The result could be a substantial market-driven rise in long-term rates that the Fed would be unable to prevent. A shift in foreign investors’ portfolio preferences away from long-term bonds could easily trigger such a run-up in rates.
美联储已不可能继续压低长期利率了。长期利率之低已使许多投资者大为担心，唯恐债券和股票价格产生泡沫。结果，长期利率可能会在市场力量下大幅上升，美联储将对此毫无办法。外国投资者投资组合不再偏好长期债券，这将很轻易地触发利率飙升。