1122 1994

November 22, 2009, 3:50 pm

1994

So, a lot of the fear about a surge in interest rates seems to be motivated by supposed parallels to the situation in 1994, when there was a big spike in rates. Then as now there was a large “carry trade” motivated by the spread between long rates and short rates; when the long rate started to rise, there was a balance sheet squeeze that caused a stunning, albeit short-lived spike:
金利の上昇への恐怖の多くは、1994年のトラウマにあるのだろう。今と同じようにその時も、長期金利と短期金利のスプレッドを狙った”キャリートレード”が盛んになっていた。長期金利が上がり、一時的ではあるが金利上昇によりバランスシートが圧迫させられていた。