Having more than doubled since its crisis-induced trough, the US equity market – not to mention its amply rewarded upper-income shareholders – has been the principal beneficiary of the Fed’s unconventional policy gambit. The same is true for a variety of once-risky fixed-income instruments – from high-yield corporate “junk” bonds to sovereign debt in crisis-torn Europe.
该方针还带来了严重的金融市场后果。美国股市已从危机低点反弹了一倍有余，成为美联储非常规政策的主要受益者&mdash;&mdash;更不用说高收入股票持有者所获得的巨大利润了。众多曾经属于高风险的固定收益工具&mdash;&mdash;从高收益“垃圾”公司债券到饱受危机摧残的欧洲主权债务&mdash;&mdash;也是如此。