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2021-03-24
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Yellen and Powell to Investors: Stocks Are Getting Pricey<blockquote>耶伦和鲍威尔致投资者：股市变得昂贵</blockquote>
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Declin","content":"<p>Thestock market fell sharply on Tuesday, with most of the losses coming late in the session. Declines for the<b>Nasdaq Composite</b>,<b>S&P 500</b>, and<b>Dow Jones Industrial Average</b>weren't all that significant at around 1%, but some other measures of the market showed more substantial losses.</p><p><blockquote>周二股市大幅下跌，大部分跌幅都发生在尾盘。下降<b>纳斯达克复合材料</b>,<b>标普500</b>，和<b>道琼斯工业平均指数</b>1%左右的跌幅并没有那么大，但市场的其他一些指标显示了更大的损失。</blockquote></p><p> Most investors focused on testimony by Treasury Secretary Janet Yellen and current Fed Chair Jerome Powell before the House Financial Services Committee. Their comments didn't incite a sudden flash crash, but they did give investors fair warning that they shouldn't expect the explosive gains that the market has given them over the past year to continue forever.</p><p><blockquote>大多数投资者关注财政部长珍妮特·耶伦和现任美联储主席杰罗姆·鲍威尔在众议院金融服务委员会的证词。他们的评论并没有引发突然的闪崩，但他们确实给了投资者一个公平的警告，即他们不应该指望市场在过去一年给他们的爆炸性收益会永远持续下去。</blockquote></p><p> What the past and current Fed chairs said</p><p><blockquote>前任和现任美联储主席所说的话</blockquote></p><p> As a former Fed chair herself,Yellencan certainly understand the position that Powell is in now. Yet it's important to point out that as part of the current administration, Yellen's role leading the Treasury involves a different mission and a different set of guidelines. Specifically, the Biden administration is under no mandate to try to balance job creation with controlling inflationary pressures, and the Treasury Secretary, therefore, can espouse different fiscal policy strategies than you'd see the Fed chair supporting from the monetary policy side of the equation.</p><p><blockquote>作为前美联储主席，耶伦坎当然理解鲍威尔现在的处境。然而，需要指出的是，作为本届政府的一部分，耶伦领导财政部的角色涉及不同的使命和一套不同的指导方针。具体来说，拜登政府无权试图平衡创造就业机会与控制通胀压力，因此，财政部长可以支持与美联储主席在货币政策方面支持的不同的财政政策策略。</blockquote></p><p> For the most part, though, Yellen and Powell said similar things. Yellen noted that with coronavirus vaccinations moving at an accelerating pace, there's reason to believe that the economy will recover sharply in the near future. Powell said that the Fed stands ready to continue supporting a full economic recovery, with the intent of holding off on any signs of tightening monetary policy until central bank officials have seen what he called \"substantial further progress\" toward returning to near-full employment and the 2% inflation target. Powell also said that investors could expect plenty of advance notice before the Fed would start to pull back on the asset purchases it has been making in the bond market.</p><p><blockquote>不过，耶伦和鲍威尔在很大程度上说了类似的话。耶伦指出，随着冠状病毒疫苗接种速度加快，有理由相信经济将在不久的将来大幅复苏。鲍威尔表示，美联储随时准备继续支持经济全面复苏，目的是推迟任何收紧货币政策的迹象，直到央行官员看到他所说的在恢复接近充分就业和2%通胀目标方面取得的“实质性进一步进展”。鲍威尔还表示，在美联储开始缩减在债券市场进行的资产购买之前，投资者可以期待大量的提前通知。</blockquote></p><p> Are stocks expensive?</p><p><blockquote>股票贵吗？</blockquote></p><p> Yet the thing that spooked stock market investors came from the views the two government officials expressed about valuations. Yellen admitted that the stock market is expensive compared to traditional measures of valuation. She didn't see that as an immediate problem, though, suggesting instead that as long as the financial industry has the strength to ensure that markets can function efficiently, there shouldn't be lasting problems. Yellen's implication is that even if markets were to fall, that wouldn't pose systemic threats unless big banks and other financial institutions have not maintained appropriate risk levels.</p><p><blockquote>然而，令股市投资者感到恐慌的是两位政府官员对估值表达的观点。耶伦承认，与传统的估值衡量标准相比，股市价格昂贵。不过，她并不认为这是一个眼前的问题，而是建议只要金融业有实力确保市场能够有效运作，就不应该存在持久的问题。耶伦的意思是，即使市场下跌，也不会构成系统性威胁，除非大银行和其他金融机构没有保持适当的风险水平。</blockquote></p><p> Powell echoed those sentiments, noting that some parts of the stock market are highly valued, but big banks have plenty of capital and show no obvious signs of lacking appropriate reserve levels to protect against future setbacks.