And, despite a more competitive exchange rate, the US continues to run a large current-account deficit. If progress is not made in reducing the projected fiscal imbalances and limiting the growth of bank reserves, reduced demand for dollar assets could cause the dollar to fall more rapidly and the interest rate on dollar securities to rise.
美元的真实贸易加权价值已比10年前下降了25%以上，这还是在欧洲和其他国家问题频发的情况下发生的。尽管汇率竞争力提高了，但美国的经常项目赤字仍持续保持高位。如果在减轻预期财政失衡和限制银行储备金增长方面无法取得进展，美元资产的下降将导致美元更快贬值和美元证券利率升高。