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“超级马里奥”主导全球市场基调
来源: | 作者:聚合财人 | 发布时间: 2017-07-14 | 3913 次浏览 | 分享到:


Indeed, bond markets have been signaling for some time that Europe was moving to the fore in setting the tone, with Germany’s yield curve steepening past that for Treasuries in May for the first time since 2012.



由于其他央行的一些对应机构也加入了德拉吉不那么宽松的基调,这种转变使得除日本以外的发达国家几乎都收紧了投标价格政策。即使在澳大利亚和新西兰——储备银行的行长们暗示不愿在短期内改变他们的现金利率——掉期交易表明,人们预期一年之内至少有一次加息。


With a number of peers from other central banks joining Draghi’s less-accommodative tone, the shift has seen traders price in tighter policy pretty much everywhere except Japan in the developed world. Even in Australia and New Zealand, where Reserve Bank governors have signaled reluctance to shift their cash rates anytime soon, swaps indicate expectations for at least one hike within a year.


也许最戏剧化的转变是,自从德拉吉讲话以来,远期交易显示市场预计欧洲央行明年将把存款利率上调两次,每次10个基点,而直到6月中旬之前,市场还预计没有加息可能性。


In perhaps the most dramatic turnaround, forwards since Draghi spoke are now pricing in two increases of 10 basis points each in the ECB deposit rate next year, compared with none as recently as mid-June.