中国政法大学商学院美联储:市场的调整是‘有序’的

中国政法大学商学院
2021-03-29 06:30 浏览量: 2815

美联储主席鲍威尔驳斥了有关近期长期借贷成本上升可能不利于美国经济复苏的担忧,表示市场调整是有序的。

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.

美联储(Fed)主席杰伊•鲍威尔(Jay Powell)驳斥了有关近期长期借贷成本上升可能不利于美国经济复苏的担忧,他表示市场已进行了“有序”调整,以迈向更光明的经济前景。

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.

鲍威尔周三在参议院银行委员会(Senate banking committee)作证时试图消除主要由共和党议员提出的担忧,即乔•拜登(Joe Biden)的1.9万亿美元财政刺激计划可能导致经济过热。

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.

自今年初以来,美国长期国债收益率一直在快速上升,基准的10年期国债收益率为1.63%,远高于1月份0.9%的水平。不过在上周触及1.75%的14个月高点后,市场在最近几日企稳。

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.

美联储官员表示他们正在关注不断变化的市场,同时反驳了有关收益率上升太过迅猛、央行有必要发出警报或进行干预的警告。

“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.

“人们一直有种经济前景在改善的潜在感觉,这在一定程度上解释了为什么利率要从当前的极低水平,恢复到我们更可能看到的水平,而且这个过程一直是有序的,”鲍威尔在回应阿拉巴马州共和党参议员理查德•谢尔比(Richard Shelby)的问题时表示。

“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.

他补充称:“如果这不是一个有序的过程,或者环境收紧到可能威胁到我们复苏的地步,我才会感到担心。”

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.

最近一系列表现不错的国债拍卖也帮助稳定了市场。周三,美国财政部以0.85%的收益率售出了610亿美元的5年期国债。尽管仅略高于拍卖前设定的0.847%的初始收益率,但这标志着,与上月引发一波疯狂交易、表现糟糕的7年期国债拍卖相比,情况有了显著改善。

The Treasury is looking to offload another $62bn of 7-year notes on Thursday — an auction investors will be watching closely.

美国财政部计划在周四再出售620亿美元的7年期国债,投资者将密切关注这次拍卖。

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.

参议院银行委员会的共和党人似乎怀疑,美联储是否愿意保持极度宽松的货币政策——主要利率接近于零,每月购买1200亿美元债务——一直到实现雄心勃勃的经济复苏标准。

“I do worry that the Fed may be behind the curve when inflation, inevitably picks up,” said Pat Toomey, the Republican senator from Pennsylvania.

宾夕法尼亚州共和党参议员帕特•图米(Pat Toomey)表示:“我确实担心当通胀不可避免地回升时,美联储可能落后于曲线。”

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”.

鲍威尔在回应这些担忧时表示,美联储预计今年经济活动的激增不会“导致价格大幅上涨,其影响也不会持续”。相反,央行认为通胀上升将是“短暂或暂时的”。

Powell was joined at the virtual hearing by Janet Yellen, his predecessor as Fed chair who now serves as Treasury secretary.

鲍威尔与前任美联储主席、现任美国财政部长珍妮特•耶伦(Janet Yellen)一起参加了这场虚拟听证会。

During the hearing, Yellen said the recently approved fiscal stimulus package could potentially return the US economy to full employment by next year.

在听证会上耶伦表示,最近通过的财政刺激计划可能会在明年让美国经济恢复充分就业。

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.

但她受到了共和党议员的反复批评,因为她给国际货币基金组织(IMF)发行新一轮6500亿美元特别提款权(SDR)开了绿灯,以提振低收入国家的资产负债表,让它们拥有大量储备货币,帮助它们度过疫情。

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.

在一场激烈的交锋中,耶伦多次被路易斯安那州共和党参议员约翰•肯尼迪(John Kennedy)打断。肯尼迪指责称,新一轮SDR的发行将耗费美国纳税人1800亿美元,并将资金输送给中国和委内瑞拉等美国的战略对手,对此耶伦试图加以抵御。

“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”.

耶伦表示:“我不知道你从哪里得到这样一个数字。”她认为美国的预算成本将是“平衡的”。

She also defended the need for the SDR allocation as a policy matter.

她还为SDR分配的必要性进行了辩护,认为这是一个政策问题。

“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.”

“我想说的是,当前的危机增加了全球储备的需求,这是国际货币基金组织的评估。2020年全球经济遭受了非常严重的崩溃。此次分配将有助于各国满足储备货币需求。”

编辑:刘锋

(本文转载自中国政法大学MBA教育中心 ,如有侵权请电话联系13810995524)

* 文章为作者独立观点,不代表MBAChina立场。采编部邮箱:news@mbachina.com,欢迎交流与合作。

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