With equity markets reacting enthusiastically to the Fed’s historic policy change announced last week, many have rushed to declare victory. Whether in asserting investor comfort with the policy regime shift or in declaring the definitive end of dependence on quantitative easing (“QE”), they believe that the markets’ short-term reaction can indeed be extrapolated into the longer-term.
看到股市「喜迎」美聯準(Fed)的重大政策變化,許多人急於宣告勝利。這些人不是斷言投資者安然接受這一政策變化,就是宣稱經濟從此不必再依賴量化寬鬆(QE),他們認爲,從市場短期反應可以推測出長期反應。
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