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·羅布(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.
美國聯邦儲備委員會(Federal Reserve)週三表示，將在3月份之前逐步退出債券購買刺激計劃，速度遠遠快於之前的計劃，並暗示將更積極地加息，以對抗美國的高通脹。
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.
在物價飆升將通脹率推高至數十年來的最高水平之後，中國採取了更強硬的做法。美聯儲從其政策聲明中剔除了描述通脹的“暫時性”一詞，承認了物價令人驚訝且持續的上漲。
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.
美聯儲在其新措辭中表示，通脹處於高位。根據央行偏愛的PCE價格指標，截至10月份，物價按年率計算上漲了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.
惠譽評級(Fitch Ratings)首席經濟學家布萊恩·庫爾頓(Brian Coulton)表示：“這是美聯儲的重大轉向，因為有更明確的證據表明通脹正在擴大。”
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.
除了對通脹的擔憂外，美聯儲主席傑羅姆·鮑威爾(Jerome Powell)表示，經濟已經取得了足夠的進展，有理由取消美聯儲在疫情爆發初期為防止大蕭條而實施的刺激措施。
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.
鮑威爾在美聯儲為期兩天的戰略會議後的記者會上表示，美國已經迅速復甦，勞動力市場正在走向充分就業。
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.
基於美聯儲官員預測中值的新預測顯示，到2022年底，聯邦基金利率將升至0.9%，到2023年底將升至1.6%，到2024年底將升至2.1%。
That implies three quarter-percentage point interest increases next year, three in 2023 and two in 2024.
這意味着明年有三次加息0.25個百分點，2023年加息三次，2024年加息兩次。
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.
官員們預計的加息步伐比他們在9月份看到的略快一些，當時美聯儲預計明年只加息一次，到2024年基準利率將升至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.
美聯儲認為2.5%是“中性”的利率水平，既不會推動加速器，也不會對美國經濟踩剎車.
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%.
一些前美聯儲官員認為，央行將不得不採取更積極的措施來馴服通脹。另一方面，許多市場人士認為美聯儲將無法將政策利率上調至接近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.
美聯儲在一定程度上改變了其指引，以考慮到更高的通脹-刪除了聯邦公開市場委員會(FOMC)預計將保持寬鬆貨幣政策立場，直到隨着時間的推移將最大就業率和通貨膨脹率保持在2%的目標。
The yield on the 10-year Treasury note rose after the announcement. Stocks moved lower.
消息公佈後，10年期美債收益率上漲。股市走低。
-Greg Robb
--格雷格·羅布(Greg Robb)