As they enter the second quarter, policymakers and financial market participants would be well advised to think of the first three months of 2018 not as a temporary and reversible aberration but, instead, as an ongoing transition to more normal conditions. Larger two-way price movements in asset prices were long in coming but inevitable, especially after the unusual calm of 2017.
进入第二季度后，政策制定者和金融市场参与者在回顾2018年头3个月时，最好不要把这段时期看成是暂时的、可逆的异常状况，而是看成持续的、向更正常情况的过渡。资产价格幅度更大的双向波动姗姗来迟，但它不可避免，尤其是在2017年的异常平静之后。
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