Richard Berner, of Morgan Stanley, suggests that the pace of depreciation matters.

摩根·斯坦利的理查德。伯尔尼认为应该考虑贬值的步伐。

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Richard Berner of Morgan Stanley expects ten-year bond yields to reach 5.5% by December, up from 3.7% now.

摩根史丹利的Richard Berner预测十年期的美国公债利率在今年十二月将从目前的3.7%攀升到5.5%。

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"The real problem is a feedback loop from the economy to credit losses," says Richard Berner of Morgan Stanley.

“实际问题在于从经济到信贷损失的反馈回路，”摩根·斯坦利的理查德·伯纳说。

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Richard Berner joined the Treasury as counselor to Geithner on Monday, according to a report in the Wall Street Journal.

FORBES: Treasury Taps Morgan Stanley Veteran As Counselor To Geithner

Wall Street has already priced a tax cut into the markets, says Richard Berner, chief U.S. economist at Morgan Stanley Dean Witter.

FORBES: No Profit In Bush Tax Cut