The problem is that the Fed’s liquidity injections are not creating credit for the real economy, but rather boosting leverage and risk-taking in financial markets. The issuance of risky junk bonds under loose covenants and with excessively low interest rates is increasing; the stock market is reaching new highs, despite the growth slowdown; and money is flowing to high-yielding emerging markets.
问题在于美联储的流动性注入并没有为实体经济创造信贷，反而促进了金融市场的杠杆和冒险情绪。利率过低且契约松散的高风险垃圾债券发行增加；股票市场在经济增长放缓的同时新高迭起；资金正在朝高收益新兴市场流去。