The Fed waited too long to start the normalization process, and, because it was more aggressive in lowering rates in the downward phase of the interest-rate cycle, it has had to be more aggressive in raising them in the upward phase.
美联储等得实在太久，才启动了利率正常化的进程。不仅如此，因为它在利率周期的下降阶段拼命地降低利率，所以在目前的上升阶段就必须花费更大的力气，才能把利率提高到恰当的水平。