该篇文章伪原创，与原始文本相比存在部分修改。Since the start of the year, fixed-income traders have been arguing that a global recession is more important for markets than fighting inflation with rate hikes. And this month's central bank announcements show they were wrong: rates everywhere are rising faster and higher than traders anticipated. As a series of central bank meetings this month come to a close, investors are realizing that the US economy, especially the labor market, is more resilient than anyone expected at the beginning of the year. The same is true for Europe and the UK, not to mention Australia and Canada. There is, of course, some evidence that the economy is losing momentum. But history has shown that an inverted yield curve doesn't necessarily mean an immediate contraction. And central banks can always resume hiking rates even if they pause for now.