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2021-10-13
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Taper Conditions Have ‘All But Been Met,’ Fed's Clarida Says<blockquote>美联储克拉里达表示，缩减规模的条件“几乎已经满足”</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":822311301,"tweetId":"822311301","gmtCreate":1634090613406,"gmtModify":1634090615321,"author":{"id":3581809688048652,"idStr":"3581809688048652","authorId":3581809688048652,"authorIdStr":"3581809688048652","name":"lowniu","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":14,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Like please. Thx </p></body></html>","htmlText":"<html><head></head><body><p>Like please. Thx </p></body></html>","text":"Like please. Thx","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/822311301","repostId":1198999975,"repostType":4,"repost":{"id":"1198999975","kind":"news","pubTimestamp":1634090056,"share":"https://www.laohu8.com/m/news/1198999975?lang=zh_CN&edition=full","pubTime":"2021-10-13 09:54","market":"us","language":"en","title":"Taper Conditions Have ‘All But Been Met,’ Fed's Clarida Says<blockquote>美联储克拉里达表示，缩减规模的条件“几乎已经满足”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198999975","media":"Bloomberg","summary":"(Bloomberg) -- The U.S. isn’t headed for the kind of “stagflation” that developed in the 1970s, when","content":"<p>(Bloomberg) -- The U.S. isn’t headed for the kind of “stagflation” that developed in the 1970s, when unemployment and inflation rose in tandem, Federal Reserve Vice Chair Richard Clarida said.</p><p><blockquote>（彭博社）——美联储副主席理查德·克拉里达表示，美国不会走向20世纪70年代出现的那种“滞胀”，当时失业率和通货膨胀率同步上升。</blockquote></p><p> “I actually lived through, as a college student, the ‘Great Stagflation’ of the 70s, and I think there are a lot of differences,” Clarida said Tuesday while answering questions after a virtual speech at the 2021 Institute of International Finance Annual Membership Meeting. “First and foremost, the 1970s were a decade of pretty substantial policy mistakes, in monetary policy. And I think central bankers learned their lesson, and I would not see a repeat of those policy mistakes.”</p><p><blockquote>克拉里达周二在2021年国际金融协会年度会员大会上发表虚拟演讲后回答问题时表示：“作为一名大学生，我实际上经历了70年代的‘大滞胀’，我认为存在很多差异。”“首先也是最重要的，20世纪70年代是货币政策出现相当重大政策错误的十年。我认为央行行长们已经吸取了教训，我不会看到这些政策错误重演。”</blockquote></p><p> U.S. inflation, as measured by the Fed’s preferred gauge, was 4.3% in the 12 months through August, well above the central bank’s 2% target.</p><p><blockquote>按照美联储首选指标衡量，截至8月份的12个月内，美国通胀率为4.3%，远高于央行2%的目标。</blockquote></p><p> Stagflation ‘Flavor’</p><p><blockquote>滞胀的“味道”</blockquote></p><p> “My baseline case is not for stagflation over the medium-run horizon. It sort of has a flavor of that right now,” he said. “In the U.S., because of the bottlenecks, most folks are tracking a pretty modest increase in aggregate demand in the third quarter, with higher prices. But I don’t think that’s going to be the trend going forward.”</p><p><blockquote>“我的基线情况不是中期内的滞胀。现在有点这种味道，”他说。“在美国，由于瓶颈，大多数人都在关注第三季度总需求的适度增长，价格上涨。但我认为这不会成为未来的趋势。”</blockquote></p><p> In his pre-Q&A speech, Clarida -- a Republican who was appointed to a four-year term at the Fed by President Donald Trump in 2018 -- presented an upbeat view of the economic outlook, arguing that the conditions required to begin tapering the U.S. central bank’s bond-buying program have “all but been met” amid relatively high inflation and ongoing rehiring in the job market.</p><p><blockquote>克拉里达是一名共和党人，于2018年被唐纳德·特朗普总统任命为美联储主席，任期四年，他在问答前的讲话中对经济前景表示乐观，认为开始缩减规模所需的条件在通胀相对较高和就业市场持续重新招聘的情况下，美联储的债券购买计划“几乎已经得到满足”。</blockquote></p><p> “I myself believe that the ‘substantial further progress’ standard has more than been met with regard to our price-stability mandate and has all but been met with regard to our employment mandate,” he said, referring to guidance the U.S. central bank issued last December pledging to continue buying Treasuries and mortgage-backed securities at a pace of $120 billion per month until the economy had made “substantial further progress” toward its employment and inflation goals.</p><p><blockquote>“我本人认为，我们的价格稳定任务已经达到了‘实质性进一步进展’标准，我们的就业任务也几乎达到了，”他指的是美国央行发布的指导意见去年12月承诺继续以每月1200亿美元的速度购买国债和抵押贷款支持证券，直到经济在实现就业和通胀目标方面取得“实质性进一步进展”。