In fact, this summer’s asset price correction reinforced a view many of us already had that the US economy was slowing, led by sagging productivity and a deteriorating housing market. I foresee a series of interest rate cuts by the Fed, which should not be viewed as a concession to asset markets, but rather as recognition that the real economy needs help.
事实上，今年夏天的资产价格更正强化了我们许多人已经有的一种观点，那就是，美国经济正在减缓。生产效率和日益恶化的房地产市场主导了这一减缓。我预计，美联储将会采取一系列的降息措施。这些措施并应当被看成是对资产市场的妥协，而是承认实际经济需要帮助。