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Have markets already tightened the screw enough?
马拉多纳理论下,市场是否已收得过紧

March’s hawkish communications in Europe have had the effect of tightening monetary policy
欧洲方面在3月释放的鹰派信号已起到收紧货币政策的效果。

Central banking is a funny old game. Mervyn King knew this in 2005 when he expressed the “Maradona theory of interest rates” as governor of the Bank of England. Lord King was talking about central bankers’ ability to move markets with words, changing the restrictiveness of policy while allowing central bankers to glide along doing nothing.

央行业务是一门古老而又颇为诙谐的“游戏”。早在2005年,英格兰银行行长默文•金就提出了“马拉多纳利率理论”。金勋爵当时谈到,央行家能够用语言撬动市场,在貌似无为的状态下改变政策的紧缩程度。

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