</blockquote></p><p> At the conclusion of their most recent policy meeting last month, Fed officials said tapering “may soon be warranted,” and Chair Jerome Powell clarified in a press conference afterward that a vote to reduce the pace of purchases could come as soon as their next meeting in November.</p><p><blockquote>在上个月最近一次政策会议结束时，美联储官员表示，缩减购债规模“可能很快就会被证明是合理的”，主席杰罗姆·鲍威尔在随后的新闻发布会上澄清说，最早可能会在下次会议上进行投票。十一月。</blockquote></p><p> Regarding higher inflation, Fed officials including Powell have chalked up the elevated price pressures to supply-chain bottlenecks and other transitory developments tied to the reopening of the economy as the pandemic recedes.</p><p><blockquote>关于通胀上升，包括鲍威尔在内的美联储官员将价格压力上升归因于供应链瓶颈以及与疫情消退后经济重新开放相关的其他暂时性事态发展。</blockquote></p><p> Inflation Expectations</p><p><blockquote>通胀预期</blockquote></p><p> “I continue to believe that the underlying rate of inflation in the U.S. economy is hovering close to our 2% longer-run objective and, thus, that the unwelcome surge in inflation this year, once these relative price adjustments are complete and bottlenecks have unclogged, will in the end prove to be largely transitory,” Clarida said.</p><p><blockquote>“我仍然认为，美国经济的基本通胀率徘徊在我们2%的长期目标附近，因此，一旦这些相对价格调整完成且瓶颈得到疏通，今年通胀将出现不受欢迎的飙升，最终将被证明在很大程度上是暂时的，”克拉里达说。</blockquote></p><p> “That said, I believe, as do most of my colleagues, that the risks to inflation are to the upside, and I continue to be attuned and attentive to underlying inflation trends, in particular measures of inflation expectations,” he added.</p><p><blockquote>他补充说：“尽管如此，我和大多数同事一样相信，通胀风险是上行的，我将继续关注潜在的通胀趋势，特别是通胀预期的衡量标准。”</blockquote></p><p> Progress toward full employment has slowed in recent months as the delta wave of the coronavirus has slowed hiring in the U.S. job market. A Labor Department report published Friday showed net hiring of just 194,000 in September, well below expectations for a 500,000 increase.</p><p><blockquote>近几个月来，由于冠状病毒的德尔塔波减缓了美国就业市场的招聘，实现充分就业的进展放缓。劳工部周五发布的一份报告显示，9月份净招聘人数仅为19.4万人，远低于预期的50万人。</blockquote></p><p> Clarida, voiced confidence that accommodative monetary and fiscal policies would eventually restore maximum employment while keeping inflation in check.</p><p><blockquote>克拉里达表示相信，宽松的货币和财政政策最终将恢复最大限度的就业，同时控制通货膨胀。</blockquote></p><p> He pointed to the “support to aggregate demand from fiscal policy -- including the nearly $2 trillion in accumulated excess savings accruing from (as yet) unspent transfer payments” authorized by Congress and the White House over the past year and a half.</p><p><blockquote>他指出，国会和白宫在过去一年半中授权的“财政政策对总需求的支持——包括（尚未）用完的转移支付产生的近2万亿美元累计超额储蓄”。</blockquote></p><p></p>","source":"lsy1612507957220","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>Taper Conditions Have ‘All But Been Met,’ Fed's Clarida Says<blockquote>美联储克拉里达表示，缩减规模的条件“几乎已经满足”</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\">\nTaper Conditions Have ‘All But Been Met,’ Fed's Clarida Says<blockquote>美联储克拉里达表示，缩减规模的条件“几乎已经满足”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-10-13 09:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- The U.S. isn’t headed for the kind of “stagflation” that developed in the 1970s, when unemployment and inflation rose in tandem, Federal Reserve Vice Chair Richard Clarida said.</p><p><blockquote>（彭博社）——美联储副主席理查德·克拉里达表示，美国不会走向20世纪70年代出现的那种“滞胀”，当时失业率和通货膨胀率同步上升。</blockquote></p><p> “I actually lived through, as a college student, the ‘Great Stagflation’ of the 70s, and I think there are a lot of differences,” Clarida said Tuesday while answering questions after a virtual speech at the 2021 Institute of International Finance Annual Membership Meeting. “First and foremost, the 1970s were a decade of pretty substantial policy mistakes, in monetary policy. And I think central bankers learned their lesson, and I would not see a repeat of those policy mistakes.”</p><p><blockquote>克拉里达周二在2021年国际金融协会年度会员大会上发表虚拟演讲后回答问题时表示：“作为一名大学生，我实际上经历了70年代的‘大滞胀’，我认为存在很多差异。”“首先也是最重要的，20世纪70年代是货币政策出现相当重大政策错误的十年。我认为央行行长们已经吸取了教训，我不会看到这些政策错误重演。”</blockquote></p><p> U.S. inflation, as measured by the Fed’s preferred gauge, was 4.3% in the 12 months through August, well above the central bank’s 2% target.</p><p><blockquote>按照美联储首选指标衡量，截至8月份的12个月内，美国通胀率为4.3%，远高于央行2%的目标。