中國政法大學(xué)商學(xué)院美聯(lián)儲:市場的調(diào)整是‘有序’的

?智能總結(jié)中國政法大學(xué)商學(xué)院美聯(lián)儲:市場的調(diào)整是‘有序’的
美聯(lián)儲主席鮑威爾駁斥了有關(guān)近期長期借貸成本上升可能不利于美國經(jīng)濟(jì)復(fù)蘇的擔(dān)憂,表示市場調(diào)整是有序的。
Jay Powell, the Federal Reserve chair, has dismissed fears that the recent rise in long-term borrowing costs could be unhealthy for the US recovery, saying markets had adjusted in an “orderly” manner to a brighter economic outlook.
美聯(lián)儲(Fed)主席杰伊?鮑威爾(Jay Powell)駁斥了有關(guān)近期長期借貸成本上升可能不利于美國經(jīng)濟(jì)復(fù)蘇的擔(dān)憂,他表示市場已進(jìn)行了“有序”調(diào)整,以邁向更光明的經(jīng)濟(jì)前景。
During testimony to the Senate banking committee on Wednesday, Powell sought to stamp out concerns, raised mainly by Republican lawmakers, that the economy could overheat as a result of Joe Biden’s $1.9tn fiscal stimulus package.
鮑威爾周三在參議院銀行委員會(Senate banking committee)作證時試圖消除主要由共和黨議員提出的擔(dān)憂,即喬?拜登(Joe Biden)的1.9萬億美元財政刺激計劃可能導(dǎo)致經(jīng)濟(jì)過熱。
Long-term US government debt yields have lept since the start of the year, with the benchmark 10-year note trading at 1.63 per cent, far above the 0.9 per cent level seen in January. However, after hitting a 14-month high of 1.75 per cent last week, the market has stabilised in recent days.
自今年初以來,美國長期國債收益率一直在快速上升,基準(zhǔn)的10年期國債收益率為1.63%,遠(yuǎn)高于1月份0.9%的水平。不過在上周觸及1.75%的14個月高點后,市場在最近幾日企穩(wěn)。
While Fed officials have said they are monitoring the shifting market, they have hit back against warnings that the rise in yields has been so stark that it warranted alarm or intervention by the central bank.
美聯(lián)儲官員表示他們正在關(guān)注不斷變化的市場,同時反駁了有關(guān)收益率上升太過迅猛、央行有必要發(fā)出警報或進(jìn)行干預(yù)的警告。
“There’s been an underlying sense of an improved economic outlook, and that has to be part of why rates would move back up from the extraordinary low levels that we’re at — back up towards levels that we’re more likely to see, and that has been an orderly process,” Powell said in response to a question from Richard Shelby, a Republican senator from Alabama.
“人們一直有種經(jīng)濟(jì)前景在改善的潛在感覺,這在一定程度上解釋了為什么利率要從當(dāng)前的極低水平,恢復(fù)到我們更可能看到的水平,而且這個過程一直是有序的,”鮑威爾在回應(yīng)阿拉巴馬州共和黨參議員理查德?謝爾比(Richard Shelby)的問題時表示。
“I would be concerned if it were not an orderly process or if conditions would have tightened to the point where they might threaten our recovery,” he added.
他補(bǔ)充稱:“如果這不是一個有序的過程,或者環(huán)境收緊到可能威脅到我們復(fù)蘇的地步,我才會感到擔(dān)心?!?/p>
A recent string of decent Treasury auctions has also helped to steady the market. On Wednesday, the Treasury department was able to offload $61bn of five-year notes at a yield of 0.85 per cent. While only slightly higher than the initial 0.847 per cent yield set prior to the auction, it marked a significant improvement from a poorly-bid sale of 7-year notes last month that set off a bout of frenetic trading.
最近一系列表現(xiàn)不錯的國債拍賣也幫助穩(wěn)定了市場。周三,美國財政部以0.85%的收益率售出了610億美元的5年期國債。盡管僅略高于拍賣前設(shè)定的0.847%的初始收益率,但這標(biāo)志著,與上月引發(fā)一波瘋狂交易、表現(xiàn)糟糕的7年期國債拍賣相比,情況有了顯著改善。
The Treasury is looking to offload another $62bn of 7-year notes on Thursday — an auction investors will be watching closely.
