Meet the pointillist Fed. It is five years since the Federal Reserve introduced its “dot plot”, a graphic showing where different members thought the Fed Funds rate would be at different points in the future. But for almost all of that history, markets have systematically refused to believe the dots. The dot plot has pointed to imminent rate rises and traders have placed all their bets on continuing cheap money.
我们遇上了点画派的美联储(Fed)。现在距离美联储引入“点图”已经有5年了。点图是一张图表，显示了美联储不同委员所认为的未来不同时点的联邦基金利率。但在这5年的几乎全部时间里，市场整体拒绝相信这些点图。点图指向即将到来的加息，而交易员却把所有赌注押在廉价货币继续的方向。
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