Former chairman of the US Federal Reserve Ben Bernanke sums up the prevailing wisdom when he notes that economic recoveries don’t die of old age, they are murdered by central banks overtightening credit. Given the worst performance for US equities in December since 1931, the flattening of the yield curve (which plots government bond yields of different maturities on a single graph) and the rise in volatility, many investors seem to have decided the culprit in this game of Cluedo is Mr Fed, on the trading floor, with quantitative tightening.
美聯儲(Federal Reserve)前主席本?伯南克(Ben Bernanke)曾精辟總結當前的主流觀念。他指出，經濟復蘇不會老死，而是會被過度收緊信貸的央行“謀殺”。鑒于美國股市在12月遭遇自1931年以來最糟糕表現、收益率曲線（在一張圖表上繪制不同期限的政府債券收益率）趨平以及波動性上升，很多投資者似乎認為，這個《妙探尋兇》(Cluedo)游戲的兇手是美聯儲，行兇地點是交易大廳，兇器是量化緊縮政策。