观察的是收益率曲线。

And for that I'll have to review the yield curve for you.

为了讲明白这一点 我们回顾一下收益曲线。

This - good, good, yeah. But this inverted yield curve ramped up the anxiety on Wall Street today.

这的确很好。但是收益率曲线倒挂加剧了今天华尔街的焦虑。

We'll talk about why the inverted yield curve may not be so scary after all.

我们将讨论为什么倒置的收益率曲线可能并非那么可怕。

The thing is, people do often get a little bit too excited about the yield curve.

问题是，人们经常对收益率曲线有点过于兴奋。

I'm not going to argue with the Fed about yield curves or anything else, really.

我不打算与美联储争论收益率曲线或其他任何问题。

So this is a series of yield curves starting in 2007.

这是从2007年开始的一串收益率曲线。

I should add that the yield curve isn't inverted at the moment.

我应该补充一点，目前收益率曲线并没有下降。

People are only willing to part with their money at this point of the yield curve because of the FDIC insurance.

人们愿意在这一收益率借钱也正是因为FDIC的保险。

This week, yields skyrocketed on long and short-term bonds, and for one brief moment, and brace yourself, the yield curve inverted.

本周长期和短期债券的收益率飙升，然后有一个短暂的时刻，收益率曲线倒置了。

That tells us that the yield curve is inverted, as we say.

这告诉我们，收益率曲线颠倒了，正如我们所说的那样。

This is called an inverted yield curve. And if it persists, it's often seen as a bad sign for the economy.

这被称为收益率曲线倒挂。如果这种情况持续下去，通常会被视为经济的不良预兆。

Fortunately, the FT's Alan Smith, head of visual and data journalism, turned US yield curves into notes and melodies.

幸运的是，《金融时报》的视觉和数据新闻主管艾伦·史密斯将美国收益率曲线转化成了音符和旋律。

This is the yield curve starting in 2018 through fall of 2019.

这是从2018年开始到2019年秋天的收益率曲线。

Going back to predicting recessions, let's listen to the yield curve just before the 2008 recession.

回到预测经济衰退的问题上，让我们听听2008年经济衰退前的收益率曲线。

What that has meant is that the yield curve has flattened again.

这意味着，收益率曲线再次趋于平缓。

Tommy, you look at yield curves all the time.

汤米，你一直在看收益率曲线。

He says the yield curve is the next best thing to a crystal ball, and the yields are not about risk.

他说，收益率曲线是仅次于水晶球的东西，而且收益率与风险无关。