Terrified by irresponsible fiscal and monetary policies, the bond market vigilantes are out in force. So rose the cry, as rates on government bonds jumped last week. Alas for the panic-mongers, this glib story is nonsense. What is happening is a move towards normalisation. That is excellent news. Policy is working. That does not mean it could not be improved. But what is astonishing is not how high nominal and real interest rates have become, but how low they remain. They are likely to rise substantially if and when less abnormal conditions arrive.
受到不负责任的财政与货币政策的惊吓，债券市场“义务警卫”大举出动。政府债券收益率12月上旬大幅上扬，呼声也随之高涨。可惜呀，对于恐怖情绪的散布者而言，这个头头是道的故事纯属胡说。实际情况是债券市场正趋于正常。这个消息好极了。政策正在生效。这并不意味着它就不能继续改善。但令人震惊的不是名义与实际利率有多高，而是它们仍然很低。如果市场状况恢复正常，它们可能会显著上升。
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