It increasingly looks like Jay Powell rang the bell at the top of the bond market. In mid-September, the US Federal Reserve that he chairs delivered two things that, on paper, should be good news for bonds: a supersized interest rate cut and a strong hint of more cuts to come. But this market, which underpins every other asset class on the planet, has sagged from that day on.
看起来越来越像是杰伊•鲍威尔在债券市场的顶端敲响了警钟。9月中旬，他担任主席的美联储做了两件事，从理论上看对债券来说应该是好消息：大幅降息和强烈暗示还会有更多降息。但这个支撑着地球上所有其他资产类别的市场从那天起便开始下跌。
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