</p><p><blockquote>鲍威尔呼应了这些观点，他指出，股市的某些部分估值很高，但大银行拥有充足的资本，并且没有明显迹象表明缺乏适当的准备金水平来防范未来的挫折。</blockquote></p><p> Big moves throughout the markets</p><p><blockquote>整个市场的大幅波动</blockquote></p><p> The comments from Yellen and Powell had impacts well beyond the stock market. Bond prices surged, with yields on the 10-year Treasury falling significantly to reverse some of the big year-to-date climb they had seen.</p><p><blockquote>耶伦和鲍威尔的言论影响远远超出了股市。债券价格飙升，10年期国债收益率大幅下跌，扭转了今年迄今的大幅上涨趋势。</blockquote></p><p> In the oil markets, investors reacted both to the testimony and to news that European nations might be slower to reopen their economies than hoped. Extended lockdowns in Germany through the Easter holiday reflect the latest wave of COVID-19 cases, raising concerns that a delayed recovery in Europe could weaken energy demand. Crude prices plunged nearly $4 per barrel to drop below the $58 mark.</p><p><blockquote>在石油市场，投资者对证词和欧洲国家重新开放经济的速度可能比预期慢的消息做出了反应。德国在复活节假期期间延长封锁反映了最新一波COVID-19病例，引发了人们对欧洲复苏延迟可能削弱能源需求的担忧。原油价格每桶暴跌近4美元，跌破58美元大关。</blockquote></p><p> Investors will want to watch closely to see whether the stocks they own seem overvalued by traditional measures. Those investing for the long run shouldn't necessarily change their strategies, but being aware that greater volatility could be ahead will prepare you for whatever comes next. Having a plan for whatever happens will be crucial if things don't play out for the economy or the markets the way everyone hopes they will.</p><p><blockquote>投资者将希望密切关注他们持有的股票是否按照传统衡量标准被高估。那些长期投资的人不一定应该改变他们的策略，但意识到未来可能会出现更大的波动会让你为接下来发生的事情做好准备。如果经济或市场没有按照每个人希望的方式发展，为发生的任何事情制定一个计划将是至关重要的。</blockquote></p><p></p>","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>Yellen and Powell to Investors: Stocks Are Getting Pricey<blockquote>耶伦和鲍威尔致投资者：股市变得昂贵</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\">\nYellen and Powell to Investors: Stocks Are Getting Pricey<blockquote>耶伦和鲍威尔致投资者：股市变得昂贵</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">fool</strong><span class=\"h-time small\">2021-03-24 13:39</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Thestock market fell sharply on Tuesday, with most of the losses coming late in the session. Declines for the<b>Nasdaq Composite</b>,<b>S&P 500</b>, and<b>Dow Jones Industrial Average</b>weren't all that significant at around 1%, but some other measures of the market showed more substantial losses.</p><p><blockquote>周二股市大幅下跌，大部分跌幅都发生在尾盘。下降<b>纳斯达克复合材料</b>,<b>标普500</b>，和<b>道琼斯工业平均指数</b>1%左右的跌幅并没有那么大，但市场的其他一些指标显示了更大的损失。</blockquote></p><p> Most investors focused on testimony by Treasury Secretary Janet Yellen and current Fed Chair Jerome Powell before the House Financial Services Committee. Their comments didn't incite a sudden flash crash, but they did give investors fair warning that they shouldn't expect the explosive gains that the market has given them over the past year to continue forever.</p><p><blockquote>大多数投资者关注财政部长珍妮特·耶伦和现任美联储主席杰罗姆·鲍威尔在众议院金融服务委员会的证词。他们的评论并没有引发突然的闪崩，但他们确实给了投资者一个公平的警告，即他们不应该指望市场在过去一年给他们的爆炸性收益会永远持续下去。</blockquote></p><p> What the past and current Fed chairs said</p><p><blockquote>前任和现任美联储主席所说的话</blockquote></p><p> As a former Fed chair herself,Yellencan certainly understand the position that Powell is in now. Yet it's important to point out that as part of the current administration, Yellen's role leading the Treasury involves a different mission and a different set of guidelines. Specifically, the Biden administration is under no mandate to try to balance job creation with controlling inflationary pressures, and the Treasury Secretary, therefore, can espouse different fiscal policy strategies than you'd see the Fed chair supporting from the monetary policy side of the equation.</p><p><blockquote>作为前美联储主席，耶伦坎当然理解鲍威尔现在的处境。然而，需要指出的是，作为本届政府的一部分，耶伦领导财政部的角色涉及不同的使命和一套不同的指导方针。具体来说，拜登政府无权试图平衡创造就业机会与控制通胀压力，因此，财政部长可以支持与美联储主席在货币政策方面支持的不同的财政政策策略。