by Michael S. Derby
作者：迈克尔·S·德比
New York, April 11 (Reuters) - Federal Reserve Bank of Boston President Susan Collins Said Thursday the Strength of the Economy and Uneven Retreat of Inflation Argues Against a Near Term Push to Lower Rates by the Central Bank.
纽约，4月11日（路透社）— 波士顿联邦储备银行行长苏珊·柯林斯周四表示，经济的强劲和通货膨胀的不均衡回落不利于央行在短期内推动降低利率。
“I Do Expect It Will Be Appropriate to Begin Lowering the Federal Funds Rate Later This Year,” Collins Said in the Text of a Speech Prepared for Delivery Before a Gathering of the Economic Club of New York. That Said, “Recent Data Suggest It May Take More Time Than I Had Previously Thought to Gain Greater Confidence in Inflation’s Downward Trajectory, Before Beginning to Ease Policy,” the Official Said.
柯林斯在准备在纽约经济俱乐部会议前发表的演讲稿中说：“我确实预计今年晚些时候开始降低联邦基金利率是适当的。”话虽如此，“最近的数据表明，在开始放松政策之前，要增强对通货膨胀下行轨迹的信心，可能需要比我以前想象的更长的时间，” 这位官员说。
Collins Weighed in as Markets Have Been Digesting Stronger-Than-Expected Inflation Data Over the Start of the Year. Coupled With Ongoing Robust Job Gains, Traders and Investors Have Been Marking Down the Prospects of Fed Rate Cuts and Pushing Back the Start Date of the Easing, Even as Fed Officials Say They Think They’re Still on Track for Some Sort of Lowering of What Is Now a 5.25% to 5.5% Federal Funds Rate.
由于年初市场一直在消化强于预期的通货膨胀数据，柯林斯进行了权衡。加上持续强劲的就业增长，交易员和投资者一直在降低美联储降息的前景并推迟宽松政策的开始日期，尽管美联储官员表示，他们认为他们仍有望以某种方式降低目前的5.25％至5.5％的联邦基金利率。
in Her Remarks, Collins Said Monetary Policy Is in a Good Position Right Now and There’s Increasing Evidence That Despite the High Level of the Short-Term Rate Target Policy May Not Be Providing as Much Restraint as Expected.
柯林斯在讲话中表示，货币政策目前处于有利地位，而且越来越多的证据表明，尽管短期利率目标政策水平很高，但可能没有预期的那么大的克制。
“It May Just Take More Time Than Previously Thought for Activity to Moderate, and to See Further Progress in Inflation Returning Durably to Our Target,” Collins Said. “Less Concern About Labor Market Fragilities, Combined With the Possibility That Policy Is Only Modestly Restrictive, Also Reduces the Urgency to Ease,” She Said.
柯林斯说：“要使经济活动放缓，并看到通货膨胀的进一步进展持久恢复到我们的目标，可能需要比以前想象的更多的时间。”她说：“减少对劳动力市场脆弱性的担忧，加上政策可能仅受到适度的限制，也降低了放松政策的紧迫性。”
Collins Said That While It’s Not a Surprise That Inflation’s Retreat Toward 2% Hasn’t Been as Robust Over Recent Months as It Was Last Year, “Disinflation May Continue to Be Uneven.” for the Fed, “This Also Implies That Less Easing of Policy This Year Than Previously Thought May Be Warranted.”
柯林斯说，尽管近几个月来通货膨胀率回落至2％的情况没有去年那么强劲也就不足为奇了，但 “反通货膨胀可能仍然不均衡。” 对于美联储来说，“这也意味着今年可能需要比先前想象的更少的宽松政策。”
While Risks for the Outlook Abound, Collins Said She Was Cautiously Optimistic About the Outlook.
尽管前景风险比比皆是，但柯林斯表示，她对前景持谨慎乐观态度。
“I Expect to See Further Evidence That Inflation Is Durably, IF Unevenly, Returning Toward 2 Percent, and That the Economy Is Coming Into Better Balance, With Demand and Supply More Closely Aligned Amid a Healthy Labor Market,” the Official Said.
这位官员说：“我预计将看到进一步的证据，表明通货膨胀率将持续恢复到2％，尽管不均衡，但经济正在走向更好的平衡，在健康的劳动力市场中，需求和供应更加紧密地保持一致。”
(Reporting by Michael S. Derby; Editing by Chizu Nomiyama)
（迈克尔·德比报道；野见山智祖编辑）