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2021-10-14
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The Taper Is Coming, Fed Minutes Show. The Stock Market Isn’t Worried.<blockquote>美联储会议纪要显示，缩减规模即将到来。股市并不担心。</blockquote>
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The Stock Market Isn’t Worried.<blockquote>美联储会议纪要显示，缩减规模即将到来。股市并不担心。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191878905","media":"Barrons","summary":"The stock market sold off into the end of the day for no reason on Monday and Tuesday. On Wednesday,","content":"<p> The stock market sold off into the end of the day for no reason on Monday and Tuesday. On Wednesday, it seems to be holding up, even after September’s Federal Reserve minutes gave it a reason to drop if it were so inclined.</p><p><blockquote>周一和周二股市无缘无故抛售至收盘。周三，即使在9月份的美联储会议纪要给了它一个下跌的理由（如果它愿意的话）之后，它似乎仍在坚持。</blockquote></p><p> The minutes were expected to be a nonevent. Fed Chair Jerome Powell had already said that the central bank was likely to announce the reduction of its bond buying at its November meeting. The consensus jelled around the idea that the actual taper would begin in December and finished by the middle of 2022.</p><p><blockquote>会议记录预计不会发生任何事件。美联储主席杰罗姆·鲍威尔已经表示，美联储可能会在11月的会议上宣布减少债券购买。人们一致认为，实际的缩减规模将于12月开始，并于2022年中期完成。</blockquote></p><p> The minutes suggest a slightly quicker timeline. The minutes imply that the taper could begin as early as mid-November, perhaps slightly earlier than the market had been expected. There wasn’t much of a reaction, however. Bond yields remained lower on the day, while the S&P 500 fell from its high and the Dow Jones Industrial Average slipped into the red. The damage, for now, is quite minimal-with the Dow off just 0.1% and the S&P 500 up 0.2%.</p><p><blockquote>会议记录显示时间表略快。会议纪要暗示，缩减规模最早可能在11月中旬开始，可能略早于市场预期。然而，没有太大的反应。当天债券收益率仍然走低，而标准普尔500指数从高点下跌，道琼斯工业平均指数陷入亏损。就目前而言，损失相当小——道琼斯指数仅下跌0.1%，标普500指数上涨0.2%。</blockquote></p><p> That’s likely because even a slightly faster pace might not change the big picture all that much. “In our view, the bar to get moving on asset purchase tapering is very low for the Fed, and in terms of the likely composition of tapering, there appears to be considerable agreement,” writes Bob Miller, head of Americas fundamental fixed income at BlackRock. “Indeed, we already had the impression in July that the reduction in Treasury securities and MBS would occur at the same time, and assuming a November to June 2022 tapering timeline, this would imply a $15 billion reduction in the purchase pace per month, or a faster meeting-by-meeting adjustment schedule.”</p><p><blockquote>这很可能是因为即使速度稍微快一点也可能不会对大局产生太大影响。贝莱德美洲基本固定收益主管鲍勃·米勒(Bob Miller)写道：“我们认为，美联储开始缩减资产购买规模的门槛非常低，就缩减规模的可能构成而言，似乎存在相当大的共识。”“事实上，我们在7月份就已经有了这样的印象，即美国国债和MBS的缩减将同时发生，假设缩减时间表为11月至2022年6月，这将意味着每月购买速度减少150亿美元，或者更快的逐次会议调整时间表。”</blockquote></p><p> For now, though, the market seems to be taking it one day at a time.</p><p><blockquote>不过，就目前而言，市场似乎正在一天一天地接受它。</blockquote></p><p></p>","source":"lsy1601382232898","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>The Taper Is Coming, Fed Minutes Show. 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The Stock Market Isn’t Worried.<blockquote>美联储会议纪要显示，缩减规模即将到来。股市并不担心。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-14 17:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p> The stock market sold off into the end of the day for no reason on Monday and Tuesday. On Wednesday, it seems to be holding up, even after September’s Federal Reserve minutes gave it a reason to drop if it were so inclined.</p><p><blockquote>周一和周二股市无缘无故抛售至收盘。周三，即使在9月份的美联储会议纪要给了它一个下跌的理由（如果它愿意的话）之后，它似乎仍在坚持。</blockquote></p><p> The minutes were expected to be a nonevent. Fed Chair Jerome Powell had already said that the central bank was likely to announce the reduction of its bond buying at its November meeting. The consensus jelled around the idea that the actual taper would begin in December and finished by the middle of 2022.</p><p><blockquote>会议记录预计不会发生任何事件。