The first quarter’s run of higher than anticipated US inflation numbers have markets in a tizzy. Investors have been constantly tweaking their expectations for interest rates. The problem with all the frantic repricing is that it bestows an incisiveness on monetary policy that it does not actually possess — particularly at this stage of America’s inflation battle.
第一季度美国通胀数据超出预期，使得市场陷入混乱。投资者一直在不断调整他们对利率的预期。然而，所有这些疯狂的重新定价的问题在于，它赋予了货币政策一种它实际上并不具备的精确性——尤其是在美国通胀战斗的这个阶段。
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