2023年度展望

The central bank horror story
央行政策可能上演的“惊悚故事”

A liquidity crisis could inflict reputational damage after slow responses to surging inflation
普伦德:各央行现在的标准说辞是将“在更长时期内以更大幅度收紧”,但如果发生资金危机,央行可能被迫重新托市。这将极大破坏央行声誉。

Equities, bonds, long-dated index-linked gilts, credit, crypto — the list of market horror stories in 2022 is extensive. Yet the biggest casualty this year was surely the reputation of big central banks.In the period since the onset of the coronavirus pandemic and Russia’s invasion of Ukraine, their inflation forecasting has been dismally off-beam. Their response to the rapidly rising price level was slow and, in the notable case of the US Federal Reserve, initially timorous.

股票、债券、通胀挂钩长期英国政府债券、信贷、加密货币——2022年金融市场上的惊悚故事一个接一个。然而,今年损失最惨重的无疑是各主要央行的声誉。

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