They buttress their argument that the deficit is not an immediate problem by pointing to very low interest rates on long-term government debt, with a 2% yield on the ten-year Treasury bond and a negative real interest rate on Treasury inflation-protected bonds (TIPS). But such low rates do not reflect ordinary market sentiment; rather, they stem from the fact that the Federal Reserve is now buying more long-term securities than the government is issuing to finance the budget deficit.
官员和其他支持通过增加政府支出刺激增长的人士忽略了CBO更为现实的替代情景。他们用长期政府债务利率极低——十年期美国国债收益率只有2%，通胀保护国债（TIPS）实际利率为负——为依据论证预算并非紧迫问题。但如此低利率并不反映正常的市场情绪；相反，低利率的原因是美联储正在买入更多长期证券，数量超过了政府为预算赤字融资所发行的量。