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中央银行主导时代的终结!
来源: | 作者:聚合财人 | 发布时间: 2017-07-08 | 3255 次浏览 | 分享到:



文章来源:Linkedin、华尔街见闻

全球最大对冲基金——桥水基金的创始人达里奥宣布,宽松时代已经告终!



在过去的九年里,央行把利率压到零,注入了大量的资金,让流动性变得充裕。


For the last nine years, central banks drove interest rates to nil and pumped money into the system creating favorable carries and abundant cash.


这些行动抬升了资产价格,压低名义利率至低于名义增长率,将现金的实际利率转为负值,将实际债券收益率降至零水平。这创造了漂亮的去杠杆,修复了资产负债表,使得经济状况更趋正常。信贷和经济的增长正逐步上升并与债务的增长维持着良好的平衡。


These actions pushed up asset prices, drove nominal interest rates below nominal growth rates, pushed real interest rates on cash negative, and drove real bond yields down to near zero percent, which created beautiful deleveragings, brought about balance sheet repairs, and led to more conventional economic conditions in which credit growth and economic growth are growing in relatively good balance with debt growth.


这个时代已经过去了。


That era is ending.



央行们已经清晰明了地告诉我们,往后,由他们倾注的流动性将逐渐缩小而不再上升——也就是说,政策的方向转变了而我们的现状是:


Central bankers have clearly and understandably told us that henceforth those flows from their punch bowls will be tapered rather than increased—i.e., that the directions of policy are reversing so we are at: