On the face of it, a tiny change in the US rate should not trigger dramatic shifts in global capital flows. But, as US monetary policy follows the path of interest-rate normalization, there could well be knock-on effects, both economic and financial, especially in the form of currency volatility and destabilizing outflows from emerging economies.
在如此形势下，美国利率的微小变动应该不会导致全球资本流的剧烈变动。但是，随着美国货币政策继续向利率正常化迈进，极有可能产生经济和金融连锁反应，特别是货币波动和破坏性流出新兴经济体。