The unprecedented financial engineering by central banks over the last six years has been decisive in setting asset prices in major markets worldwide. But now it is time for the Fed and its counterparts elsewhere to abandon financial engineering and begin marshaling the tools they will need to cope with the inevitable next crisis.
过去六年中，前所未有的央行金融工程成为全球主要市场资产价格的主要决定因素。但如今，美联储以及其他央行需要放弃金融工程，开始准备应对难以避免的下一场危机所需要的工具。零利率和庞大资产负债表意味着这才是它们所缺少的。