for why the Federal Reserve is gonna precede cautiously with future interest rate rises.

聯邦儲備系統對於是否提升未來利率必須小心謹慎的理由之一。

That was just a mad thing that Donald Trump said last year,

這只是 Donald Trump 去年亂說的，

when he accused the Fed chair of keeping rates low at the behest of a president,

當他指控聯邦主席因為總統的命令而維持低利率，

who wants to be out playing golf and doesn't want to see a bubble bursting.

誰想為了高爾夫球放棄讓泡沫泡掉的機會。

Ms. Yellen's dovish remarks on Tuesday showed her concern not with Mr. Obama, but with financial markets.

Yellen 女士星期二提出的鴿派意見顯示她不是在關心歐巴馬先生，而是金融市場。

And markets responded to her remarks in predictably straightforward fashion, by sending equities higher.

市場以可預測的方式坦率的回應她的意見，市場更公正了。

With the exception of US bank stocks, the S&P500 banks index fell sharply on Ms. Yellen's remarks.

美國的銀行股除外，標準普爾500銀行指數於Yellen 女士發表評論後急速下降。

And although it rebounded on Wednesday morning, that seesawing suggests a complicated debate about how investors should think about this sector.

縱使它在星期三回溫，它的舉棋不定引發了關於投資客該如何詮釋這項指數的激烈爭辯。

This year, banks have traded as if as a proxy for year-end rate expectations.

今年，銀行交易就像是對於年尾預期利率的代理人。

They went down and skepticism was growing that the Fed would follow through with all those 2016 rises,

利率驟降，各界懷疑聯邦會讓2016年的攀升順理成章地彌補，

it'd predicted in its official projections.

它會在官方計畫中被預測。

And the sell-off crescendoed in February, when markets were implying that there may be no rate rises at all this year-end,

跌幅於2月漸增，市場指向今年利率可能完全不會上漲。

long-term rates had fallen with the deteriorating outlook for the global economy and China.

長期利率低落，全球與中國的前景惡化。

Low rates narrow the available margin between banks' cost of borrowing and the interest that they can charge on lending.

低利率限制了銀行向央行借款的成本以及貸款能獲得的利息。

Now because the gloom over the long-term economic outlook has lifted somewhat since February,

現在因為長期的經濟低迷在二月稍微回溫，

Ms. Yellen's promise this week of lower rates for longer is likely to have the effect of

Yellen 女士斷言這周的低利率應該會

steepening the yield curve and helping bank profitability,

使收益漸增並助長銀行的獲利，

hence that rebound on Wednesday morning.

因此有了週三早晨的回溫。

The biggest banks in the US may catch other tailwinds, too.

美國前幾大銀行或許也能搭搭彼此的順風車。

Shareholders and analysts have begun debating strategic options for improving returns.

股東和分析師已經開始爭論提升收益的策略。

The well-connected analyst team, KBW, has suggested that Citi group should break itself up.

人脈極廣的分析小組，KBW，表示花旗集團應該自行分拆。

And at least one significant shareholder of Bank of America has told its chief executive that

至少一位美國銀行的重要股東已經告訴首席執行長

they believe the company should separate the retail bank from the investment banking and wealth management arms.

他們相信公司應該將零售銀行與投資以及財富管理這兩大主力分開。

Now these are isolated calls for now, but if they take hold,

現在這個想法純粹屬於個人意見，但是若之後受到眾股東支持，

then bank investors may have more to consider

銀行投資人就該比考慮

than just the likely level of US interest rates at the end of the year and the end of the Obama administration.

今年年尾，同時也是歐巴馬執政尾聲的利率還要更仔細評估了。

When of course the president will be tending to his golf score full time.

屆時總統就能全職關心他的高爾夫球分數了。

Stephen Foley for the Financial Times.

Stephen Foley，金融時報。