Faced with a vicious combination of collapsing housing prices and imploding credit markets, the Fed has been aggressively cutting interest rates to try to stave off a recession. But even if the Fed does not admit it in its forecasts, the price of this “insurance policy” will almost certainly be higher inflation down the road, and perhaps for several years.
美国现在是全球通货膨胀的中心地点。美联储面临着房价崩盘以及信贷市场内爆的双重压力，一直大幅度降息以试图避免经济衰退。但是即使如果美联储并不在其预计中承认，这一“保险单”的代价几乎肯定是将来几年中会有更高的通货膨胀。