This means that unless investors are repeatedly surprised, inflation will lead to higher nominal interest rates as debt is refinanced, and in turn to an unchanged real debt.

这意味着，除非不断有惊喜出现在投资者面前，否则，随着国债的再融资，通货膨胀将会导致更高的票面利率，转而成为实际债务。

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One way to visualize the damage from ZIRP is to recognize that the spread between real and nominal interest rates is analogous to the spread between rates on default-free and risky debt.

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The answers to those questions can be found by examining whether the rise in nominal rates is also accompanied by rising real interest rates and if the rise in the dollar is due to a decrease in its supply.

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By suppressing nominal interest rates and pushing real rates into negative territory, the Fed has engaged in financial repression.

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