20:45 (1.3X)
This rate can be estimated using the neutral policy rate in Taylor rule, adjusted for a modest spread between policy rates and default-free rates available to investors.
原文里这句话的意思是不是,如果当前是负利率环境,可以使用Taylor rule里的neutral policy rate但是要加上一个premium,那么如果当前的市场利率是-0.25%,neutral rate是2%,那么分析师在做CME的时候需要用到的interest rate要大于2%?