

Though the US Federal Reserve’s first interest-rate hike of 2023 is smaller than those that preceded it, policymakers have signaled that more increases are on the way, despite slowing price growth. But there is good reason to doubt the utility – and fear the consequences – of continued rate hikes, on both sides of the Atlantic.
纽黑文—我们现在焦虑,不仅是因为一场大流行——而是两场。首先是新冠病毒疫病大流行,它使我们感到焦虑的原因是:我们或我们所爱的人在世界任何地方都可能(在感染后)很快患重病甚至死亡。其次是普遍焦虑:焦虑前者造成的经济后果。
这两次大流行是相互关联的,但所呈现的现象不同。在第二场大流行中,和恐惧有关的故事像病毒一样迅速传播,以至于我们会不断地想起它们。股市像石头落地直直往下跌,明显因为这样一些故事——除非我们有所行动,疫病会耗尽我们一生的积蓄。但是,与应对新冠病毒不同,我们焦虑的根源是我们不确定该采取什么行动。
两场大流行同时爆发可不是什么好消息。一个可以助长另一个(的发展)。企业倒闭、失业率飙升和收入减少加剧了人们对金融形势的焦虑,而这种焦虑,又阻止了迫切需要工作的人们采取足够的预防措施,来应对疾病的传播。
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