On the contrary, they are puzzled about why we view the current low level of US long-term interest rates as worrisome. From their perspective, today’s high demand for long-term dollar-denominated securities is easily explained: Asian central banks are buying in order to hold down their currencies, the US Treasury is borrowing short (and thus not issuing that many long-term securities), and US companies are not undertaking the kinds of investments that would lead them to issue many long-term bonds.
正相反，他们不明白的是为什么在我们眼里，目前美国长期利率低是件令人担心的事情。他们认为，目前对长期美元计价证券的高需求很容易解释：亚洲中央银行正在买进以稳定自己的货币，美国财政部正在借进短期债券（因此，不会大量发行长期债券），美国公司目前进行的种种投资，也不会导致大量长期债券的发行。