Meet the pointillist Fed. It is five years since the Federal Reserve introduced its “dot plot”, a graphic showing where different members thought the Fed Funds rate would be at different points in the future. But for almost all of that history, markets have systematically refused to believe the dots. The dot plot has pointed to imminent rate rises and traders have placed all their bets on continuing cheap money.
我們遇上了點畫派的美聯準(Fed)。現在距離美聯準引入「點圖」已經有5年了。點圖是一張圖表，顯示了美聯準不同委員所認爲的未來不同時點的聯邦基金利率。但在這5年的幾乎全部時間裏，市場整體拒絕相信這些點圖。點圖指向即將到來的加息，而交易員卻把所有賭注押在廉價貨幣繼續的方向。
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