Let’s wait_老虎社区_美港股上老虎

2021-03-18

Let’s wait for COMING DAYS decision for the SLR exemption then [汗颜]

What we learned — and what we didn’t — from Jerome Powell’s press conference<blockquote>我们从杰罗姆·鲍威尔的新闻发布会中学到了什么以及没有学到什么</blockquote>

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The Fed has said it wants to make “substantial further progress” on its twin goals of maximum employment and stable 2% inflation, but has not defined this much further.<blockquote>美联储收回宽松政策立场的第一步将是放缓或缩减每月1200亿美元的资产购买规模。美联储表示，希望在最大就业和稳定2%通胀的双重目标上取得“实质性的进一步进展”，但没有进一步定义这一点。</blockquote> Powell said the 465,000 jobs created in the private sector in February was “a nice pick-up,” but he quickly added “you can go so much higher, though.”<blockquote>鲍威尔表示，2月份私营部门创造的465,000个就业岗位是“一个不错的回升”，但他很快补充道，“不过，你还可以走得更高。”</blockquote> “To achieve substantial progress from where we are is going to take some time — I don’t want to put a pin in the calendar someplace because it’s going to take some time,” he said.<blockquote>他说：“从我们目前的位置取得实质性进展需要一些时间——我不想在日历上的某个地方放一个大头针，因为这需要一些时间。”</blockquote> When will the data indicate otherwise? We’ll get back to you on that<blockquote>数据什么时候会显示不是这样？我们会再联系你的</blockquote> “Until we give a signal, you can assume we’re not there yet,” Powell said.<blockquote>鲍威尔说：“在我们发出信号之前，你可以假设我们还没有到达那里。”</blockquote> Bad inflation readings this year won’t upset the apple cart<blockquote>今年糟糕的通胀数据不会扰乱苹果的购物车</blockquote> The Fed’s economic forecast and “dot plot” seemed almost designed to hammer home the notion that the Fed won’t be spooked by higher inflation. Despite a forecast of 2.4% headline inflation this year, the Fed ‘s “dot-plot” showed no rate hikes through the end of 2023.<blockquote>美联储的经济预测和“点阵图”似乎几乎旨在强调美联储不会被通胀上升吓倒的观念。尽管预计今年总体通胀率为2.4%，但美联储的“点阵图”显示到2023年底不会加息。</blockquote> Powell acknowledged prices will go up when Americans decide to go out again and eat in restaurants and go on airplanes as the pandemic wanes. But this will be a one-time bulge on prices that won’t change inflation going forward. Service-sector inflation isn’t like inflation for televisions or other goods.<blockquote>鲍威尔承认，随着疫情的消退，当美国人决定再次外出、在餐馆吃饭和乘坐飞机时，价格将会上涨。但这将是价格的一次性上涨，不会改变未来的通胀。服务业的通货膨胀不像电视或其他商品的通货膨胀。</blockquote> “You can only go out to dinner once per night,” the Fed chairman said.<blockquote>“你每晚只能出去吃一次晚餐，”美联储主席说。</blockquote> <img src=\"https://static.tigerbbs.com/98d1de1c6bb04ff0208bb5b68618167c\" tg-width=\"762\" tg-height=\"381\"><blockquote></blockquote> Fed officials don’t know how the economy will look in September any more than you do<blockquote>美联储官员比你更不知道9月份经济会如何</blockquote> Powell stressed that the outlook remains highly uncertain. “We haven’t come out of a pandemic before, we haven’t had this type of fiscal support,” he said,<blockquote>鲍威尔强调，前景仍然高度不确定。“我们以前从未摆脱过大流行，我们没有得到过这种类型的财政支持，”他说，</blockquote> Some of the worst-case scenarios are receding — there had been a concern that workers would be “scarred” without the job skills to find employment after the pandemic. With strong support from Congress, “we probably avoided the worst cases there,” Powell said.<blockquote>一些最坏的情况正在消退——有人担心，在疫情之后，如果没有就业技能，工人们将会“伤痕累累”。鲍威尔说，在国会的大力支持下，“我们可能避免了那里最糟糕的情况”。</blockquote> But sometimes, Powell’s innate optimism seemed to leak out.<blockquote>但有时，鲍威尔与生俱来的乐观情绪似乎会泄露出去。</blockquote> “The data could get stronger fairly quickly here,” he said.<blockquote>“这里的数据可能会很快变得更强，”他说。</blockquote> Weak growth in Europe won’t spill over into U.S.<blockquote>欧洲增长疲软不会蔓延到美国。</blockquote> Powell said he didn’t think the weak European economy would drag down U.S. growth, as happened after the Great Recession. “We’re in a good place,” he said.<blockquote>鲍威尔表示，他不认为欧洲经济疲软会像大衰退后那样拖累美国经济增长。“我们的处境很好，”他说。</blockquote> A decision on the SLR (supplementary leveraged ratio) will come soon<blockquote>关于SLR（补充杠杆率）的决定即将出台</blockquote> In the heat of the pandemic crisis last year, the Fed temporarily excluded Treasurys and deposits at the Fed from the calculation of the supplementary leverage ratio — a key metric on the soundness of a bank. The SLR requires banks to maintain a minimum level of capital against assets without factoring in risks. Some analysts worry that ending the exclusion of Treasurys will, all things being equal,reduce demand for Treasurys at big banks.But other analysts think this is way overstated. Powell wouldn’t touch the issue — he only said that a decision was expected in a few days.