Fed accelerates taper of bond purchases, eyes three interest rate hikes in 2022
Fed accelerates taper of bond purchases, eyes three interest rate hikes in 2022
By Greg Robb
格雷格·罗布(Greg Robb)著
The Federal Reserve on Wednesday said it will phase out its bond-buying stimulus program by March -- much faster than previously planned -- and signaled it would raise interest rates more aggressively to combat high U.S. inflation.
美国联邦储备委员会(Federal Reserve)周三表示，将在3月份之前逐步退出债券购买刺激计划，速度远远快于之前的计划，并暗示将更积极地加息，以对抗美国的高通胀。
The more assertive approach comes after soaring prices pushed inflation to the highest level in several decades. The Fed acknowledged the surprising and sustained increase in prices by banishing the word "transitory" to describe inflation from its policy statement.
在物价飙升将通胀率推高至数十年来的最高水平之后，中国采取了更强硬的做法。美联储从其政策声明中剔除了描述通胀的“暂时性”一词，承认了物价令人惊讶且持续的上涨。
In its new wording, the Fed said inflation was elevated. Prices rose at a 5% yearly rate as of October, using the central bank's preferred PCE price gauge.
美联储在其新措辞中表示，通胀处于高位。根据央行偏爱的PCE价格指标，截至10月份，物价按年率计算上涨了5%。
"This is a major pivot from the Fed, prompted by clearer evidence that inflation is broadening," said Brian Coulton, chief economist of Fitch Ratings.
惠誉评级(Fitch Ratings)首席经济学家布莱恩·库尔顿(Brian Coulton)表示：“这是美联储的重大转向，因为有更明确的证据表明通胀正在扩大。”
Aside from worries about inflation, Fed Chairman Jerome Powell said the economy has made enough progress to justify removing stimulus that the bank put in place early in the pandemic to prevent a major depression.
除了对通胀的担忧外，美联储主席杰罗姆·鲍威尔(Jerome Powell)表示，经济已经取得了足够的进展，有理由取消美联储在疫情爆发初期为防止大萧条而实施的刺激措施。
The U.S. has recovered rapidly and the labor market is moving toward full employment, Powell said in a press conference after the Fed's two-day strategy meeting.
鲍威尔在美联储为期两天的战略会议后的记者会上表示，美国已经迅速复苏，劳动力市场正在走向充分就业。
New projections based on the median forecast by Fed officials sees the federal funds rate rising to 0.9% by the end of 2022, to 1.6% by the end of 2023 and 2.1% by the end of 2024.
基于美联储官员预测中值的新预测显示，到2022年底，联邦基金利率将升至0.9%，到2023年底将升至1.6%，到2024年底将升至2.1%。
That implies three quarter-percentage point interest increases next year, three in 2023 and two in 2024.
这意味着明年有三次加息0.25个百分点，2023年加息三次，2024年加息两次。
The pace of rate increases projected by officials is somewhat faster than what they saw in September, where the Fed saw only one rate hike next year and its benchmark rate rising to 1.8% by 2024.
官员们预计的加息步伐比他们在9月份看到的略快一些，当时美联储预计明年只加息一次，到2024年基准利率将升至1.8%。
The Fed sees 2.5% as the "neutral" level of interest rates, neither pushing on the accelerator or applying the brakes the the U.S. economy.
美联储认为2.5%是“中性”的利率水平，既不会推动加速器，也不会对美国经济踩刹车.
Some former Fed officials think the central bank will have to be more aggressive to tame inflation. On the other hand, many in the markets think the Fed won't be able to raise policy rates anywhere close to 2.5%.
一些前美联储官员认为，央行将不得不采取更积极的措施来驯服通胀。另一方面，许多市场人士认为美联储将无法将政策利率上调至接近2.5%的水平。
The Fed altered its guidance somewhat to take account of higher inflation -- removing language that the FOMC "expects to maintain an accommodative stance of monetary policy until the goals of maximum employment and inflation at 2% over time.
美联储在一定程度上改变了其指引，以考虑到更高的通胀-删除了联邦公开市场委员会(FOMC)预计将保持宽松货币政策立场，直到随着时间的推移将最大就业率和通货膨胀率保持在2%的目标。
The yield on the 10-year Treasury note rose after the announcement. Stocks moved lower.
消息公布后，10年期美债收益率上涨。股市走低。
-Greg Robb
--格雷格·罗布(Greg Robb)