This bears an eerie resemblance to the script of 2004-2006, when the Fed’s incremental approach led to the near-fatal mistake of condoning mounting excesses in financial markets and the real economy. After pushing the federal funds rate to a 45-year low of 1% following the collapse of the equity bubble of the early 2000s, the Fed delayed policy normalization for an inordinately long period.
这与2004—2006年期间的政策惊人地相似。当时，美联储的渐进方针导致了几乎致命的错误——纵容金融市场和实体经济的过度行为。21世纪初股市泡沫破裂后，美联储将联邦基金利率降低到45年来的低点1%，并且在非常长的时间内一直没有将政策正常化。而当美联储最终开始提高基准利率时，又做得过于缓慢。