In reality, of course, QE – whether the expectation or execution of it – would affect both interest rates, and the inflation expectations that are derived from them. So, if ECB President Mario Draghi wants to highlight the fact that nominal interest rates are lower today than last August, he must also acknowledge that, given low inflation expectations, real interest rates have moved little.
当然，在现实中，量化宽松——不管是预期还是实施——同时影响利率和由利率决定的通胀预期。因此，如果欧洲央行行长德拉吉想强调今天的名义利率低于去年8月的事实，他也必须承认，由于低通胀预期，真实利率基本上没有变化。