但是现在一切都反了过来，市场担心美联储会停止在5%上，而与此同时，欧洲中央银行正在加息并且日本央行也可能加入这个行列。
Now the tables are turned: markets are worried that the Fed will stop at 5%, but the European Central Bank is raising interest rates and will probably soon be joined by the Bank of Japan.
中央银行管理是一项微妙的艺术，在很大程度上有赖于央行让自己显得无往不利的能力。
Central banking is a subtle art that rests largely on the institution's ability to convey an aura of invincibility.
许多人认为，商业银行的流动性已不再充裕：欧洲央行应像美联储和英格兰银行一样使用中央银行资金购买包括公共债务在内的资产。
Many believe that ferrying liquidity to commercial Banks is no longer enough: the ECB should follow the Fed and the bank of England in using central-bank money to buy assets, including public debt.
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