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36、 半 邦overd敗raft/愛overd柏raw版 岸charg唉e for哀 (fre藹e of 哀charg熬e )ch八eque,矮check擺 耙 瓣write翱 a ch懊eck俺 懊chque擺book/唉che巴ckboo板k岸to ho辦nor a哀 cheq隘ue t鞍o dis挨honor哀 a ch版eque 搬 fill埃 out/瓣in哎 伴denom暗inati扳on=fa罷ce va半lue 隘 礙bill,拌 note疤 扮chang拜e邦 岸coin般cash 哎 按amoun艾t in 阿figur安es般 巴amoun扮t in 氨words疤 芭bal

37、an埃ce 般 疤trave扒lers捌 chec澳k/chq癌ue 扳 柏loan 奧 八apply巴 for/昂grant氨 a lo愛an挨debt 岸 疤mortg芭age耙 for搬eclos澳ure 矮subpr按ime 傲colla耙teral頒 白by in翱stalm把ent 搬 拌cashi哀er稗 柏telle哀r罷II. S靶enten哎ces愛1.鞍A: 請問辦我到哪里可澳以存錢? 襖 B:請到氨那邊的3號背窗口。耙2. 靶A: 請問捌你們什么時昂候營業(yè)?半B: 我們耙在工作日營凹業(yè)時間是早澳8點(diǎn)到晚8辦點(diǎn)。但我們白的取款機(jī)每跋天24小時熬都工作,您盎可以從取款藹機(jī)中

38、取款。柏3. A:柏 對不起,傲我10年期奧的定期存款翱還沒有到期懊,請問我現(xiàn)壩在能取走里搬面的錢嗎?藹B:對不起癌,不可以。阿您至少要提班前3天通知班我們。懊4礙. A: 傲你打算怎么白處理你們的皚余額資金?按B: 我想捌把剩余的一盎半資金提出吧來,把剩余罷的另一半資半金轉(zhuǎn)到我們案客戶在匯豐爸銀行的賬戶扒中。邦5. A:百 您想在這靶個2年期的昂定期存款賬版戶中存多少版錢?爸B耙: 我想想扒,我的儲蓄斑賬戶中還有八5千元,我唉手頭上還有邦2千元。我拔打算在這個隘賬戶中寸7擺千元。啊6. A:斑 今天早上岸我接到貴銀拌行的電話。胺在電話中告氨知我的匯款阿已經(jīng)到了,把讓我去取錢搬。瓣B: 我看背

39、看版壩是不是從美辦國的4千美版元的電匯?般7. A:扳 愛請問,兌換辦支票你們收哎手續(xù)費(fèi)嗎?板 B: 岸是的,我們爸收手續(xù)費(fèi)。鞍您每開一張柏支票就要花伴人民幣皚2澳元。藹您在開支票伴前請搞清楚襖您存款的金矮額,否則,骯如果透支,鞍每張支票將捌罰款5元。埃8. A:頒 我丈夫和跋我計劃買一疤個房子。我靶們在下個星背期要付首付邦,我們需要岸獲得一個抵骯押貸款來融伴資。罷B:你是否耙介意告訴我跋房子多少錢阿,首付是多哎少錢,你想跋從我們銀行昂獲得多少錢皚?癌9. A:柏我們已收到扳貴行的催款稗單。但我們熬現(xiàn)在還款有扳困難。我們扮還需要點(diǎn)時案間才能售完把我們的貨物鞍,償還貸款斑。白B:我懂了敗。在這種

40、情啊況下,你可矮以申請延期把貸款,但是絆,恐怕您得拜繼續(xù)交納利愛息了。按10. A般:你想怎樣氨要這些錢?唉 B:5張襖100的,疤10張50靶的,10張骯10塊的。癌正好,你能芭幫我破一下把這張100半的嗎?把C按hapte唉r Thr拌ee Fi八nanci哀al Ma昂rkets靶I Key芭 word懊s柏Finan癌cial 班marke愛t mo懊ney m頒arket矮 霸 capi斑tal m胺arket霸 T-b壩ill(T壩reasu佰ry Bi擺ll) 笆 T-no懊te 敖T-bon扳d Ce哀rtifi艾cate 拌of de盎posit半(CD) 唉 Com板mer

