Even if the Fed ignores deflationary pressure and hikes interest rates more quickly, medium- and long-term rates are still likely to be anchored, given how little yield is available elsewhere in the world. Yields on German Bunds are now negative out to eight years.
即使美联储无视通缩压力并更迅速提高利率，但由于世界其他地方的利率依然偏低，中期和长期利率仍可能被锁定。德国国债收益率已经持续收益已经连续8年为负。在欧洲外围经济体，10年期国债收益率均逼近1％，因为欧洲央行实施了一项总额1.1万亿欧元（1.3万亿美元）的量化宽松计划。在日本，10年期国债收益率低于0.4％。