Indeed, the inflation risk is on the upside, especially if the Fed sticks to its plan to keep its real short-term interest rate negative until the end of 2016 and to raise it to one percentage point only by the end of 2017. If inflation does rise faster than the Fed expects, it may be forced to increase interest rates rapidly, with adverse effects on financial markets and potentially on the broader economy.
事实上，通胀风险在于增加，特别是如果美联储坚持将真实短期利率为负的情况一直保持到2016年底、并在2017年底前只提高一个百分点的话。如果通货膨胀增加确实比美联储预期的更快，美联储或许将被迫更快地提高利率，给金融市场乃至整体经济造成不利影响。