And because of these lagged effects, the delay, if you believe in it, Torsten thinks recession in 12 months.

由于这些滞后效应，托尔斯滕认为经济衰退会在 12 个月内发生，如果你相信这一点的话。

And the ECB didn't begin terribly long ago, and maybe you're just now starting to see some of those lagged effects of monetary policy starting to bite.

欧洲央行在很久以前才开始，也许你现在才开始看到货币政策的一些滞后效应开始产生影响。

They started raising rates earlier, and I think they're at a point that the Fed maybe was a couple of months ago where they're starting to worry about the so-called lagged effects of monetary policy.

他们早些时候开始加息，我认为他们正处于美联储几个月前开始担心货币政策所谓的滞后效应的地步。