As they enter the second quarter, policymakers and financial market participants would be well advised to think of the first three months of 2018 not as a temporary and reversible aberration but, instead, as an ongoing transition to more normal conditions. Larger two-way price movements in asset prices were long in coming but inevitable, especially after the unusual calm of 2017.
進入第二季度後，政策制定者和金融市場參與者在回顧2018年頭3個月時，最好不要把這段時期看成是暫時的、可逆的異常狀況，而是看成持續的、向更正常情況的過渡。資產價格幅度更大的雙向波動姍姍來遲，但它不可避免，尤其是在2017年的異常平靜之後。
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