Another potential windfall for small businesses and entrepreneurs is the continuation of a low-interest rate cycle.

对小公司和企业家来说，另一项潜在意外收获是低利率周期的延续。

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Since rising US consumer spending is driven by cheap borrowing costs rather than growing middle class earnings, it is vulnerable to a turn in the interest rate cycle.

既然美国消费支出增长是廉价借贷成本（而非中产阶级收入增长）推动的，当利率周期变化时，这种增长就会难以为继。

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Despite the latest move, interest rate hikes cannot be ruled out, said an expert. We have entered an interest rate hike cycle.

专家表示，除了最近出台的措施外，也不排除会提高利率。我们已经进入了加息周期。

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Deutsche Bank says the main risk to gold prices would be a turn in the U.S. interest-rate cycle and end to negative real interest rates.

FORBES: Connect

By itself, a mere turn in the interest-rate cycle would not be devastating for shares.

ECONOMIST: The storm before the storm?

The central bank keeps its independence from government and does not have to worry about selling bonds back into the market once the interest-rate cycle turns.

ECONOMIST: Appraising the European Central Bank