美國財政部計劃在周四再出售620億美元的7年期國債,投資者將密切關(guān)注這次拍賣。
Republicans on the Senate committee seemed sceptical about the Fed’s willingness to keep monetary policy extremely loose — with its main interest rate close to zero and $120bn in monthly debt purchases — until ambitious economic recovery benchmarks were met.
參議院銀行委員會的共和黨人似乎懷疑,美聯(lián)儲是否愿意保持極度寬松的貨幣政策——主要利率接近于零,每月購買1200億美元債務(wù)——一直到實現(xiàn)雄心勃勃的經(jīng)濟(jì)復(fù)蘇標(biāo)準(zhǔn)。
“I do worry that the Fed may be behind the curve when inflation, inevitably picks up,” said Pat Toomey, the Republican senator from Pennsylvania.
賓夕法尼亞州共和黨參議員帕特?圖米(Pat Toomey)表示:“我確實擔(dān)心當(dāng)通脹不可避免地回升時,美聯(lián)儲可能落后于曲線?!?/p>
Powell responded to those concerns by saying the Fed did not expect a burst in economic activity this year to “produce substantially higher prices or that the effects will be persistent”. Rather, the central bank thought higher inflation would be “transitory or temporary”.
鮑威爾在回應(yīng)這些擔(dān)憂時表示,美聯(lián)儲預(yù)計今年經(jīng)濟(jì)活動的激增不會“導(dǎo)致價格大幅上漲,其影響也不會持續(xù)”。相反,央行認(rèn)為通脹上升將是“短暫或暫時的”。
Powell was joined at the virtual hearing by Janet Yellen, his predecessor as Fed chair who now serves as Treasury secretary.
鮑威爾與前任美聯(lián)儲主席、現(xiàn)任美國財政部長珍妮特?耶倫(Janet Yellen)一起參加了這場虛擬聽證會。
During the hearing, Yellen said the recently approved fiscal stimulus package could potentially return the US economy to full employment by next year.
在聽證會上耶倫表示,最近通過的財政刺激計劃可能會在明年讓美國經(jīng)濟(jì)恢復(fù)充分就業(yè)。
But she faced repeated criticism from Republican lawmakers for giving the IMF the green light to issue $650bn in new special drawing rights in order to boost the balance sheets of low-income countries with a hefty dose of reserve currency to help them through the pandemic.
但她受到了共和黨議員的反復(fù)批評,因為她給國際貨幣基金組織(IMF)發(fā)行新一輪6500億美元特別提款權(quán)(SDR)開了綠燈,以提振低收入國家的資產(chǎn)負(fù)債表,讓它們擁有大量儲備貨幣,幫助它們度過疫情。
In one heated exchange, Yellen was repeatedly interrupted by John Kennedy, the Republican senator from Louisiana, as she sought to fend off his accusations that a new SDR issuance would cost US taxpayers $180bn and funnel money to US strategic adversaries like China and Venezuela.
在一場激烈的交鋒中,耶倫多次被路易斯安那州共和黨參議員約翰?肯尼迪(John Kennedy)打斷。肯尼迪指責(zé)稱,新一輪SDR的發(fā)行將耗費美國納稅人1800億美元,并將資金輸送給中國和委內(nèi)瑞拉等美國的戰(zhàn)略對手,對此耶倫試圖加以抵御。
“I don't know where you got a number like that from,” Yellen said, arguing that the budgetary cost to the US would be “a wash”.
耶倫表示:“我不知道你從哪里得到這樣一個數(shù)字?!彼J(rèn)為美國的預(yù)算成本將是“平衡的”。
She also defended the need for the SDR allocation as a policy matter.
她還為SDR分配的必要性進(jìn)行了辯護(hù),認(rèn)為這是一個政策問題。
“I would say that the current crisis has increased the need for global reserves, and that’s the IMF’s assessment. The global economy suffered a very severe, severe collapse in 2020,” Yellen said. “This allocation will help countries meet this need for reserves.”
“我想說的是,當(dāng)前的危機(jī)增加了全球儲備的需求,這是國際貨幣基金組織的評估。2020年全球經(jīng)濟(jì)遭受了非常嚴(yán)重的崩潰。此次分配將有助于各國滿足儲備貨幣需求?!?/p>
(本文轉(zhuǎn)載自中國政法大學(xué)MBA教育中心 ,如有侵權(quán)請電話聯(lián)系13810995524)
* 文章為作者獨立觀點,不代表MBAChina立場。采編部郵箱:news@mbachina.com,歡迎交流與合作。
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