@MauiBoyMacro @biancoresearch Even when rates are low the curve is still usually upward sloping meaning that longer borrowing hurts the budget. There is borrowing all across the curve but the average (long term) is usually about 5 years, when it moves there is a budgetary impact.
@MauiBoyMacro@biancoresearch即使利率较低，曲线通常仍向上倾斜，这意味着较长时间的借款会损害预算。整个曲线上都有借款，但平均（长期）通常约为5年，当它移动时，会产生预算影响。