Get the champagne bottle ready; the UK’s QE2 could launch within weeks. There is no reason for markets to price in the risk of any other outcome after Wednesday’s publication of the minutes of the Bank of England’s September monetary policy committee meeting. The questions now – for bankers and investors alike – concern the timing and extent of the intervention. More pertinently, can more bond buying, meant to stimulate activity by pushing down long-term lending rates, have much effect, either on markets or on the economy?
準備好香檳酒吧;英國可能在數週內推出新一輪定量寬鬆(QE2)措施。在英國央行(BOE)週三公佈9月貨幣政策委員會會議紀要之後,市場便沒有理由對其它任何可能後果的風險做出反應。目前的問題(無論對銀行家還是投資者來說都一樣)在於干預的時機和規模。更關鍵的一個問題是,購買更多的債券(旨在通過壓低長期貸款利率來刺激經濟活動)能夠對市場和經濟產生重大影響嗎?