they're becoming more and more freely traded in the market.

现在在市场上越来越自由交易了
They used to be traded very--people didn't want to trade them.

过去人们不怎么爱交易它
So my classmate, Larry Summers, introduced TIPS,

我的老同学萨默斯引入了这观念
Treasury Inflation Protected securities,

通胀保值证券
and he, you know, announced this was a fantastic idea

他声称这很妙的主意
and was going to change radically the whole markets.

并会大幅改革市场
And then nobody traded them, and they offered astronomical interest rates,

但当时没人交易这他们提供高额利息
real interest rates, to get anyone to buy them.

实际利率来吸引人们买
And so they were nicknamed--it's really bad on camera--

所以他们有个绰号这有点不好
but their nickname became totally illiquid pieces of...

不过他们的绰号是无法流通的某某
and so the market has not used the TIPS to do most of its pricing.

那时市场上大都没有用TIPS来定价
It uses the Treasury bonds, but yes,

而是用国债