Indeed it is─with a caveat. If borrowers are going long, so are investors. And when interest rates rise, as they surely will, investors will have big mark-to-market losses. (When bond yields go up, bond prices go down.)
没错,是好事,但需注意一点。如果借款人这么做,投资者也会跟着这么做。利率升高时(这是一定的),投资者会蒙受巨大的按市值计价亏损。(债券收益率上涨,债券价格下跌。)
For buy-and-hold investors like pension funds, that isn't a big deal; for others, it can be destabilizing. Fed old-timers recall 1994: The Fed raised interest rates after a long plateau, startled the bond market and sank Orange County, Calif., and a few other bond investors.
对于投资退休基金、秉持买入且持有策略的投资者而言,这不是什么大事,但对其他投资者来说却可能是个不稳定因素。据长期供职于美联储的雇员回忆,美联储在长期保持利率稳定后,1994年突然提高利率,债市为之一惊,导致加州奥兰治县和其他一些债券投资者损失惨重。
For that reason alone, the Fed is going to be very loud in advance about plans to sell bonds and raise rates when the time comes.
单凭这个原因,美联储会在时机成熟时,大张旗鼓地提前放出有关售债和加息计划的风声。
【美联储量化宽松政策的另一个好处】相关文章:
最新
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15
2020-09-15