The restoration of normalcy to financial markets and lower interest rates did cause an economic upturn in the summer of 2009, leading many forecasters and market participants to expect a typical rapid post-recession recovery. I warned that the upturn would be much more tepid than expected: unlike previous business cycles, the recession that began at the end of 2007 was not caused by high interest rates, so lowering rates would have little impact.
金融市场恢复正常以及低利率使得经济在2009年夏天出现好转，许多预测者和市场参与者都期待一个典型而迅速的衰退后复苏。我又警告说，复苏将比预期温和的多：不同于以往的商业周期，2007年底开始的经济衰退不是由高利率造成的，所以降低利率将不会有太大作用。