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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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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":"(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.<blockquote>(彭博社）--美联储副主席理查德-克拉里达（Richard Clarida）表示，美国不会走向上世纪70年代那种失业率和通货膨胀同步上升的 “滞胀”。</blockquote> “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.”<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说：”作为一名大学生，我实际上经历了70年代的'大滞胀'，我认为两者之间有很多不同之处。“首先也是最重要的，20 世纪 70 年代是货币政策出现相当严重政策错误的十年。我认为各国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> 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.<blockquote>以美联储首选指标衡量，截至 8 月份的 12 个月中，美国通胀率为 4.3%，远高于央行 2% 的目标。</blockquote> Stagflation ‘Flavor’<blockquote>滞胀“味道”</blockquote> “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.”<blockquote>“他说：”我的基线预测不是中期滞胀。现在有一种滞胀的味道。“在美国，由于瓶颈问题，大多数人预计第三季度总需求将略有增长，价格也会上涨。但我认为这不会是未来的趋势。”</blockquote> In his pre-Q&amp;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.<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。在问答前的演讲中，他对经济前景持乐观态度，认为在通胀相对较高和就业市场持续重新招聘的情况下，开始缩减美国央行债券购买计划所需的条件 “几乎已经满足”。</blockquote> “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.<blockquote>“他说：”我本人认为，在我们的价格稳定任务方面已经达到了'实质性进一步进展'的标准，在我们的就业任务方面也几乎达到了'实质性进一步进展'的标准，”他指的是美国中央银行去年 12 月发布的指导意见，该指导意见承诺将继续以每月 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> 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.<blockquote>美联储官员在上个月最近一次政策会议结束时表示，缩减购债规模 “可能很快就会成为必要”，主席杰罗姆-鲍威尔（Jerome Powell）在随后的新闻发布会上澄清说，最早可能在 11 月的下次会议上就会投票决定放缓购债步伐。</blockquote> 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.<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随着疫情消退而与经济重新开放相关的其他短暂发展。</blockquote> Inflation Expectations<blockquote>通货膨胀预期</blockquote> “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.<blockquote>“克拉里达说：”我仍然认为，美国经济的潜在通胀率徘徊在我们2%的长期目标附近，因此，一旦这些相对价格调整完成，瓶颈畅通，今年不受欢迎的通胀飙升最终将被证明是暂时的。</blockquote> “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.<blockquote>“他补充说：”尽管如此，我和我的大多数同事一样认为，通胀风险是上行的，我将继续关注和关注潜在的通胀趋势，特别是通胀预期的衡量标准。</blockquote> 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.<blockquote>近几个月来，随着冠状病毒的三角洲浪潮减缓了美国就业市场的招聘速度，充分就业的进展放缓。美国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，远低于增加50万人的预期。</blockquote> Clarida, voiced confidence that accommodative monetary and fiscal policies would eventually restore maximum employment while keeping inflation in check.<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就业，同时控制通货膨胀。</blockquote> 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.<blockquote>他指出，“财政政策对总需求的支持--包括国会和白宫在过去一年半时间里授权的（尚未使用的）转移支付累积的近2万亿美元超额储蓄”。</blockquote>","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\nBloomberg2021-10-13 09:54\n\n</h4>\n</header>\n<article>\n(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.<blockquote>(彭博社）--美联储副主席理查德-克拉里达（Richard Clarida）表示，美国不会走向上世纪70年代那种失业率和通货膨胀同步上升的 “滞胀”。</blockquote> “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.”<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说：”作为一名大学生，我实际上经历了70年代的'大滞胀'，我认为两者之间有很多不同之处。“首先也是最重要的，20 世纪 70 年代是货币政策出现相当严重政策错误的十年。我认为各国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> 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.<blockquote>以美联储首选指标衡量，截至 8 月份的 12 个月中，美国通胀率为 4.3%，远高于央行 2% 的目标。</blockquote> Stagflation ‘Flavor’<blockquote>滞胀“味道”</blockquote> “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.”<blockquote>“他说：”我的基线预测不是中期滞胀。现在有一种滞胀的味道。“在美国，由于瓶颈问题，大多数人预计第三季度总需求将略有增长，价格也会上涨。但我认为这不会是未来的趋势。”</blockquote> In his pre-Q&amp;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.<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。在问答前的演讲中，他对经济前景持乐观态度，认为在通胀相对较高和就业市场持续重新招聘的情况下，开始缩减美国央行债券购买计划所需的条件 “几乎已经满足”。</blockquote> “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.<blockquote>“他说：”我本人认为，在我们的价格稳定任务方面已经达到了'实质性进一步进展'的标准，在我们的就业任务方面也几乎达到了'实质性进一步进展'的标准，”他指的是美国中央银行去年 12 月发布的指导意见，该指导意见承诺将继续以每月 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> 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.<blockquote>美联储官员在上个月最近一次政策会议结束时表示，缩减购债规模 “可能很快就会成为必要”，主席杰罗姆-鲍威尔（Jerome Powell）在随后的新闻发布会上澄清说，最早可能在 11 月的下次会议上就会投票决定放缓购债步伐。</blockquote> 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.<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随着疫情消退而与经济重新开放相关的其他短暂发展。</blockquote> Inflation Expectations<blockquote>通货膨胀预期</blockquote> “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.<blockquote>“克拉里达说：”我仍然认为，美国经济的潜在通胀率徘徊在我们2%的长期目标附近，因此，一旦这些相对价格调整完成，瓶颈畅通，今年不受欢迎的通胀飙升最终将被证明是暂时的。</blockquote> “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.<blockquote>“他补充说：”尽管如此，我和我的大多数同事一样认为，通胀风险是上行的，我将继续关注和关注潜在的通胀趋势，特别是通胀预期的衡量标准。</blockquote> 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.<blockquote>近几个月来，随着冠状病毒的三角洲浪潮减缓了美国就业市场的招聘速度，充分就业的进展放缓。美国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，远低于增加50万人的预期。</blockquote> Clarida, voiced confidence that accommodative monetary and fiscal policies would eventually restore maximum employment while keeping inflation in check.<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就业，同时控制通货膨胀。</blockquote> 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.<blockquote>他指出，“财政政策对总需求的支持--包括国会和白宫在过去一年半时间里授权的（尚未使用的）转移支付累积的近2万亿美元超额储蓄”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/taper-conditions-met-feds-clarida-151500402.html\">Bloomberg</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":{".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":1086,"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"}