A prolonged and sustained central bank policy of purchasing ever-increasing quantities of long-term assets is essential to encourage a wary financial sector to use some of its risk-bearing capacity for its proper purpose: reducing the risk burden on entrepreneurship and enterprise. But such a policy diminishes, and may even eliminate, financiers’ ability to take the easy route by riding the duration yield curve for profits.
购买不断增加的长期资产的长期、持续的央行政策对于鼓励心存疑虑的金融部门使用一些风险承担能力来实现合理目的——减少企业家精神和企业的风险负担来说至关重要。但这一政策降低甚至消灭了金融家通过借助久期收益率曲线轻松地收获利润的能力。