Lex專欄 投資者應爲財政刺激做好準備
Paths previously perceived as unthinkable have, of late, developed a habit of becoming well-trodden, particularly as responses to financial crises.
曾經被視爲不可思議的路最近走的人卻不少——尤其是在應對金融危機方面。
Investors would be wise to brace themselves for the advent of fiscal stimulus to accompany the ever-present central banks’ dovishness.
明智的投資者應爲此做好準備：各國即將推出財政刺激，與央行一貫的鴿派立場作伴。
Asset purchases and very low short-term rates, now widespread tools despite investors’ scepticism, are here to stay, predicted Janet Yellen in her speech on Friday at the annual Jackson Hole/Fed confab.
上週五，珍妮特•耶倫(Janet Yellen)在傑克遜霍爾(Jackson Hole)全球央行年會上的演講中預言，資產購買和極低短期利率——儘管投資者有所質疑，但現已成爲廣泛應用的工具——將持續下去。
Her speech called for policies aimed at raising productivity (with education and investment, for example) and increasingly effective stabilisers in managing a downturn, alleviating pressure on monetary policy.
她的演講呼籲推出旨在提高生產率（例如通過教育和投資）的政策，以及建立應對衰退的更加有效的穩定器，以緩解貨幣政策壓力。
A potential September rate increase would madden the monetary hawks.
9月可能加息將令貨幣政策鷹派變得瘋狂。
But with a November election looming, and two candidates willing to spend, the fiscal route suddenly looks good.
但隨着11月美國大選臨近以及兩位候選人都願進行財政支出，財政政策路線突然之間顯得很不錯。
