观点美联储

Here is what’s going on with the yield curve
美债收益率曲线怎么了?


戴维斯:美联储今年3次降息,美国债券收益率曲线却没有变陡,一种解释是,市场下调了对实际长期均衡收益率的估计。

The Federal Open Market Committee has foreshadowed a lengthy pause in the programme of US monetary easing that has been under way throughout this calendar year. Instead of significantly raising policy rates, as promised when the year began, there have been three “insurance” cuts of 25 basis points in US rates since midsummer.

美国联邦公开市场委员会(Federal Open Market Committee)已经预示,将长期暂停美国本自然年内实施的货币宽松政策。与年初承诺的大幅提高政策利率不同,今年仲夏以来,美国已经三次“保险性”降息25个基点。

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