Developed country equity and credit markets snapped back quickly after the Federal Reserve tapering wobble a few weeks ago. From the crow’s nest, markets have accepted that Fed policy normalisation will be gradual, become more confident about economic prospects, and put to one side earlier concerns about the risk of deflation. At the coalface, though, things look more nuanced, and suggest that Fed tapering is much less of a risk than rising concern over a ‘fin de siècle’ moment in emerging markets, especially China, which could spark new deflation fears.
数周前，美联储(Fed)宣布将逐步削减资产购买规模，发达国家股市和信贷市场随之暴跌，但之后迅速收复失地。乍一看来，市场已经接受了美联储政策将会逐步正常化的事实，对manbetx20客户端下载 前景变得更有信心，并将早先对通缩风险的担心搁置一旁。然而实际上，形势似乎更为微妙，看起来，美联储逐步削减资产购买规模的风险，远比不上新兴市场进入“颓败”时刻的风险，尤其是可能引发新的通缩恐慌的manbetx3.0 。