</blockquote></p><p> Stagflation ‘Flavor’</p><p><blockquote>滞胀的“味道”</blockquote></p><p> “My baseline case is not for stagflation over the medium-run horizon. It sort of has a flavor of that right now,” he said. “In the U.S., because of the bottlenecks, most folks are tracking a pretty modest increase in aggregate demand in the third quarter, with higher prices. But I don’t think that’s going to be the trend going forward.”</p><p><blockquote>“我的基线情况不是中期内的滞胀。现在有点这种味道，”他说。“在美国，由于瓶颈，大多数人都在关注第三季度总需求的适度增长，价格上涨。但我认为这不会成为未来的趋势。”</blockquote></p><p> In his pre-Q&A speech, Clarida -- a Republican who was appointed to a four-year term at the Fed by President Donald Trump in 2018 -- presented an upbeat view of the economic outlook, arguing that the conditions required to begin tapering the U.S. central bank’s bond-buying program have “all but been met” amid relatively high inflation and ongoing rehiring in the job market.</p><p><blockquote>克拉里达是一名共和党人，于2018年被唐纳德·特朗普总统任命为美联储主席，任期四年，他在问答前的讲话中对经济前景表示乐观，认为开始缩减规模所需的条件在通胀相对较高和就业市场持续重新招聘的情况下，美联储的债券购买计划“几乎已经得到满足”。</blockquote></p><p> “I myself believe that the ‘substantial further progress’ standard has more than been met with regard to our price-stability mandate and has all but been met with regard to our employment mandate,” he said, referring to guidance the U.S. central bank issued last December pledging to continue buying Treasuries and mortgage-backed securities at a pace of $120 billion per month until the economy had made “substantial further progress” toward its employment and inflation goals.</p><p><blockquote>“我本人认为，我们的价格稳定任务已经达到了‘实质性进一步进展’标准，我们的就业任务也几乎达到了，”他指的是美国央行发布的指导意见去年12月承诺继续以每月1200亿美元的速度购买国债和抵押贷款支持证券，直到经济在实现就业和通胀目标方面取得“实质性进一步进展”。</blockquote></p><p> At the conclusion of their most recent policy meeting last month, Fed officials said tapering “may soon be warranted,” and Chair Jerome Powell clarified in a press conference afterward that a vote to reduce the pace of purchases could come as soon as their next meeting in November.</p><p><blockquote>在上个月最近一次政策会议结束时，美联储官员表示，缩减购债规模“可能很快就会被证明是合理的”，主席杰罗姆·鲍威尔在随后的新闻发布会上澄清说，最早可能会在下次会议上进行投票。十一月。</blockquote></p><p> Regarding higher inflation, Fed officials including Powell have chalked up the elevated price pressures to supply-chain bottlenecks and other transitory developments tied to the reopening of the economy as the pandemic recedes.</p><p><blockquote>关于通胀上升，包括鲍威尔在内的美联储官员将价格压力上升归因于供应链瓶颈以及与疫情消退后经济重新开放相关的其他暂时性事态发展。</blockquote></p><p> Inflation Expectations</p><p><blockquote>通胀预期</blockquote></p><p> “I continue to believe that the underlying rate of inflation in the U.S. economy is hovering close to our 2% longer-run objective and, thus, that the unwelcome surge in inflation this year, once these relative price adjustments are complete and bottlenecks have unclogged, will in the end prove to be largely transitory,” Clarida said.</p><p><blockquote>“我仍然认为，美国经济的基本通胀率徘徊在我们2%的长期目标附近，因此，一旦这些相对价格调整完成且瓶颈得到疏通，今年通胀将出现不受欢迎的飙升，最终将被证明在很大程度上是暂时的，”克拉里达说。</blockquote></p><p> “That said, I believe, as do most of my colleagues, that the risks to inflation are to the upside, and I continue to be attuned and attentive to underlying inflation trends, in particular measures of inflation expectations,” he added.</p><p><blockquote>他补充说：“尽管如此，我和大多数同事一样相信，通胀风险是上行的，我将继续关注潜在的通胀趋势，特别是通胀预期的衡量标准。”</blockquote></p><p> Progress toward full employment has slowed in recent months as the delta wave of the coronavirus has slowed hiring in the U.S. job market. A Labor Department report published Friday showed net hiring of just 194,000 in September, well below expectations for a 500,000 increase.</p><p><blockquote>近几个月来，由于冠状病毒的德尔塔波减缓了美国就业市场的招聘，实现充分就业的进展放缓。劳工部周五发布的一份报告显示，9月份净招聘人数仅为19.4万人，远低于预期的50万人。</blockquote></p><p> Clarida, voiced confidence that accommodative monetary and fiscal policies would eventually restore maximum employment while keeping inflation in check.</p><p><blockquote>克拉里达表示相信，宽松的货币和财政政策最终将恢复最大限度的就业，同时控制通货膨胀。</blockquote></p><p> He pointed to the “support to aggregate demand from fiscal policy -- including the nearly $2 trillion in accumulated excess savings accruing from (as yet) unspent transfer payments” authorized by Congress and the White House over the past year and a half.</p><p><blockquote>他指出，国会和白宫在过去一年半中授权的“财政政策对总需求的支持——包括（尚未）用完的转移支付产生的近2万亿美元累计超额储蓄”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/taper-conditions-met-feds-clarida-151500402.html\">Bloomberg</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":{".DJI":"道琼斯"},"source_url":"https://finance.yahoo.com/news/taper-conditions-met-feds-clarida-151500402.