The Fed must always remember that no matter how calm and rational its analysis may be, it is dealing with markets that can be anything but calm and rational. Precisely because so much emotion has been invested in QE, the psychological effects of returning to normalcy are going to be perilous and unpredictable.
美联储应当牢记：无论它的分析有多冷静或者多合理，但自己却是与一个最缺乏冷静和理性的市场打交道。恰恰由于已经有如此多的情绪被投入到了量化宽松政策之上，因此回复常态所带来的心理冲击可能是极为危险且出乎意料的。