CAMBRIDGE – The United States Federal Reserve’s recent announcement that it will extend its “Operation Twist” by buying an additional $267 billion of long-term Treasury bonds over the next six months - to reach a total of $667 billion this year - had virtually no impact on either interest rates or equity prices. The market’s lack of response was an important indicator that monetary easing is no longer a useful tool for increasing economic activity.
美国剑桥— 美联储最近宣布将延长“扭曲操作”，在未来6个月中再购买2670亿美元的长期美国国债，使今年的国债购买总量达到6700亿美元，但这对利率和股价基本无影响。市场对此毫无反应便表明货币宽松已不再是促进经济活动的良药。