1.美国经济的走向 美联储虽然从去年6月以来,多次提高贴现率和联邦基金利率,以抑制过热的经济和膨胀的股市,然而,大多事与愿违。从理论层面讲,利率升高会加重企业融资成本,减少上市公司获利,因此,股市对利率上升的典型反应是引起股市下跌。但是,美国股市则大多呈现非典型反应,亦即利率调升,股市走高。 1. The direction of the U.S. economy Although the Federal Reserve has repeatedly raised the discount rate and the federal funds rate since June last year to curb the overheated economy and the swollen stock market, most of the events have been contrary to expectations. From a theoretical point of view, higher interest rates will increase corporate financing costs and reduce the profitability of listed companies, so the stock market’s typical reaction to the rise in interest rates is to cause the stock market to fall. However, most of the U.S. stock markets showed an atypical reaction, that is, interest rates rose and the stock market went up.