荷兰合作银行:“全球中央银行继续前进,前无古人”

2019年12月5日10:20:00荷兰合作银行:“全球中央银行继续前进,前无古人”已关闭评论 643 3637字阅读12分7秒

Submitted by Michael Every of Rabobank

由荷兰合作银行的 Michael Every 提供

Stocks at new recorder record highs;bonds up(yields down);CNY up;broad USD DXY up;China issuing USD6bn of sovereign debt at a narrow spread over USTs….it's all up,up,and away.And why not?Trump tells us the US is"in the final throes"of a phase one trade deal with China.Usually that language is used to imply something is dying,but hey ho,decimate is used to mean annihilation rather than killing one in ten of the enemy,and quantum leap is used to imply something big when it actually means something amazingly small.Suffice to say markets loved it.So much so in fact that it is a song we should keep singing over and over,like another'final'-"The Final Countdown".

股市创历史新高;债券上涨(收益率下降); CNY上涨;美元 DXY 广泛上涨;中国在 USTs 上发行60亿美元主权债务,利差很小......一切都上涨,上涨,然后消失。为什么不呢?特朗普告诉我们,美国正处于与中国贸易协定的第一阶段的"最后阵痛期"。通常这种语言是用来暗示某种东西正在死亡,但是嘿 hodecimate 是用来表示毁灭而不是杀死十分之一的敌人,而 quantum leap 是用来暗示某种大的东西,而实际上它意味着某种惊人的小东西。可以说,市场喜欢它。事实上,这是一首我们应该一遍又一遍地演唱的歌曲,就像另一首'决赛'——这是最后的倒计时

Three decades after Europe's pop-metal kitsch classic first hit the charts,they are still out there playing it,and whenever anyone hears the keyboard intro"Deedle deedle….deedle dee",everyone knows the song and joins in enthusiastically:how can you not?As such,I suggest that from now on,every time the White House talks about the impending phase one trade deal coming soon,to save time they just play the track for the press.Or just the keyboard intro.And rallying markets can continue to trade off the deep wisdom of the lyrics:

在欧洲流行金属经典首次打入排行榜30年后,他们仍然在那里演奏它。每当有人听到键盘上的介绍"Deedle Deedle...Deedle dee",每个人都知道这首歌,并热情地加入进来:你怎么能不知道呢?因此,我建议从现在开始,每次白宫谈论即将到来的第一阶段贸易协议,为了节省时间,他们只是播放的轨道,为新闻界。或者只是键盘的介绍。市场的反弹可以继续交换歌词中的深刻智慧:

"We're leaving together;But still it's farewell;And maybe we'll come back;To earth,who can tell?

"我们一起离开;但这仍然是告别;也许我们会回来;回到地球,谁知道呢?

I guess there is no one to blame;We're leaving ground(leaving ground);Will things ever be the same again?

我想没有人可以责怪;我们正在离开地面(离开地面);事情还会恢复原样吗?

It's the final countdown;The final countdown"

这是最后的倒计时,最后的倒计时"

And indeed,will things ever be the same again in markets?Not just because of the constant dangled promise of a trade deal that the vast majority of those working in those same markets admit is unlikely to mean much of anything;but because global central-bankery continues to go where no-one has gone before.Mass asset-purchases;negative rates;'Not-QE';yield curve control--Brainard says the Fed should use asset purchases to cap yields on short-and medium-term Treasuries,a-la BOJ,where it hasn't worked,of course--and,shortly no doubt,solving the global climate crisis and inequality!In their special central-bank minds,*this*is the voyage all the rest of us are mere passengers on:

事实上,市场的情况还会恢复到原来的样子吗?这不仅仅是因为在这些市场工作的绝大多数人都承认,一项贸易协定的承诺不太可能意味着什么,而且还因为全球央行继续在前所未有的地方运作。大规模资产购买、负利率、"非量化宽松"(Not-QE)、收益率曲线控制——布雷纳德表示,美联储应该利用资产购买来限制短期和中期美国国债的收益率,当然,这种做法在日本央行行不起作用——而且,毫无疑问,短期内将解决全球气候危机和不平等问题!在他们特殊的央行头脑中*,这是一次航程,我们其他人都只是乘客:

"We're heading for Venus(Venus);And still we stand tall;'Cause maybe they've seen us(seen us);And welcome us all,yeah

"我们正前往金星(金星);我们仍然站得很高;'因为也许他们已经看到我们(看到我们);并欢迎我们所有人,是的

With so many light years to go;And things to be found(to be found);I'm sure that we'll all miss her so…"

还有这么多光年要走,还有很多东西等着我们去发现,我相信我们都会很想念她......"

But then back to that trade deal:

但回到那个贸易协定:

"It's the final countdown;The final countdown;The final countdown;The final countdown;Oh,The final countdown,oh It's the final count down;The final countdown;The final countdown;The final countdown;Oh;It's the final count down."

"这是最后一次倒计时;最后一次倒计时;最后一次倒计时;哦,最后一次倒计时,哦,这是最后一次倒计时;最后一次倒计时;最后一次倒计时;最后一次倒计时;哦,这是最后一次倒计时。"

And then back to central banks and that trade deal working together:

然后再回到各国央行和那项贸易协议的合作:

"We're leaving together;The final count down;We'll all miss her so;It's the final countdown;It's the final countdown;Oh;It's the final countdown,yeah."

"我们一起离开;最后的倒计时;我们都会非常想念她;这是最后的倒计时;这是最后的倒计时;;这是最后的倒计时,是的。"

What a hit it is!

这是多么的成功啊!

来源:

https://www.zerohedge.com/markets/rabobank-global-central-bankery-continues-go-where-no-one-has-gone

  • 本文由 发表于 2019年12月5日10:20:00
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