A note is a debt security with a term of between two and 10 years.

note指的是一种期限为两年到十年的债务证券。

For example, when the COVID-19 pandemic started, the interest rate for a 10-year government debt security was less than one percent.

例如，当新冠疫情开始时，10年期政府债务证券的利率不到1%。

One large investment fund that purchases U.S. debt securities with different terms has lost three percent of its value this year.

一家购买不同期限美国债券的大型投资基金今年贬值3%。

The reason people are talking about default is because U.S. law limits the amount of debt securities the government can hold at one time.

人们之所以谈论违约，是因为美国法律限制了政府一次可以持有的债务证券的数量。