It will continue to lengthen the maturity of its assets and reinvest the principal repayments from its holdings of agency debt and mortgage-backed securities in yet more agency securities.

Such a high leverage ratio makes investors extremely nervous, even if a large portion of that leverage ends up being relatively benign government agency debt.

如此高的杠杆率使得投资者极度紧张，即使其中很大一部分是相对良性的政府机构债务。

Although the crisis at Fannie Mae and Freddie Mac is not on the agenda, there is speculation that Treasury officials could informally encourage big holders of agency debt and mortgage-backed securities not to scale back their investments.

尽管房利美和房地美的危机不在议程上，但有些人猜测，美国财政部官员可能非正式地鼓励机构债务和按揭担保证券的大宗持有者不要减持投资。

But while bankers and analysts in Asia hailed the US action for alleviating a key source of uncertainty in global capital markets, there was scepticism that the guarantees provided to Fannie and Freddie would prompt Asian banks to start repurchasing agency debt.

然而，在亚洲银行家和分析师对美国采取行动以缓解全球资本市场不确定性的一个关键来源而欢呼时，也有人怀疑：向“两房”提供担保是否会促使亚洲的银行开始再次购入机构债。

For the bond component, pick a fund such as the Fidelity Total Bond fund that largely owns high-grade, intermediate-term corporate bonds and mortgages, along with government and and agency debt.

债券部分可以选择一支基金，比如富达债券总指数基金，该基金持有高等级中期企业债券、抵押贷款及政府和政府机构债务。

In recent weeks, foreign investors have increased their holdings of US Treasuries and sold the agency debt issued by Fannie and Freddie, according to data from the Federal Reserve.

美联储（federal reserve）数据显示，最近几周，外国投资者增持了美国国债并卖出了“两房”发行的机构债。

Multilateral agency debt instrument

多边代理机构债务票据

The Fed even committed to purchasing up to$ 1.7 trillion of Treasury bonds, mortgage-backed securities and agency debt to reduce market rates.

甚至承诺购买多达1.7兆美元的国库公债、房贷证券与机构债券，以便压低市场利率。

That trade might now reverse as the US Treasury made it clear that holders of agency debt would be safeguarded.

随着美国财政部做出明确表示机构债务持有人将得到保护，此类交易现在可能会逆转。

Just look at the numbers: last week the Fed announced it would buy$ 300bn of Treasuries and a further$ 850bn of agency debt and mortgage backed securities.

看看这些数字：近期，美联储宣布将购买3000亿美元国债，并出资8500亿美元购买政府部门债券和抵押贷款支持证券。

Asian investors in particular have become net sellers of agency debt in recent weeks, said analysts.

分析师们表示，尤其是亚洲投资者在近几周已成为机构债务的净卖家。

The decision was justified on technical grounds reflecting the limited availability of agency debt.

这一决定是出于技术上的考虑，即机构债务的供应量有限。

The agency is voluntary and not run for profit.

这个机构是义务性的，不是为了赢利。

He met his wife through a computer dating agency.

他是通过电脑红娘认识他妻子的。

Val works for an advertising agency.

瓦尔为一家广告公司工作。

Some$ 10 million in aid was funnelled into the country through government agencies.

约1000万元援助款已通过政府各部门发放到农村。

Aid agencies are organizing food drops to civilians in the war zone.

援助机构正组织力量向战区平民运送食品。

The agency placed about 2 000 secretaries last year.

去年，这家中介所为大约2000名秘书找到了工作。

The agency provided me with a steady stream of work.

这介绍所让我不断有活干。

The agency has lost several of its most important accounts.

这家代理机构失去了几家最重要的老客户。

You can book at your local travel agency.

你可以在当地的旅行社订票。