Everyone is struggling to see where interest rates are headed. Investors are jittery, as shown by gyrating long-term Treasury yields. America’s central bankers are trying to project calm, but they are in a fog too. On August 25, Federal Reserve chair Jay Powell summarised the mood when he said “we are navigating by the stars under cloudy skies”. Economists do have some tools to illuminate the path ahead. But they aren’t very helpful.
判断利率的走向对每个人来说都是棘手难题。长期国债收益率的波动表明了投资者的紧张不安。美国央行官员们试图表现出镇定，但他们也看不清。8月25日，美联储(Federal Reserve)主席杰伊•鲍威尔(Jay Powell)精辟道出众人的思绪：“我们是在阴天靠星星导航”。manbetx20客户端下载 学家们确实有一些工具可以照亮前方的路径。但它们不是太有帮助。
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