41、ci鞍al Pa唉per 鞍 Bank扳ers 白accep邦tance霸 拔Repos隘 and 唉Rever挨ses 把Eurod百ollar俺 Tre盎asury背 Infl扳ation辦-Prot爸ected稗 Secu暗ritie搬s (TI凹PS) 百aucti罷on f奧ace/p搬ar va凹lue 皚coupo扮n 愛munic頒ipal 稗bond矮 gov哀ernme捌nt bo壩nd c把orpor俺ate b骯ond 襖 shor扮t-ter八m fin唉ancin安g 哀Londo斑n Int耙erban懊k Off俺ered 稗Rate吧(稗LIBOR頒) dis

42、岸count疤 rate扳 pri奧mary 伴marke岸t se挨conda芭ry ma擺rket 矮 rede岸em(re白dempt扒ion) 板 mat稗urity氨 頒II.敗 Rela般ted k百nowle笆dge暗Treas頒ury S瓣ecuri把ties 佰and B柏reak-襖even 耙Infla胺tion 吧Rate藹What 哀Does 跋Treas愛ury I笆nflat邦ion P半rotec哎ted S礙ecuri阿ties 傲- TIP癌S瓣 Mean傲?叭A tre斑asury扒secu扳rity 澳that 邦is in鞍dexed氨 to i敗nf

43、lat瓣ion i百n ord版er to耙 prot敖ect i胺nvest俺ors f霸rom t壩he ne皚gativ耙e eff伴ects 拌of in版flati佰on. T襖IPS a熬re conside啊red a跋n ext艾remel骯y low昂-risk礙 inve胺stmen頒t sin癌ce th挨ey ar稗e bac岸ked b捌y the白 U.S.阿 gove邦rnmen芭t and拌 sinc瓣e the凹ir pa瓣r val哎ue ri佰ses w愛ith i擺nflat奧ion, 唉as me柏asure凹d by 拌the C八onsum靶er

44、Pr擺ice I懊ndex,版 whil俺e the擺ir in翱teres靶t rat斑e rem絆ains 岸fixed凹. Int邦erest扳 on T凹IPS i笆s pai柏d sem靶iannu俺ally.稗 TIPS暗 can be pu皚rchas懊ed di扮rectl搬y fro版m the白 gove伴rnmen辦t thr按ough 藹the T澳reasu啊ryDir跋ect s耙ystem背 in $翱100 i耙ncrem氨ents 俺with 艾a min伴imum 懊inves凹tment辦 of $疤100 a埃nd ar襖e ava昂ilabl啊e wi

45、t半h 5-,芭 10-,凹 and 八20-ye隘ar ma凹turit奧ies. 拔To il跋lustr捌ate, 靶assum傲e a $按1,000翱-U.S.癌 TIPS was 班purch背ased 八with 頒a 3% 靶coupo拌n; al襖so as愛sume 疤infla耙tion 扳durin伴g the版 firs八t yea辦r was笆 10%.稗 If t搬his w氨ere t啊he ca捌se, t皚he fa安ce va班l(xiāng)ue o癌f the阿 TIPS艾 woul半d adj拔ust u版pward襖 by 1按0%, t埃o $1,拜100.

46、鞍Furth隘ermor敗e, th八e cou礙pon p把a(bǔ)ymen凹t (3%), wh搬ich i扮s als斑o bas搬ed on靶 face佰 valu傲e, wo愛uld b岸e $33霸 (in 耙actua矮lity 拜payme背nts a愛djust岸 and 熬are p拜aid s叭emi-a佰nnual愛ly). 凹The e吧nd of把 resu擺lt is捌 that暗 not 凹o(jì)nly 柏are i埃ntere澳st pa般yment矮s pro安tecte唉d aga翱inst 唉infla捌tion,稗 but 壩so is爸 face敗 valu氨

47、e of 伴the b頒ond, 敗which安 is r澳eturn八ed to懊 the 巴inves把tor a懊t mat扒urity安. Tra版ditio岸nal n板omina胺l bon熬ds of敖fer n唉eithe瓣r of 扒these疤 prot捌ectio扮ns.邦Becau懊se TI柏PS pr百otect半 inve敖stors半 agai氨nst i翱nflat安ionar斑y con芭cerns and 般nomin耙al bo傲nds d把o not笆, they beh骯ave d阿iffer鞍ently吧 from哀 one 稗anoth襖er.

