In the dark days of early 2009, inflation doom-mongers gathered ranks. Beware, they warned, jumbo stimulus packages and ballooning central bank balance sheets will destroy the value of your hard-earned cash. Sovereign bond markets agreed – from December lows of 2 per cent, yields on 10-year Treasuries, for example, rose 170 basis points in six months.
在2009年初的黑暗歲月里,通脹末日論者匯聚成群。他們發(fā)出警告:當(dāng)心,龐大的刺激措施和不斷膨脹的央行資產(chǎn)負(fù)債表將摧毀你血汗錢的價(jià)值。主權(quán)債券市場(chǎng)對(duì)此表示認(rèn)同——例如,6個(gè)月內(nèi),10年期美國(guó)國(guó)債收益率就從12月份2%的低點(diǎn)上漲了170個(gè)基點(diǎn)。
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