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198999975","content_text":"(Bloomberg) -- The U.S. isn’t headed for the kind of “stagflation” that developed in the 1970s, when unemployment and inflation rose in tandem, Federal Reserve Vice Chair Richard Clarida said.\n“I actually lived through, as a college student, the ‘Great Stagflation’ of the 70s, and I think there are a lot of differences,” Clarida said Tuesday while answering questions after a virtual speech at the 2021 Institute of International Finance Annual Membership Meeting. “First and foremost, the 1970s were a decade of pretty substantial policy mistakes, in monetary policy. And I think central bankers learned their lesson, and I would not see a repeat of those policy mistakes.”\nU.S. inflation, as measured by the Fed’s preferred gauge, was 4.3% in the 12 months through August, well above the central bank’s 2% target.\nStagflation ‘Flavor’\n“My baseline case is not for stagflation over the medium-run horizon. It sort of has a flavor of that right now,” he said. “In the U.S., because of the bottlenecks, most folks are tracking a pretty modest increase in aggregate demand in the third quarter, with higher prices. But I don’t think that’s going to be the trend going forward.”\nIn his pre-Q&A speech, Clarida -- a Republican who was appointed to a four-year term at the Fed by President Donald Trump in 2018 -- presented an upbeat view of the economic outlook, arguing that the conditions required to begin tapering the U.S. central bank’s bond-buying program have “all but been met” amid relatively high inflation and ongoing rehiring in the job market.\n“I myself believe that the ‘substantial further progress’ standard has more than been met with regard to our price-stability mandate and has all but been met with regard to our employment mandate,” he said, referring to guidance the U.S. central bank issued last December pledging to continue buying Treasuries and mortgage-backed securities at a pace of $120 billion per month until the economy had made “substantial further progress” toward its employment and inflation goals.\nAt the conclusion of their most recent policy meeting last month, Fed officials said tapering “may soon be warranted,” and Chair Jerome Powell clarified in a press conference afterward that a vote to reduce the pace of purchases could come as soon as their next meeting in November.\nRegarding higher inflation, Fed officials including Powell have chalked up the elevated price pressures to supply-chain bottlenecks and other transitory developments tied to the reopening of the economy as the pandemic recedes.\nInflation Expectations\n“I continue to believe that the underlying rate of inflation in the U.S. economy is hovering close to our 2% longer-run objective and, thus, that the unwelcome surge in inflation this year, once these relative price adjustments are complete and bottlenecks have unclogged, will in the end prove to be largely transitory,” Clarida said.\n“That said, I believe, as do most of my colleagues, that the risks to inflation are to the upside, and I continue to be attuned and attentive to underlying inflation trends, in particular measures of inflation expectations,” he added.\nProgress toward full employment has slowed in recent months as the delta wave of the coronavirus has slowed hiring in the U.S. job market. A Labor Department report published Friday showed net hiring of just 194,000 in September, well below expectations for a 500,000 increase.\nClarida, voiced confidence that accommodative monetary and fiscal policies would eventually restore maximum employment while keeping inflation in check.\nHe pointed to the “support to aggregate demand from fiscal policy -- including the nearly $2 trillion in accumulated excess savings accruing from (as yet) unspent transfer payments” authorized by Congress and the White House over the past year and a half.","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":793,"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":14,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/822311301"}
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