Surely, any explanation must include the global constriction of credit, especially for small and medium-size businesses. Tighter regulation of lending standards has shut out an important source of global investment demand, putting downward pressure on interest rates.
当然，不论怎样解释，都必须考虑全球信用压缩的事实，特别是中小企业信用。收紧贷款标准监管关闭了一个重要的全球投资需求阀门，给利率造成了下行压力。