<blockquote>在去年疫情危机最严重的时候，美联储暂时将国债和美联储存款排除在补充杠杆率的计算之外，这是衡量银行稳健性的关键指标。SLR要求银行在不考虑风险的情况下维持最低水平的资产资本。一些分析师担心，在所有条件相同的情况下，结束国债排除将减少大银行对国债的需求。但其他分析师认为这被夸大了。鲍威尔没有触及这个问题——他只是说预计几天后会做出决定。</blockquote> But this disheartened some experts who want the exemption to be ended. After all, if the Fed wanted the exemption to end, it didn’t have to make any announcement at all, noted Jeremy Kress, a former Fed staffer and now an assistant professor of business law at Michigan Ross business school.<blockquote>但这让一些希望终止豁免的专家感到沮丧。前美联储工作人员、现任密歇根罗斯商学院商业法助理教授杰里米·克雷斯指出，毕竟，如果美联储希望终止豁免，它根本不必发布任何公告。</blockquote> <img src=\"https://static.tigerbbs.com/3f3eaacf5eed71300b67824f22aff330\" tg-width=\"757\" tg-height=\"545\"><blockquote></blockquote> Financial markets were glad to see the Fed being so unconcerned about higher inflation.<blockquote>金融市场很高兴看到美联储对通胀上升如此漠不关心。</blockquote> U.S. stocks pushed higher Wednesday,reversing earlier losses, after Fed policy makers left the central bank’s easy money stance in place, with the Dow Jones Industrial Average&nbsp;closing above 33,000 for the first time.<blockquote>在美联储政策制定者维持央行的宽松货币立场后，美国股市周三走高，扭转了早些时候的跌势，道琼斯工业平均指数首次收于33,000点上方。</blockquote>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What we learned — and what we didn’t — from Jerome Powell’s press conference<blockquote>我们从杰罗姆·鲍威尔的新闻发布会中学到了什么以及没有学到什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat we learned — and what we didn’t — from Jerome Powell’s press conference<blockquote>我们从杰罗姆·鲍威尔的新闻发布会中学到了什么以及没有学到什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-03-18 09:11\n\n</h4>\n</header>\n<article>\nHere are some key takeaways from Fed Chairman Jerome Powell’s press conference Wednesday — what we learned, and what we didn’t, and some of the fun we had along the way.<blockquote>以下是美联储主席杰罗姆·鲍威尔周三新闻发布会上的一些关键要点——我们学到了什么，没有学到什么，以及我们一路上的一些乐趣。</blockquote> Some economists said that&nbsp;Powell conducted a master class on communication.<blockquote>有经济学家表示，鲍威尔进行了一次沟通大师课。</blockquote> <img src=\"https://static.tigerbbs.com/a004e684c5e894d50023b88db3fcbd01\" tg-width=\"765\" tg-height=\"303\"><blockquote></blockquote> Fed intends to be dovish until data indicates otherwise<blockquote>美联储打算采取鸽派立场，直到数据显示并非如此</blockquote> The first step for the Fed to pull back its easy policy stance will be to slow, or taper, its $120 billion-per-month in asset purchases. The Fed has said it wants to make “substantial further progress” on its twin goals of maximum employment and stable 2% inflation, but has not defined this much further.<blockquote>美联储收回宽松政策立场的第一步将是放缓或缩减每月1200亿美元的资产购买规模。美联储表示，希望在最大就业和稳定2%通胀的双重目标上取得“实质性的进一步进展”，但没有进一步定义这一点。</blockquote> Powell said the 465,000 jobs created in the private sector in February was “a nice pick-up,” but he quickly added “you can go so much higher, though.”<blockquote>鲍威尔表示，2月份私营部门创造的465,000个就业岗位是“一个不错的回升”，但他很快补充道，“不过，你还可以走得更高。”</blockquote> “To achieve substantial progress from where we are is going to take some time — I don’t want to put a pin in the calendar someplace because it’s going to take some time,” he said.<blockquote>他说：“从我们目前的位置取得实质性进展需要一些时间——我不想在日历上的某个地方放一个大头针，因为这需要一些时间。”</blockquote> When will the data indicate otherwise? We’ll get back to you on that<blockquote>数据什么时候会显示不是这样？我们会再联系你的</blockquote> “Until we give a signal, you can assume we’re not there yet,” Powell said.<blockquote>鲍威尔说：“在我们发出信号之前，你可以假设我们还没有到达那里。”</blockquote> Bad inflation readings this year won’t upset the apple cart<blockquote>今年糟糕的通胀数据不会扰乱苹果的购物车</blockquote> The Fed’s economic forecast and “dot plot” seemed almost designed to hammer home the notion that the Fed won’t be spooked by higher inflation. Despite a forecast of 2.4% headline inflation this year, the Fed ‘s “dot-plot” showed no rate hikes through the end of 2023.<blockquote>美联储的经济预测和“点阵图”似乎几乎旨在强调美联储不会被通胀上升吓倒的观念。尽管预计今年总体通胀率为2.4%，但美联储的“点阵图”显示到2023年底不会加息。