In testimony to Congress almost exactly 30 years ago, Jay Powell produced a chart. At the time an assistant secretary at the Department of the Treasury, Powell showed that as the federal government had increased bond sales almost every year between 1980 and 1990, the yield on 30-year bonds had continued to drop. That chart still hasn’t changed.
差不多整整30年前，在向國會作證時，傑伊·鮑爾(Jay Powell)製作了一張圖表。當時擔任財政部助理部長的鮑爾指出，1980年至1990年間，聯邦政府幾乎每年都在增加債券銷售，30年期債券的收益率持續下降。這個圖表仍然沒有改變。
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