by Michael S. Derby
作者：邁克爾·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.
紐約，4月11日（路透社）— 波士頓聯邦儲備銀行行長蘇珊·柯林斯週四表示，經濟的強勁和通貨膨脹的不均衡回落不利於央行在短期內推動降低利率。
“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.
柯林斯在準備在紐約經濟俱樂部會議前發表的演講稿中說：“我確實預計今年晚些時候開始降低聯邦基金利率是適當的。”話雖如此，“最近的數據表明，在開始放鬆政策之前，要增強對通貨膨脹下行軌跡的信心，可能需要比我以前想象的更長的時間，” 這位官員說。
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.
由於年初市場一直在消化強於預期的通貨膨脹數據，柯林斯進行了權衡。加上持續強勁的就業增長，交易員和投資者一直在降低聯儲局降息的前景並推遲寬鬆政策的開始日期，儘管聯儲局官員表示，他們認爲他們仍有望以某種方式降低目前的5.25％至5.5％的聯邦基金利率。
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.
柯林斯在講話中表示，貨幣政策目前處於有利地位，而且越來越多的證據表明，儘管短期利率目標政策水平很高，但可能沒有預期的那麼大的剋制。
“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.
柯林斯說：“要使經濟活動放緩，並看到通貨膨脹的進一步進展持久恢復到我們的目標，可能需要比以前想象的更多的時間。”她說：“減少對勞動力市場脆弱性的擔憂，加上政策可能僅受到適度的限制，也降低了放鬆政策的緊迫性。”
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.”
柯林斯說，儘管近幾個月來通貨膨脹率回落至2％的情況沒有去年那麼強勁也就不足爲奇了，但 “反通貨膨脹可能仍然不均衡。” 對於聯儲局來說，“這也意味着今年可能需要比先前想象的更少的寬鬆政策。”
While Risks for the Outlook Abound, Collins Said She Was Cautiously Optimistic About the Outlook.
儘管前景風險比比皆是，但柯林斯表示，她對前景持謹慎樂觀態度。
“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.
這位官員說：“我預計將看到進一步的證據，表明通貨膨脹率將持續恢復到2％，儘管不均衡，但經濟正在走向更好的平衡，在健康的勞動力市場中，需求和供應更加緊密地保持一致。”
(Reporting by Michael S. Derby; Editing by Chizu Nomiyama)
（邁克爾·德比報道；野見山智祖編輯）