The Federal Reserve is preparing to lift interest rateslater this year, but many bond investors predictthat chairwoman Janet Yellen will confront a puzzle that stumped one of her most famouspredecessors.
美联储(fed)准备今年晚些时候加息,但许多债券投资者预测,美联储主席珍妮特•耶伦(Janet Yellen)将面临一个曾难倒她的一位最著名前任的难题。
In 2005 Fed chairman Alan Greenspan — then known for his gnomic but omniscient air —highlighted how the 10-year Treasury yield had shrugged off hefty increases in the US centralbank’s benchmark interest rate, and called it a “conundrum.
前美联储主席艾伦•格林斯潘(Alan Greenspan)以惜字如金但又散发着无所不知的气场闻名。2005年,时任美联储主席的他强调指出,面对大幅提高的美联储基准利率,10年期美国国债收益率无动于衷,并称之为“谜题。
It looks like Ms Yellen could face a conundrum of her own. Although longer-term interest rateshave jumped in recent months, the difference between shorter and longer-dated maturitiesremains low in light of the looming hikes, and the Fed’s desire to also see longer- term ratesrise.
耶伦看来可能将面临自己的谜题。考虑到即将到来的加息,以及美联储同样希望看到较长期利率上升的愿望,尽管长期利率近几个月已经大幅上升,但较短期限与较长期限债券之间的收益率仍然相差不大。
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