Terrified by irresponsible fiscal and monetary policies, the bond market vigilantes are out in force. So rose the cry, as rates on government bonds jumped last week. Alas for the panic-mongers, this glib story is nonsense. What is happening is a move towards normalisation. That is excellent news. Policy is working. That does not mean it could not be improved. But what is astonishing is not how high nominal and real interest rates have become, but how low they remain. They are likely to rise substantially if and when less abnormal conditions arrive.
受到不負責任的財政與貨幣政策的驚嚇，債券市場“義務警衛(wèi)”大舉出動。政府債券收益率12月上旬大幅上揚，呼聲也隨之高漲。可惜呀，對于恐怖情緒的散布者而言，這個頭頭是道的故事純屬胡說。實際情況是債券市場正趨于正常。這個消息好極了。政策正在生效。這并不意味著它就不能繼續(xù)改善。但令人震驚的不是名義與實際利率有多高，而是它們仍然很低。如果市場狀況恢復正常，它們可能會顯著上升。
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