Central bank 団体／死体 国際決済銀行 旗s new 予測できなく in 利益／興味 率 markets
By Marc Jones
LONDON, Sept 18 (Reuters) - The central 銀行業者s' central bank, the Bank for International 解決／入植地s, has 勧めるd 投資家s to hunker 負かす／撃墜する for an 延長するd （一定の）期間 of 予測できなく in 全世界の 利益／興味 率s, 同様に as rising 圧力s in the 財政上の system.
The 可能性 of インフレーション remaining stubbornly high and 要求するing major central banks like the U.S. 連邦の Reserve and European Central Bank to keep borrowing costs at their 現在の elevated levels should not be underestimated, the 国際決済銀行 said.
"明確に there are still some residual differences between what 財政上の markets are seeing and the communication that has come from central banks," Claudio Borio, the 長，率いる of 国際決済銀行's 通貨の and 経済的なs 部隊, said as part of a 年４回の 報告（する）／憶測.
The 査定／評価 comes as 全世界の markets have 大部分は shrugged off the 崩壊（する） of a number of 中央の-sized U.S. banks this year 誘発する／引き起こすd by the sharp rise in 率s, 同様に as the 緊急 引き継ぎ／買収 of Credit Suisse by UBS.
Borio said that after years of predictability - when 支援する-to-支援する crises 押し進めるd 率s to sub-無 levels in some parts of the world, followed by 早い 増加するs in the last 18 months - the directionality of central banks was no longer a given.
"The 危険 that インフレーション might turn out to be more stubborn than 推定する／予想するd is something that we should not 支配する out," Borio 追加するd.
"Therefore 商売／仕事 models, 貿易（する）ing 戦略s, that were predicated on that 仮定／引き受けること (of 率s coming 負かす／撃墜する quickly) are 特に 攻撃を受けやすい to 現在の 条件s".
There was also a 警告 that the 圧力 of higher borrowing costs could leave 商売／仕事s and mortgage borrowers unable to 対処する and 原因（となる） credit losses for 禁止（する） ks and other 貸す人s.
While there have been some 調印するs of stabilisation in some 所有物／資産／財産 markets around the world, the 貸付金 losses both there and in other 部門s will continue to 原因（となる） problems as economies now 弱める, Borio 概算の.
"The question is how resilient the 全体にわたる 財政上の system is going to be ーするために 吸収する those losses," he 追加するd, "and 特に how large and 執拗な those losses are going to be".
The 国際決済銀行 報告（する）／憶測 also 繰り返し言うd 関心s about the 衝撃 on 高度に てこ入れ／借入資本d parts of the 財政上の 部門 that had bet on U.S. 利益／興味 率s staying lower than they 最終的に have.
"The 現在の build-up of てこ入れ／借入資本d short positions in U.S. 財務省 未来s is a 財政上の vulnerability 価値（がある） 監視するing," the 国際決済銀行 said, 特記する／引用するing the 危険 of "利ざや call spirals".
利ざや calls are where 会・原則s suddenly have to find cash to cover 可能性のある losses when market prices move against them.
最近の examples were seen in March 2020 when the COVID-19 pandemic struck, and in September 2019 in the bank-to-bank 'repo' lending market.
"利ざや deleveraging, if disorderly, has the 可能性のある to dislocate 核心 直す／買収する，八百長をするd income markets," the 国際決済銀行 said. (報告（する）／憶測ing by Marc Jones; Editing by Jan Harvey)