</blockquote> Powell acknowledged prices will go up when Americans decide to go out again and eat in restaurants and go on airplanes as the pandemic wanes. But this will be a one-time bulge on prices that won’t change inflation going forward. Service-sector inflation isn’t like inflation for televisions or other goods.<blockquote>鲍威尔承认，随着疫情的消退，当美国人决定再次外出、在餐馆吃饭和乘坐飞机时，价格将会上涨。但这将是价格的一次性上涨，不会改变未来的通胀。服务业的通货膨胀不像电视或其他商品的通货膨胀。</blockquote> “You can only go out to dinner once per night,” the Fed chairman said.<blockquote>“你每晚只能出去吃一次晚餐，”美联储主席说。</blockquote> <img src=\"https://static.tigerbbs.com/98d1de1c6bb04ff0208bb5b68618167c\" tg-width=\"762\" tg-height=\"381\"><blockquote></blockquote> Fed officials don’t know how the economy will look in September any more than you do<blockquote>美联储官员比你更不知道9月份经济会如何</blockquote> Powell stressed that the outlook remains highly uncertain. “We haven’t come out of a pandemic before, we haven’t had this type of fiscal support,” he said,<blockquote>鲍威尔强调，前景仍然高度不确定。“我们以前从未摆脱过大流行，我们没有得到过这种类型的财政支持，”他说，</blockquote> Some of the worst-case scenarios are receding — there had been a concern that workers would be “scarred” without the job skills to find employment after the pandemic. With strong support from Congress, “we probably avoided the worst cases there,” Powell said.<blockquote>一些最坏的情况正在消退——有人担心，在疫情之后，如果没有就业技能，工人们将会“伤痕累累”。鲍威尔说，在国会的大力支持下，“我们可能避免了那里最糟糕的情况”。</blockquote> But sometimes, Powell’s innate optimism seemed to leak out.<blockquote>但有时，鲍威尔与生俱来的乐观情绪似乎会泄露出去。</blockquote> “The data could get stronger fairly quickly here,” he said.<blockquote>“这里的数据可能会很快变得更强，”他说。</blockquote> Weak growth in Europe won’t spill over into U.S.<blockquote>欧洲增长疲软不会蔓延到美国。</blockquote> Powell said he didn’t think the weak European economy would drag down U.S. growth, as happened after the Great Recession. “We’re in a good place,” he said.<blockquote>鲍威尔表示，他不认为欧洲经济疲软会像大衰退后那样拖累美国经济增长。“我们的处境很好，”他说。</blockquote> A decision on the SLR (supplementary leveraged ratio) will come soon<blockquote>关于SLR（补充杠杆率）的决定即将出台</blockquote> In the heat of the pandemic crisis last year, the Fed temporarily excluded Treasurys and deposits at the Fed from the calculation of the supplementary leverage ratio — a key metric on the soundness of a bank. The SLR requires banks to maintain a minimum level of capital against assets without factoring in risks. Some analysts worry that ending the exclusion of Treasurys will, all things being equal,reduce demand for Treasurys at big banks.But other analysts think this is way overstated. Powell wouldn’t touch the issue — he only said that a decision was expected in a few days.<blockquote>在去年疫情危机最严重的时候，美联储暂时将国债和美联储存款排除在补充杠杆率的计算之外，这是衡量银行稳健性的关键指标。SLR要求银行在不考虑风险的情况下维持最低水平的资产资本。一些分析师担心，在所有条件相同的情况下，结束国债排除将减少大银行对国债的需求。但其他分析师认为这被夸大了。鲍威尔没有触及这个问题——他只是说预计几天后会做出决定。</blockquote> But this disheartened some experts who want the exemption to be ended. After all, if the Fed wanted the exemption to end, it didn’t have to make any announcement at all, noted Jeremy Kress, a former Fed staffer and now an assistant professor of business law at Michigan Ross business school.<blockquote>但这让一些希望终止豁免的专家感到沮丧。前美联储工作人员、现任密歇根罗斯商学院商业法助理教授杰里米·克雷斯指出，毕竟，如果美联储希望终止豁免，它根本不必发布任何公告。</blockquote> <img src=\"https://static.tigerbbs.com/3f3eaacf5eed71300b67824f22aff330\" tg-width=\"757\" tg-height=\"545\"><blockquote></blockquote> Financial markets were glad to see the Fed being so unconcerned about higher inflation.<blockquote>金融市场很高兴看到美联储对通胀上升如此漠不关心。</blockquote> U.S. stocks pushed higher Wednesday,reversing earlier losses, after Fed policy makers left the central bank’s easy money stance in place, with the Dow Jones Industrial Average&nbsp;closing above 33,000 for the first time.<blockquote>在美联储政策制定者维持央行的宽松货币立场后，美国股市周三走高，扭转了早些时候的跌势，道琼斯工业平均指数首次收于33,000点上方。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/what-we-learned-and-what-we-didnt-from-jerome-powells-press-conference-11616022318?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.marketwatch.com/story/what-we-learned-and-what-we-didnt-from-jerome-powells-press-conference-11616022318?