But the real fear is not inflation itself – that is, that prices might rise at a surprisingly fast clip this year or next. Rather, the fear is that central banks will not see inflation coming until it is too late, and that this will cause a major upward shift in inflation expectations.
德国这一举动的背后是对通胀前景的担忧。但真正的担忧不是通胀本身，即价格可能在今年或明年出人意料的大幅攀升，而是各国央行发现通胀来临时已经太迟了，这将造成通胀预期的剧烈提高。