The message from US and European central banks is loud and clear: don't expect official interest rates to budge anytime soon. Markets believe it. Futures are pricing in official US interest rates of close to zero for at least a further six months.
That does not, of course, mean that interest costs will not rise. Most companies, investors and individuals borrow at rates higher than the central banks' official levels, and these have been edging up.
To lower long-term interest rates, the Bank of England has been buying government bonds. In the US, the Federal Reserve plans to buy up to $1,725bn of Treasury and mortgage agency debt.
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