Lex专栏 投资者应为财政刺激做好准备

Paths previously perceived as unthinkable have, of late, developed a habit of becoming well-trodden, particularly as responses to financial crises.

曾经被视为不可思议的路最近走的人却不少——尤其是在应对金融危机方面。

Investors would be wise to brace themselves for the advent of fiscal stimulus to accompany the ever-present central banks’ dovishness.

明智的投资者应为此做好准备：各国即将推出财政刺激，与央行一贯的鸽派立场作伴。

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.

上周五，珍妮特•耶伦(Janet Yellen)在杰克逊霍尔(Jackson Hole)全球央行年会上的演讲中预言，资产购买和极低短期利率——尽管投资者有所质疑，但现已成为广泛应用的工具——将持续下去。

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.

她的演讲呼吁推出旨在提高生产率（例如通过教育和投资）的政策，以及建立应对衰退的更加有效的稳定器，以缓解货币政策压力。

A potential September rate increase would madden the monetary hawks.

9月可能加息将令货币政策鹰派变得疯狂。

But with a November election looming, and two candidates willing to spend, the fiscal route suddenly looks good.

但随着11月美国大选临近以及两位候选人都愿进行财政支出，财政政策路线突然之间显得很不错。