今天，美联储有一套“栖息地理论”解释为何这次不一样 — — 即为何投资者对某个久期长度的偏好意味着收益率曲线反转的含义与过去不再相同。
The Fed today has a “habitat theory” about why this time is different – that is, why the preferences of investors for particular maturity lengths imply that a yield-curve inversion would not mean what it has always meant.