When Rwandan bonds are yielding below 8 per cent, Indonesian sovereign debt swings 150 basis points and the Indian rupee oscillates wildly in a matter of weeks, while every day the US equity market sets new highs, (despite lacklustre earnings growth which continues to be driven largely by cost-cutting), some people might conclude that markets are volatile and bubbly. Clearly, though, both the current Federal Reserve chairman Ben Bernanke and Janet Yellen, nominated to succeed him, are not among the worriers.
卢旺达国债收益率不足8%，印度尼西亚主权债务收益率波动幅度达到150个基点，印度卢比汇率在短短几周内大幅震荡，同时美国股市连创新高（尽管盈利增长仍然乏力，而且仍主要由成本削减驱动）——有人或许会得出结论：市场动荡，滋生泡沫。但显然，现任美联储(Fed)主席本•伯南克(Ben Bernanke)和提名接班人珍妮特•耶伦(Janet Yellen)并不担心。
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