过去两年,用一些传统框架、惯有思维看待债券市场的节奏或变动,似乎总存在一种力不从心的感觉,分析结论与市场实际运行结果总存在一些偏差。这种偏差可能根源于新常态经济与传统经济的某种根本差异,因此在新常态之下,传统的债券分析框架可能需要作一些定义上的修正。 In the past two years, it seems that there is always a sense of powerlessness with some traditional frameworks and conventional thinking on the rhythm or changes in the bond market. There are always some discrepancies between the conclusions of the analysis and the actual market operation. Such deviations may be rooted in some fundamental difference between the new normal economy and the traditional economy, so the traditional bond analysis framework may require some definitional corrections under the new normal.