</blockquote></p><p> For the most part, though, Yellen and Powell said similar things. Yellen noted that with coronavirus vaccinations moving at an accelerating pace, there's reason to believe that the economy will recover sharply in the near future. Powell said that the Fed stands ready to continue supporting a full economic recovery, with the intent of holding off on any signs of tightening monetary policy until central bank officials have seen what he called \"substantial further progress\" toward returning to near-full employment and the 2% inflation target. Powell also said that investors could expect plenty of advance notice before the Fed would start to pull back on the asset purchases it has been making in the bond market.</p><p><blockquote>不过，耶伦和鲍威尔在很大程度上说了类似的话。耶伦指出，随着冠状病毒疫苗接种速度加快，有理由相信经济将在不久的将来大幅复苏。鲍威尔表示，美联储随时准备继续支持经济全面复苏，目的是推迟任何收紧货币政策的迹象，直到央行官员看到他所说的在恢复接近充分就业和2%通胀目标方面取得的“实质性进一步进展”。鲍威尔还表示，在美联储开始缩减在债券市场进行的资产购买之前，投资者可以期待大量的提前通知。</blockquote></p><p> Are stocks expensive?</p><p><blockquote>股票贵吗？</blockquote></p><p> Yet the thing that spooked stock market investors came from the views the two government officials expressed about valuations. Yellen admitted that the stock market is expensive compared to traditional measures of valuation. She didn't see that as an immediate problem, though, suggesting instead that as long as the financial industry has the strength to ensure that markets can function efficiently, there shouldn't be lasting problems. Yellen's implication is that even if markets were to fall, that wouldn't pose systemic threats unless big banks and other financial institutions have not maintained appropriate risk levels.</p><p><blockquote>然而，令股市投资者感到恐慌的是两位政府官员对估值表达的观点。耶伦承认，与传统的估值衡量标准相比，股市价格昂贵。不过，她并不认为这是一个眼前的问题，而是建议只要金融业有实力确保市场能够有效运作，就不应该存在持久的问题。耶伦的意思是，即使市场下跌，也不会构成系统性威胁，除非大银行和其他金融机构没有保持适当的风险水平。</blockquote></p><p> Powell echoed those sentiments, noting that some parts of the stock market are highly valued, but big banks have plenty of capital and show no obvious signs of lacking appropriate reserve levels to protect against future setbacks.</p><p><blockquote>鲍威尔呼应了这些观点，他指出，股市的某些部分估值很高，但大银行拥有充足的资本，并且没有明显迹象表明缺乏适当的准备金水平来防范未来的挫折。</blockquote></p><p> Big moves throughout the markets</p><p><blockquote>整个市场的大幅波动</blockquote></p><p> The comments from Yellen and Powell had impacts well beyond the stock market. Bond prices surged, with yields on the 10-year Treasury falling significantly to reverse some of the big year-to-date climb they had seen.</p><p><blockquote>耶伦和鲍威尔的言论影响远远超出了股市。债券价格飙升，10年期国债收益率大幅下跌，扭转了今年迄今的大幅上涨趋势。</blockquote></p><p> In the oil markets, investors reacted both to the testimony and to news that European nations might be slower to reopen their economies than hoped. Extended lockdowns in Germany through the Easter holiday reflect the latest wave of COVID-19 cases, raising concerns that a delayed recovery in Europe could weaken energy demand. Crude prices plunged nearly $4 per barrel to drop below the $58 mark.</p><p><blockquote>在石油市场，投资者对证词和欧洲国家重新开放经济的速度可能比预期慢的消息做出了反应。德国在复活节假期期间延长封锁反映了最新一波COVID-19病例，引发了人们对欧洲复苏延迟可能削弱能源需求的担忧。原油价格每桶暴跌近4美元，跌破58美元大关。</blockquote></p><p> Investors will want to watch closely to see whether the stocks they own seem overvalued by traditional measures. Those investing for the long run shouldn't necessarily change their strategies, but being aware that greater volatility could be ahead will prepare you for whatever comes next. Having a plan for whatever happens will be crucial if things don't play out for the economy or the markets the way everyone hopes they will.</p><p><blockquote>投资者将希望密切关注他们持有的股票是否按照传统衡量标准被高估。那些长期投资的人不一定应该改变他们的策略，但意识到未来可能会出现更大的波动会让你为接下来发生的事情做好准备。如果经济或市场没有按照每个人希望的方式发展，为发生的任何事情制定一个计划将是至关重要的。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/23/yellen-and-powell-to-investors-stocks-are-getting/\">fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/03/23/yellen-and-powell-to-investors-stocks-are-getting/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124696493","content_text":"Thestock market fell sharply on Tuesday, with most of the losses coming late in the session. Declines for theNasdaq Composite,S&P 500, andDow Jones Industrial Averageweren't all that significant at around 1%, but some other measures of the market showed more substantial losses.