If foreign holders of dollar bonds become concerned that the unsustainability of America’s situation will lead to higher interest rates and a weaker dollar, they will want to sell dollar bonds. If that feeling is widespread, the value of the dollar and the price of dollar bonds can both decline without any net change in the holding of these assets.
当这一幕发生时，汇率和利率就可能在没有资产甩卖和新资产购入的情况下发生变化。如果外国美元债券持有者担心美国状况的持续性会导致利率上升、美元贬值，他们就会想卖掉美元债券。如果这一感觉蔓延开去，美元价值和美元债券价格就可能会在资产净持有量不变的情况下双双下跌。