48、M矮ore s拔pecif版icall矮y, as懊 infl白ation骯ary e佰xpect哎ation唉s inc半rease埃, nom唉inal 靶bonds敗 will叭 beco奧me le翱ss at敖tract耙ive a白s fut叭ure i瓣ntere辦st pa挨yment伴s are俺 erod稗ed by耙 infl埃ation叭. Sim壩ilarl佰y, as啊 infl絆ation爸ary c百oncer搬ns de靶creas矮e (wh哀ich i爸nclud盎es de疤flati敖on), 霸nomin奧al bo俺nds b唉ecome壩 mor

49、e安 attractiv百e rel叭ative襖 to T皚IPS a按s fut跋ure i半ntere阿st pa扳yment翱s bec傲ome m翱ore v把a(bǔ)luab胺le on爸 a re叭al (o般r aft扳er in藹flati霸on) b熬asis.哎 百Break爸-Even Infl百ation背Tradi癌tiona矮l fix敗ed-in骯come 哀inves按tment吧s may挨 not 霸provi般de th絆e rea般l ret氨urn i案nvest辦ors n捌eed d瓣uring熬 peri拔ods o般f hig拌h inf扒lati

50、o骯n. It俺s im岸porta暗nt to懊 know按 whet疤her y傲our t昂radit斑ional奧 fixe藹d-inc扮ome i罷nvest按ment 俺break拜s-eve敖n wit襖h inf凹latio笆n. 拌Break礙-even哎 infl案ation叭 is t愛he di澳ffere癌nce b安etwee跋n the癌 nomi柏nal y百ield 笆on a 白fixed俺-rate半 inve拜stmen岸t and邦 the 靶real 奧yield懊 on a靶n inf霸latio熬n-lin哎ked i笆nvest奧ment 邦o

51、f similar柏 matu芭rity 半and c把redit把 qual懊ity. 八If in癌flati拜on av艾erage把s mor疤e tha擺n the案 brea皚k-eve版n, th瓣e inf熬latio愛n-lin叭ked i絆nvest隘ment 隘will 敗outpe叭rform拜 the 叭fixed扳-rate靶. Con瓣verse靶l(wèi)y, i百f inf稗latio骯n ave襖rages班 belo拔w the澳 brea挨k-eve傲n, th懊e fix擺ed-ra澳te wi艾ll ou凹tperf瓣orm t鞍he in哀flati捌on

52、-li絆nked.邦Calcu叭latio佰n For搬mula:氨Compa靶rable凹 Fixe叭d-Rat隘e I啊nflat藹ion-L胺inked百 Real芭 Yiel叭d = B版reak-板Even 拜Infla笆tion拜Calcu俺latio哀n Exa半mple: = 4.00% 5-Year CD1.05% Inflation-Linked Real Yield 2.95% Break-Even Inflation 吧An in案flati俺on-li矮nked 靶inves白tment挨s co埃upon 罷is de按termi版ned b暗y add氨ing t

53、擺he cu哎rrent柏 rate罷 of i佰nflat安ion t扳o the氨 real罷 yiel癌d. In隘 the 笆examp阿le ab懊ove, 癌the a佰verag隘e rat疤e of 擺infla絆tion 安would靶 have啊 to b愛e mor癌e tha耙n 2.9背5% in斑 orde澳r for稗 the 巴infla伴tion-邦linke跋d inv搬estme俺nt to頒 outp柏erfor艾m the爸 fixe暗d-rat癌e inv皚estme案nt. A傲nd if按 infl氨ation罷 aver扳aged 捌lower

54、奧 than班 2.95稗%, th俺e fix斑ed-ra八te in胺vestm八ent w敖ould 扮outpe拌rform唉 the 骯infla拜tion-傲linke跋d.笆III. 把Advan絆ced R骯eadin扮g癌The p澳uzzle擺 of l芭ow Tr巴easur翱y-bon藹d yie藹lds頒May 2柏9th 2阿008版 辦From 扒The E澳conom拌ist拜 prin絆t edi俺tion礙THE y瓣ield 捌of Tr笆easur捌y bon鞍ds is柏 argu佰ably 頒the s背ingle伴 most背 impo叭rtant

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59、絆 vigi斑lante拜s” ha啊ve be啊en as斑leep.邦 “We 矮somet矮imes 埃wonde敖r if 傲Treas版ury-b百ond i胺nvest佰ors e邦njoy 巴losin藹g mon疤ey,” 擺muses叭 Tim 癌Bond,般 a st凹rateg拌ist a靶t Bar熬clays柏 Capi笆tal, 拔as he按 pond埃ers t敖he lo阿gic o拌f own襖ing t扳en-ye皚ar Tr氨easur邦ies y柏ieldi扮ng cl捌ose t拔o 4% 埃when 昂headl伴ine i扒nflat氨ion i

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