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1190013109","content_text":"Here are some key takeaways from Fed Chairman Jerome Powell’s press conference Wednesday — what we learned, and what we didn’t, and some of the fun we had along the way.\nSome economists said that Powell conducted a master class on communication.\n\nFed intends to be dovish until data indicates otherwise\nThe first step for the Fed to pull back its easy policy stance will be to slow, or taper, its $120 billion-per-month in asset purchases. The Fed has said it wants to make “substantial further progress” on its twin goals of maximum employment and stable 2% inflation, but has not defined this much further.\nPowell said the 465,000 jobs created in the private sector in February was “a nice pick-up,” but he quickly added “you can go so much higher, though.”\n“To achieve substantial progress from where we are is going to take some time — I don’t want to put a pin in the calendar someplace because it’s going to take some time,” he said.\nWhen will the data indicate otherwise? We’ll get back to you on that\n“Until we give a signal, you can assume we’re not there yet,” Powell said.\nBad inflation readings this year won’t upset the apple cart\nThe Fed’s economic forecast and “dot plot” seemed almost designed to hammer home the notion that the Fed won’t be spooked by higher inflation. Despite a forecast of 2.4% headline inflation this year, the Fed ‘s “dot-plot” showed no rate hikes through the end of 2023.\nPowell acknowledged prices will go up when Americans decide to go out again and eat in restaurants and go on airplanes as the pandemic wanes. But this will be a one-time bulge on prices that won’t change inflation going forward. Service-sector inflation isn’t like inflation for televisions or other goods.\n“You can only go out to dinner once per night,” the Fed chairman said.\n\nFed officials don’t know how the economy will look in September any more than you do\nPowell stressed that the outlook remains highly uncertain. “We haven’t come out of a pandemic before, we haven’t had this type of fiscal support,” he said,\nSome of the worst-case scenarios are receding — there had been a concern that workers would be “scarred” without the job skills to find employment after the pandemic. With strong support from Congress, “we probably avoided the worst cases there,” Powell said.\nBut sometimes, Powell’s innate optimism seemed to leak out.\n“The data could get stronger fairly quickly here,” he said.\nWeak growth in Europe won’t spill over into U.S.\nPowell said he didn’t think the weak European economy would drag down U.S. growth, as happened after the Great Recession. “We’re in a good place,” he said.\nA decision on the SLR (supplementary leveraged ratio) will come soon\nIn the heat of the pandemic crisis last year, the Fed temporarily excluded Treasurys and deposits at the Fed from the calculation of the supplementary leverage ratio — a key metric on the soundness of a bank. The SLR requires banks to maintain a minimum level of capital against assets without factoring in risks. Some analysts worry that ending the exclusion of Treasurys will, all things being equal,reduce demand for Treasurys at big banks.But other analysts think this is way overstated. Powell wouldn’t touch the issue — he only said that a decision was expected in a few days.\nBut this disheartened some experts who want the exemption to be ended. After all, if the Fed wanted the exemption to end, it didn’t have to make any announcement at all, noted Jeremy Kress, a former Fed staffer and now an assistant professor of business law at Michigan Ross business school.\n\nFinancial markets were glad to see the Fed being so unconcerned about higher inflation.\nU.S. stocks pushed higher Wednesday,reversing earlier losses, after Fed policy makers left the central bank’s easy money stance in place, with the Dow Jones Industrial Average closing above 33,000 for the first time.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1231,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":58,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/327076836"}