Ulwahlulo olubini olukhoyo phakathi kweentlobo ezintathu zeeNondyebo zase-US: imihla yabo yokukhula kunye nendlela abahlawula ngayo inzala.
Ihlawulela ukuyiqonda ngaphambi kokuba ucinge ukuba wenze utyalo-mali kwiibhondi zikaRhulumente.
Indlela i-Three Treasury Securities Mature
Ukuhluka kobuninzi beentlobo zontathu zobungqina bezeNondye kubancedisa. Iingxowa-mali zamatyala (okanye "i-T-bills") zibhonkco zangexesha elifutshane ezivuthiwe kunyaka omnye okanye ngaphantsi kwithuba lokukhutshwa kwazo. Iimali ze-T zithengiswa ngamanani amane, ama-13, 26 nee-52, ezibizwa ngokuba zibizwa ngokuba yi-T-bills-one-three-six-and-12-months-twelve.
Iindleko zinye, ezintathu, kunye neenyanga ezintandathu zithengiswa kanye ngeveki, ngelixa iiveki ezingama-52 zithengiswa ngeeveki nganye kwiiveki ezine. Ekubeni ama-maturities kwiimali ze-Nondyebo zifutshane kakhulu, zinikezela isivuno esincinane kunezo zikhoyo kumanqaku e-Nondyebo okanye amabhondi.
Imiba yenqaku leNondyebo inamanani omnye, amathathu, anesihlanu, anesixhenxe, kunye neminyaka eyi-10, ngelixa iibhondi zeeNondye (ezibizwa nangokuthi "izibophelelo ezide") zinikela ubunzima beeminyaka ezingama-20 neye-30.
Kule meko, umahluko kuphela phakathi kwamanqaku kunye nezibophelelo ubude kude kube kukhula.
Unyaka-10 ulandelwa kakhulu kunabo bonke abaphezulu; isetyenziswe njengombini wokumakethi kwiimarike zeNondyebo kunye nesiseko sokubala kwebhanki yemilinganiselo yokuboleka imali. Ngokuqhelekileyo, ekude kunomhla wokuvuthwa komcimbi, ukuphakamisa umngcipheko wokuhlawula kubatyalomali, kwaye ke ukuphakama kwesivuno.
Iintlawulo zentlalo eyahlukileyo
Olunye ulwahlulo oluphambili yindlela indlela uhlawula ngayo iindleko zeNondyebo. Njengesibophelelo se- zero-coupon , Uza kuthenga i-T-bills kwisaphulelo ukuya kuthi, ngezenzo ezinjengexabiso lomxhelo lobuso. Esi saphulelo senziwa kwintengiso. "Par" yi-$ 100, okanye ixabiso apho zonke i-T-bills zivuthiwe.
Ngokomzekelo, unakho ukuhlawula i-$ 98 yebhilikhi ekugqibeleni iqokelele kwi-100. Ukwahlula kwe-$ 2 phakathi kwexabiso lesitishi kunye nexabiso lokukhula limela umdla owamkelayo kwi-T-bill. I-website ye-New York Federal Reserve yebhanki inikeza inkcazo emfutshane malunga nendlela yokubala isivuno esifanelekileyo se-T-bill esekelwe kwixabiso layo kunye nexesha de ukukhula.
Ngokwahlukileyo, zombini uNondyebo amanqaku kunye nezibophelelo zihlawula " ikhuphoni " yendabuko, okanye intlawulo yenzalo, emva kweenyanga ezintandathu. Xa ezi ziqinisekiso zithengiswa, zingathengisa ngexabiso elitshintshela kwisivuno sokukhula okuphezulu, okanye ngaphantsi, kunoko kwekhuphoni. Abatyalomali banokuthenga izibophelelo ngqo kwi-Treasury yase-US, kwi-website yayo ye- TreasuryDirect . Isayithi leNondyebo ichaza indlela inzala yomyinge kunye nentengo yebhondi inqunywe kwintengiso.
Ixabiso lentlukwano
Xa ama-T-amanqaku kunye nezibophelelo ze-T zikhutshwe, amaxabiso abo aguquka, ngoko ke izivuno zabo zihlala zixhomekeke kumaxabiso emarike.
Ngokomzekelo, bathi urhulumente unxulumene nesibhondi seminyaka engama-30 kunye nesivuno sama-10 ekhulwini xa inani lamanani liphezulu. Kwiminyaka eli-15 ezayo, amaxabiso atshabalalayo awela kakhulu, kwaye amatsha amabhondi amade akhutshwe kuma-5 ekhulwini.
Abatyalomali abasayi kuphinda bathenge i-T-bond yasekudala kwaye bafumana isivuno se-10 ekhulwini; Kunoko, isivuno sawo ekuvuthweni siya kuwa, kwaye ixabiso layo liya kuphakama. Ngokuqhelekileyo, ixesha elide kude kubekho ubophelelo olukhula, luya kuhlawulela intengo enkulu. Ngokwahlukileyo, ii-T-bills zinamava amancinci kwindlela yokuguquka kwentengo kuba zivuthiwe kwixesha elincinane.