Given the high levels of excess capacity and unemployment in Europe and America, quantitative easing is unlikely to trigger a bout of inflation. It could, however, increase anxieties about future inflation, leading to higher long-term interest rates – precisely the opposite of the Fed’s goal.
考虑到欧美地区巨量的过剩产能以及极高的失业率，量化宽松政策不太可能引发通胀。但它会增加人们对未来通胀的忧虑，导致长期利率进一步升高——这与美联储的愿望恰好倒了过来。