One reason for this is that long-term interest rates are affected not just by the actual bond purchases, but also by financial markets’ expectations about future monetary policy. Indeed, just one day after the ECB made its announcement – and weeks before the purchases began – interest rates fell by a fraction of a percentage point throughout the eurozone.
一个原因是长期利率不仅受实际债券购买量的影响，也受到金融市场对未来货币政策预期的影响。事实上，在欧洲央行宣布其购买计划一天后——实际购买操作要在几周后才开始——整个欧元区的利率应声下跌了不到一个百分点。