FOREVER, IT TURNS out, was temporary. For much of the 2010s economists worried that interest rates would remain near zero indefinitely(无限期地), held down by too much saving and too little investment. All of a sudden, the reverse is true(情况正好相反). Borrowing costs are leaping across the rich world and governments are starting to sweat(开始冒汗、开始紧张).
事实证明，“永远”只是暂时的。2010年代的大部分时间里，经济学家担心利率会无限期地维持在接近零的水平，因为储蓄过多而投资过少。突然间，情况完全逆转。整个富裕世界的借贷成本正在飙升，各国政府开始冒汗了。
On October 5th the yield(收益率) on America’s ten-year bonds topped 5.3%, its highest in more than 20 years. Even in Japan, long a byword(代名词、典型代表) for near-zero rates, the ten-year yield has climbed above 3% for the first time since 1996. The median(中位数) ten-year government bond in the rich world now yields 4%, the highest in more than 15 years and over 2.5 percentage points above the average in 2015-19 (see chart 1). A new interest-rate regime is taking shape(正在形成).
10月5日，美国十年期国债收益率突破5.3%，创下20多年来的最高水平。即便在日本这个长期以接近零利率著称的国家，十年期国债收益率也自1996年以来首次升破3%。富裕国家十年期政府债券收益率中位数目前为4%，创下15年多来的新高，比2015至2019年的平均水平高出逾2.5个百分点（见图表1）。一个新的利率格局正在形成。
The sell-off(抛售) in government bonds—yields rise when prices fall—has gathered pace(加速) in recent months. Since the end of June French ten-year yields have risen by about 1.3 percentage points and Italian ones by a percentage point (see chart 2). These higher borrowing costs are colliding(碰撞、冲突) with near-record levels of debt in the rich world. The more governments owe, the harder higher rates bite.(政府欠得越多，高利率的冲击就越猛烈。)
政府债券的抛售——价格下跌时收益率上升——近几个月来加速。自6月底以来，法国十年期国债收益率上升了约1.3个百分点，意大利上升了1个百分点（见图表2）。这些更高的借贷成本正与富裕国家接近创纪录的债务水平发生碰撞。政府欠得越多，高利率的冲击就越猛烈。
Time of debt
债务时代
Life and debt
生活与债务
Debt-defying
债务挑战
