Third, portfolio managers respond to a rise in interest rates by shifting out of commodity contracts (which are now an “asset class”) and into treasury bills. Finally, high interest rates strengthen the domestic currency, thereby reducing the price of internationally traded commodities in domestic terms (even if the price has not fallen in foreign-currency terms).
第三，投资组合经理对利率升高的反应是了结大宗商品合约（如今它们属于一个“资产类”），买入国债。最后。高利率促使本币升值，从而降低了在国际市场上交易的大宗商品的本国价格（即使外币价格并未下跌）。