由于较快升温的加息缩表预期，可能导致影响超出了美联储的预期——缩表还没开始，价格就暴跌了，导致未来要 “贱卖” 资产。
加息预期可能难以再升温了，甚至可能会降温；对应的，缩表的强度可能会逐渐加大，成为本轮美联储紧缩周期下半场的绝对主力。
不过问题在于，加息对市场来说很直观、很容易量化；而缩表的影响，连美联储自己都不太清楚。因为缺乏参考——在大通胀时代，美联储资产负债表没这么庞大；而上一轮加息时资产负债表虽然庞大，但加息没那么激进。
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