It is difficult to plough through the Bank of England’s recent inflation report and associated Monetary Policy Committee minutes without being reminded of a slogan current in the last years of the Habsburg empire: “The situation is hopeless but not desperate.” Or was it the other way around? In any case, the main message of the report is that the outlook is gloomy and the risks are on the downside, but nothing much can be done about it.
翻閱英國央行(BoE)最近的通膨報告及相關的貨幣政策委員會(Monetary Policy Committee)的一些會議備忘錄，令我不由得想起流行於哈布斯堡帝國(Habsburg empire)末期的那句口號：「情形沒有任何希望，但還不算絕望。」或許這話應該倒過來說？反正不管怎麼說，通膨報告傳遞的主要資訊是，前途渺茫，凶多吉少，而他們束手無策。
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