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2016年以来,美联储是否启动加息进程,一直是困扰全球金融市场的不确定因素。这体现为全球主权风险的CDS继续趋势性上涨,国际金融市场更多显现出避险情绪。虽然最后美联储货币政策委员会议息会议,决定将联邦基金利率水平维持在当前的0.25%-0.5%的水平,然而,从未来大趋势看,全球跨境资本结构与流向都将发生“方向性”和“拐点性”的变化。
Since 2016, whether the Federal Reserve started the rate hike process has been an uncertain factor that has plagued the global financial markets. This shows that the CDS of global sovereign risk continues to trend upwards, and the international financial markets are showing more risk aversion. Although at the end of the meeting of the Fed’s monetary policy meeting, it decided to maintain the federal funds rate at the current level of 0.25% -0.5%. However, in the future megatrends, the global cross-border capital structure and flow direction will occur “And ” inflectionality "changes.