美联储主席杰罗姆·鲍威尔已经表示，美联储可能会在11月的会议上宣布减少债券购买。人们一致认为，实际的缩减规模将于12月开始，并于2022年中期完成。</blockquote></p><p> The minutes suggest a slightly quicker timeline. The minutes imply that the taper could begin as early as mid-November, perhaps slightly earlier than the market had been expected. There wasn’t much of a reaction, however. Bond yields remained lower on the day, while the S&P 500 fell from its high and the Dow Jones Industrial Average slipped into the red. The damage, for now, is quite minimal-with the Dow off just 0.1% and the S&P 500 up 0.2%.</p><p><blockquote>会议记录显示时间表略快。会议纪要暗示，缩减规模最早可能在11月中旬开始，可能略早于市场预期。然而，没有太大的反应。当天债券收益率仍然走低，而标准普尔500指数从高点下跌，道琼斯工业平均指数陷入亏损。就目前而言，损失相当小——道琼斯指数仅下跌0.1%，标普500指数上涨0.2%。</blockquote></p><p> That’s likely because even a slightly faster pace might not change the big picture all that much. “In our view, the bar to get moving on asset purchase tapering is very low for the Fed, and in terms of the likely composition of tapering, there appears to be considerable agreement,” writes Bob Miller, head of Americas fundamental fixed income at BlackRock. “Indeed, we already had the impression in July that the reduction in Treasury securities and MBS would occur at the same time, and assuming a November to June 2022 tapering timeline, this would imply a $15 billion reduction in the purchase pace per month, or a faster meeting-by-meeting adjustment schedule.”</p><p><blockquote>这很可能是因为即使速度稍微快一点也可能不会对大局产生太大影响。贝莱德美洲基本固定收益主管鲍勃·米勒(Bob Miller)写道：“我们认为，美联储开始缩减资产购买规模的门槛非常低，就缩减规模的可能构成而言，似乎存在相当大的共识。”“事实上，我们在7月份就已经有了这样的印象，即美国国债和MBS的缩减将同时发生，假设缩减时间表为11月至2022年6月，这将意味着每月购买速度减少150亿美元，或者更快的逐次会议调整时间表。”</blockquote></p><p> For now, though, the market seems to be taking it one day at a time.</p><p><blockquote>不过，就目前而言，市场似乎正在一天一天地接受它。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/stock-market-fed-minutes-51634152288?mod=hp_LATEST\">Barrons</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":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.barrons.com/articles/stock-market-fed-minutes-51634152288?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191878905","content_text":"The stock market sold off into the end of the day for no reason on Monday and Tuesday. On Wednesday, it seems to be holding up, even after September’s Federal Reserve minutes gave it a reason to drop if it were so inclined.\nThe minutes were expected to be a nonevent. Fed Chair Jerome Powell had already said that the central bank was likely to announce the reduction of its bond buying at its November meeting. The consensus jelled around the idea that the actual taper would begin in December and finished by the middle of 2022.\nThe minutes suggest a slightly quicker timeline. The minutes imply that the taper could begin as early as mid-November, perhaps slightly earlier than the market had been expected. There wasn’t much of a reaction, however. Bond yields remained lower on the day, while the S&P 500 fell from its high and the Dow Jones Industrial Average slipped into the red. The damage, for now, is quite minimal-with the Dow off just 0.1% and the S&P 500 up 0.2%.\nThat’s likely because even a slightly faster pace might not change the big picture all that much. “In our view, the bar to get moving on asset purchase tapering is very low for the Fed, and in terms of the likely composition of tapering, there appears to be considerable agreement,” writes Bob Miller, head of Americas fundamental fixed income at BlackRock. “Indeed, we already had the impression in July that the reduction in Treasury securities and MBS would occur at the same time, and assuming a November to June 2022 tapering timeline, this would imply a $15 billion reduction in the purchase pace per month, or a faster meeting-by-meeting adjustment schedule.”\nFor now, though, the market seems to be taking it one day at a time.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1943,"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":16,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/825198712"}
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