It is tempting to conclude that the Fed’s eagerness to tighten monetary policy – despite unfavorable historical precedents and ongoing economic uncertainty – is driven by commercial banks with excessive influence in official policymaking. After all, commercial banks’ business model works only when the banks can earn (via passive and relatively safe long-term investments) at least 3% a year more than they pay depositors.
你很有可能得出一个结论，即，美联储急于收紧货币政策——尽管有不利的历史先例和经济不确定性存在——背后的驱动力是对官方决策影响力过大的商业银行。毕竟，商业银行的业务模式只有在银行每年（通过消极和相对较安全的长期投资）所赚的收益至少比它们向储户支付的利率高3%时才能运转下去。而这只有在美国国债收益率比现在更高时才能实现。