These are treacherous times for bond traders. A couple of months ago, the market consensus was that the US Federal Reserve would cut interest rates six times this year, starting imminently. By Wednesday, however, investors had slashed their expectations so dramatically that many now expect cuts to be delayed to November. Indeed, a slew of higher-than-expected inflation data prompted Lawrence Summers, former Treasury secretary, to warn that the next move might even be up — not down.
对于债券交易员来说，这是一个充满风险的时期。几个月前，市场普遍预期美联储(US Federal Reserve)将在今年降息六次，且即将开始。然而，到了周三，投资者大幅度地调整了他们的预期，许多人现在预计降息将推迟到11月。实际上，一系列高于预期的通胀数据促使前财政部长劳伦斯•萨默斯(Lawrence Summers)警告，下一步可能甚至是升息，而不是降息。
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