Good morning. The United Nations Conference on Trade and Development wants the world’s central banks to stop raising interest rates, on the grounds that further tightening risks a global recession, during which the world’s poorest would suffer most. We agree about who recessions hit hardest, but think global inflation would also be cruel to the vulnerable. Whoever’s right, it is worth remembering that the increases and declines in rich-world stock portfolios is one of the least important consequences of central banks’ terrible dilemma.
早上好。聯合國貿易和發展會議希望世界各國央行停止提高利率,理由是進一步收緊可能導致全球衰退,而在此期間,世界上最貧窮的人將遭受最大的損失。我們同意經濟衰退對誰的打擊最大,但認爲全球通貨膨脹對弱勢羣體也是殘酷的。不管誰是對的,值得記住的是,富裕國家股票投資組合的增加和減少是中央銀行可怕的兩難處境中最不重要的後果之一。