纽约联储主席首次暗示QE3应减速

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纽约联储主席首次暗示QE3应减速

天之聪教育 2013-04-15 天之聪教育 285次

纽约联储主席首次暗示QE3应减速

Dudley gives first hints of slowing QE3

One of the Federal Reserve’s biggest backers of easy monetary policy said he supported slowing down the central bank’s asset purchases once the US economy had enough momentum.

美联储(Fed)宽松货币政策的最大支持者之一表示，一旦美国经济形成足够的增长势头，他将支持美联储放缓资产购买计划的步伐。

The comments by Bill Dudley amount to the first official hint that a reduction in the pace of asset purchase programme, known as QE3, is likely to be slow and may soothe market worries about the impact of reduced purchases by the Fed.

纽约联储(New York Fed)主席比尔•达德利(Bill Dudley)的上述言论，相当于官方首次暗示资产购买计划（即所谓的第三轮量化宽松(QE3)）的减速很可能是缓慢的。这番言论可能会平复市场对资产购买计划减速之影响的担心。

In a speech yesterday, Bill Dudley, president of the New York Fed, said that the central bank should adjust the speed of its asset purchases, currently $85bn a month, in response to material changes in the outlook for the labour market.

达德利昨日讲话称，美联储应调整资产购买计划的速度（目前为每月850亿美元），以响应劳动力市场前景的实质性变化。

The comments by a prominent dove on the rate-setting Federal Open Market Committee show that there is a consensus on tapering off the Fed’s third round of quantitative easing.

达德利在负责设定利率的联邦公开市场委员会(FOMC)中是个著名的鸽派。他的这番言论表明，美联储QE3减速已成共识。

But Mr Dudley said that it was too soon to be sure that the labour market is on the mend because job creation is running ahead of growth in the underlying economy.

但达德利表示，目前说劳动力市场肯定已在好转还为时过早，因为就业创造要领先于整体经济增长。

“We have seen this movie before,” said Mr Dudley. “When this happened in 2011 and 2012, employment growth subsequently slowed.

“我们以前曾见到过这样的情况。”他表示，“2011年和2012年，当这种情况出现时，就业增长随后就放缓了。”

“Because growth this year will be constrained by fiscal consolidation, there is a risk that this could happen again. As a result, it is premature to conclude that we will soon see a substantial improvement in the labour market outlook.”

“今年的经济增长将受到财政整固的影响，因此这种情况有可能再次出现。所以，现在就下结论说我们将很快看到劳动力市场前景出现实质性改善还为时过早。”

Mr Dudley’s remarks, made in a speech at the Economic Club of New York, suggest that the Fed is likely to taper QE3 when it sees evidence that the economy is strong enough to maintain the current pace of job growth.

达德利是在纽约经济俱乐部(Economic Club of New York)演讲时发表上述言论的。这番言论显示，当看到有证据表明经济强劲到足以维持目前的就业增速时，美联储很可能会放慢QE3的速度。

“At some point, I expect that I will see sufficient evidence of economic momentum to cause me to favour gradually dialling back the pace of asset purchases,” he said.

达德利说：“在未来的某一天，我预计我将看到有充分证据表明经济势头良好，从而促使我支持逐渐放慢资产购买计划的速度。”

“Any subsequent bad news could lead me to favour dialling [asset purchases] back up again,” said Mr Dudley, mirroring a comment by Ben Bernanke, Fed chairman, at his recent press conference.

他表示：“随后若出现任何不利消息，都可能促使我支持再次加快（资产购买计划）的速度。”达德利的这番话与美联储主席本•伯南克(Ben Bernanke)在近日新闻发布会上的言论相一致。