观点货币政策

Central banks still need to justify the case for ‘higher for longer’ rates
央行如何证明“较长期维持较高利率”是合理的?

Forward guidance without a rationale may not anchor monetary policy expectations for long
巴韦尔:在不提供理由的情况下,央行的前瞻性指引可能无法长期锚定利率预期。然而,要拿出自洽的理由也并不容易。

The writer is head of macro research at BNP Paribas Asset ManagementWe are on the cusp of a change in central bank tactics. Rates may still rise a little further, but we are probably close to the end of the hiking cycle. The focus is shifting towards keeping rates at these high levels, potentially for an extended period.

本文作者是法国巴黎银行资产管理公司(BNP Paribas Asset Management)宏观研究主管

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