Last year, the “breakeven” rate at which US 10-year inflation-linked bonds (known as Tips) would offer the same return as fixed-income treasuries dipped below 0.1 per cent. This implied there would be virtually no inflation at all, on average, over the next decade. Breakeven rates also implied there would be outright deflation over the next five years. Nothing like this had happened since the Depression of the early 1930s.
去年，使美國10年期通脹掛鉤債券與固定收益國債回報率相同的“盈虧平衡”利率跌破了0.1%。這意味著，在未來十年內(nèi)，平均而言將幾乎沒有任何通貨膨脹。盈虧平衡利率還暗示，未來五年將是徹底的通貨緊縮。自1930年代初的大蕭條以來，這樣的情形從沒有發(fā)生過。
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