\nMost investors focused on testimony by Treasury Secretary Janet Yellen and current Fed Chair Jerome Powell before the House Financial Services Committee. Their comments didn't incite a sudden flash crash, but they did give investors fair warning that they shouldn't expect the explosive gains that the market has given them over the past year to continue forever.\nWhat the past and current Fed chairs said\nAs a former Fed chair herself,Yellencan certainly understand the position that Powell is in now. Yet it's important to point out that as part of the current administration, Yellen's role leading the Treasury involves a different mission and a different set of guidelines. Specifically, the Biden administration is under no mandate to try to balance job creation with controlling inflationary pressures, and the Treasury Secretary, therefore, can espouse different fiscal policy strategies than you'd see the Fed chair supporting from the monetary policy side of the equation.\nFor the most part, though, Yellen and Powell said similar things. Yellen noted that with coronavirus vaccinations moving at an accelerating pace, there's reason to believe that the economy will recover sharply in the near future. Powell said that the Fed stands ready to continue supporting a full economic recovery, with the intent of holding off on any signs of tightening monetary policy until central bank officials have seen what he called \"substantial further progress\" toward returning to near-full employment and the 2% inflation target. Powell also said that investors could expect plenty of advance notice before the Fed would start to pull back on the asset purchases it has been making in the bond market.\nAre stocks expensive?\nYet the thing that spooked stock market investors came from the views the two government officials expressed about valuations. Yellen admitted that the stock market is expensive compared to traditional measures of valuation. She didn't see that as an immediate problem, though, suggesting instead that as long as the financial industry has the strength to ensure that markets can function efficiently, there shouldn't be lasting problems. Yellen's implication is that even if markets were to fall, that wouldn't pose systemic threats unless big banks and other financial institutions have not maintained appropriate risk levels.\nPowell echoed those sentiments, noting that some parts of the stock market are highly valued, but big banks have plenty of capital and show no obvious signs of lacking appropriate reserve levels to protect against future setbacks.\nBig moves throughout the markets\nThe comments from Yellen and Powell had impacts well beyond the stock market. Bond prices surged, with yields on the 10-year Treasury falling significantly to reverse some of the big year-to-date climb they had seen.\nIn the oil markets, investors reacted both to the testimony and to news that European nations might be slower to reopen their economies than hoped. Extended lockdowns in Germany through the Easter holiday reflect the latest wave of COVID-19 cases, raising concerns that a delayed recovery in Europe could weaken energy demand. Crude prices plunged nearly $4 per barrel to drop below the $58 mark.\nInvestors will want to watch closely to see whether the stocks they own seem overvalued by traditional measures. Those investing for the long run shouldn't necessarily change their strategies, but being aware that greater volatility could be ahead will prepare you for whatever comes next. Having a plan for whatever happens will be crucial if things don't play out for the economy or the markets the way everyone hopes they will.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":575,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/351367963"}
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