It is curious to reflect that when US and UK policyinterest rates were cut to their lowest ever levels inMarch 2009, markets expected them to be on therise within the year. More than six years later therates remain the same and the markets are stillobsessed with the timing of a rise. When that willhappen is as clear as mud in the wake of afterthe Federal Open Market Committee’s statement last week.
2009年3月英美政策利率被降至其历史最低水平后,市场预期两者在当年内就会上升,现在想到这一点让人费解。6年多过去了,利率一直保持在相同的极低水平,而市场仍纠结于加息时机。在联邦公开市场委员会(FOMC)上周发表声明之后,何时加息仍是个未知数。
The one thing that is bIt is beyond doubt that the “normalisation of monetary policy is a longway off. Janet Yellen, chairwoman of the Federal Reserve, has indicated that when the rises docome they will be small, incremental and predictable. For some years we will be in a subnormalinterest rate world.
只有一点毋庸置疑,那就是货币政策“正常化离我们还很远。美联储(Fed)主席珍妮特•耶伦(Janet Yellen,见上图)表示,当真的开始加息时,加息将是小幅、渐进和可预测的。未来好几年,我们将生活在一个利息低于正常水平的世界里。
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