To do this, Yellen will have to keep interest rates very low, even after inflation starts rising, just as her predecessor Paul Volcker had to keep interest rates in the 1980s very high, even after inflation started falling. This policy reversal follows logically from the inversion of central banks’ objectives, both in America and around the world, since the 2008 crisis.
美联储的首要目标是提高通胀率，并确保它保持在2%以上。要实现这一点，耶伦必须将利率保持在极低水平，即使通胀率已经开始上升，正如其前任保罗·沃尔克（Paul Volcker）在20世纪80年代将利率保持在极高水平，即使通胀已经开始下降。这一政策上的反转背后的逻辑是2008年危机以来美国和全世界央行目标的变化。