The first quarter’s run of higher than anticipated US inflation numbers have markets in a tizzy. Investors have been constantly tweaking their expectations for interest rates. The problem with all the frantic repricing is that it bestows an incisiveness on monetary policy that it does not actually possess — particularly at this stage of America’s inflation battle.
第一季度美國通膨數據超出預期，使得市場陷入混亂。投資者一直在不斷調整他們對利率的預期。然而，所有這些瘋狂的重新定價的問題在於，它賦予了貨幣政策一種它實際上並不具備的精確性——尤其是在美國通膨戰鬥的這個階段。
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