In short, though central banks’ creation of macro liquidity may keep bond yields low and reduce volatility, it has also led to crowded trades (herding on market trends, exacerbated by HFTs) and more investment in illiquid bond funds, while tighter regulation means that market makers are missing in action.
简言之，尽管央行创造的宏观流动性或许可以维持债券收益率低水平并降低波动，但也导致了拥挤式交易（对市场趋势趋之若鹜，高频交易放大了这一效应）和低流动性债券基金投资增加，而监管规则趋紧意味着市场做市商不再积极行动。