For example, one does not need to wait for the completion of a pension reform to see reduced yields on government bonds. Markets react to credible announcements of reforms, as well as to their implementation.
比如，你不需要等到养老金改革彻底完成就能看到政府债券收益率的下降。市场不仅会对改革的实施做出反应，也会对可信的改革公告做出反应。