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从2004年1—8月份以来的投资增长、货币供应量等角度来考察，2003年下半年以来的宏观调控所取得的效果是十分明显的。但是，同样值得关注的是，从6—7月份的市场走势看，有两个重要的信号值得关注，这就是：钢材和房地产的价格在宏观紧缩初期出现了明显的下滑，但是在近期却出现了明显的上扬。从逻辑看，主要是房地产价格的上扬及其投资规模的扩大，在一定程度上带动了钢材价格的上扬．当然能源价格等的上扬也是重要的原因之一。这是否意味着宏观调控的效果出现了一些反复?这种市场迹象与利率的调整有没有直接的关系?
From the perspective of investment growth and money supply since January-August 2004, the effect of macroeconomic regulation and control since the second half of 2003 has been very clear. However, it is also worth noting that there are two important signals to watch from the market trend in June-July: the sharp decline in the prices of steel and real estate during the initial period of macro-contraction, but in the near future The obvious rise. From the logic point of view, mainly the rise in real estate prices and the expansion of its investment scale, to a certain extent, led to the steel prices. Of course, the rise of energy prices is also one of the important reasons. Does this mean that there has been some duplication of the effects of macroeconomic regulation and control? Is there any direct relationship between such market signs and the adjustment of interest rates?