觀點美聯準

Here is what’s going on with the yield curve
美債收益率曲線怎麼了?


戴維斯:美聯準今年3次降息,美國債券收益率曲線卻沒有變陡,一種解釋是,市場下調了對實際長期均衡收益率的估計。

The Federal Open Market Committee has foreshadowed a lengthy pause in the programme of US monetary easing that has been under way throughout this calendar year. Instead of significantly raising policy rates, as promised when the year began, there have been three “insurance” cuts of 25 basis points in US rates since midsummer.

美國聯邦公開市場委員會(Federal Open Market Committee)已經預示,將長期暫停美國本自然年內實施的貨幣寬鬆政策。與年初承諾的大幅提高政策利率不同,今年仲夏以來,美國已經三次「保險性」降息25個基點。

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