It increasingly looks like Jay Powell rang the bell at the top of the bond market. In mid-September, the US Federal Reserve that he chairs delivered two things that, on paper, should be good news for bonds: a supersized interest rate cut and a strong hint of more cuts to come. But this market, which underpins every other asset class on the planet, has sagged from that day on.
看起來越來越像是傑伊•鮑爾在債券市場的頂端敲響了警鐘。9月中旬，他擔任主席的美聯準做了兩件事，從理論上看對債券來說應該是好訊息：大幅降息和強烈暗示還會有更多降息。但這個支撐著地球上所有其他資產類別的市場從那天起便開始下跌。
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