A momentous era in monetary history is over. A hike in short-term US interest rates for the first time in nearly a decade has called an end to the near-zero borrowing costs that have prevailed since the financial crisis. Equity investors welcomed the move, sending stock prices higher in the US, Europe and Asia. Even emerging markets, many of which have feared the fallout from a US rise, generally took the widely expected move in their stride.
货币政策历史上的一个重要时代已经结束。美国短期利率近10年来的首次上调，终结了自金融危机以来广泛存在的近乎为零的借款成本。股市投资者对此举表示欢迎，美国、欧洲和亚洲股价均被推高。甚至连新兴市场（其中很多国家一直担心美国加息的影响）也基本上对这一普遍预期中的举措处之泰然。
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