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2021-11-22

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Biden Nears Endgame on Fed Chair Decision<blockquote>拜登接近美联储主席决定的尾声</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":872533495,"tweetId":"872533495","gmtCreate":1637545267264,"gmtModify":1637545267335,"author":{"id":3575505100092231,"idStr":"3575505100092231","authorId":3575505100092231,"authorIdStr":"3575505100092231","name":"Wafu","avatar":"https://static.tigerbbs.com/0fa81128865bb0701d14c8c5b8570921","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":14,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Like please&nbsp;</body></html>","htmlText":"<html><head></head><body>Like please&nbsp;</body></html>","text":"Like please","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/872533495","repostId":1197014095,"repostType":4,"repost":{"id":"1197014095","kind":"news","pubTimestamp":1637542237,"share":"https://www.laohu8.com/m/news/1197014095?lang=zh_CN&edition=full","pubTime":"2021-11-22 08:50","market":"us","language":"en","title":"Biden Nears Endgame on Fed Chair Decision<blockquote>拜登接近美联储主席决定的尾声</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1197014095","media":"The Wall Street Journal","summary":"Choice between Jerome Powell and Lael Brainard reflects desire for policy continuity\nSome of Preside","content":"Choice between Jerome Powell and Lael Brainard reflects desire for policy continuity<blockquote>杰罗姆·鲍威尔和莱尔·布雷纳德之间的选择反映了对政策连续性的渴望</blockquote> <img src=\"https://static.tigerbbs.com/154d7fe3bb83dc00681ba60f19626ac5\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\">Some of President Biden’s advisers prefer elevating Fed governor Lael Brainard in order to mollify progressives and ease their discontent.<blockquote>拜登总统的一些顾问更倾向于提拔美联储理事莱尔-布雷纳德（Lael Brainard），以安抚进步人士，缓解他们的不满情绪。</blockquote> President Biden faces one of the most important economic policy decisions of his presidency, which is expected this week, when deciding who should lead the Federal Reserve when Chairman Jerome Powell’s term expires in February.<blockquote>拜登总统将面临其总统任期内最重要的经济政策决定之一，预计将于本周做出，届时他将决定在杰罗姆-鲍威尔（Jerome Powell）主席任期届满后谁应该领导美联储。</blockquote> Mr. Biden has signaled&nbsp;he is looking for continuity in Fed policy&nbsp;because he is considering whether to reappoint Mr. Powell for a second four-year term or elevate governor Lael Brainard, who has strongly backed the central bank’s interest rate policy over the past four years.<blockquote>拜登先生已表示，他正在寻求美联储政策的连续性，因为他正在考虑是重新任命鲍威尔先生连任四年，还是提拔行长莱尔-布雷纳德（Lael Brainard），后者在过去四年中一直大力支持美联储的利率政策。</blockquote> Instead, the president’s choice&nbsp;may turn on politics&nbsp;rather than economics, because Mr. Powell’s candidacy has divided progressive Democrats and led to competing views inside the Biden administration.<blockquote>相反，总统的选择可能会取决于政治而非经济，因为鲍威尔先生的参选使进步民主党人产生分歧，并导致拜登政府内部意见相左。</blockquote> Mr. Biden’s senior advisers remain focused on securing Democratic support for their $1.85 trillion healthcare, education and climate-change package, which the House&nbsp;approved last week. The intraparty split over the Fed decision has complicated their political calculus as they seek to narrow Democrats’ differences over the spending package, according to people familiar with the matter.<blockquote>拜登先生的高级顾问们仍然专注于争取民主党对众议院上周批准的1.85万亿美元医疗、教育和气候变化一揽子计划的支持。据知情人士透露，党内围绕美联储决定的分歧使他们的政治算盘变得复杂，因为他们试图缩小民主党人在支出方案上的分歧。</blockquote> One group of Democratic lawmakers, which includes Massachusetts Sen. Elizabeth Warren, has called on Mr. Biden to install a new Fed chair because they want the central bank to take a tougher approach on bank regulation and to use those supervisory powers more aggressively to address climate change. They are also eager to see more diversity at the senior ranks of the U.S. government.<blockquote>包括马萨诸塞州参议员伊丽莎白·沃伦在内的一群民主党议员呼吁拜登任命一位新的美联储主席，因为他们希望美联储对银行监管采取更强硬的态度，并更积极地利用这些监管权力来应对气候变化。他们也渴望看到美国政府高层更加多元化。</blockquote> Other Democrats have lauded Mr. Powell’s response to the coronavirus pandemic and his focus on elevating the importance of tighter labor markets, which they say greatly benefits minorities and other potential workers that typically struggle to find jobs. These backers have said strong and unique bipartisan congressional support for Mr. Powell has insulated the central bank’s policies against more intense partisanship across Washington.<blockquote>其他民主党人对鲍威尔先生对冠状病毒大流行的应对措施以及他对提升劳动力市场收紧重要性的关注表示赞赏，他们说，这极大地有利于少数族裔和其他通常难以找到工作的潜在工人。这些支持者表示，国会两党对鲍威尔先生的强有力和独特的支持使中央银行的政策免受华盛顿更激烈的党派之争的影响。</blockquote> Sen. Jon Tester (D., Mont.) said on Sunday that it would be a mistake for Mr. Biden not to renominate Mr. Powell. “I think he would be confirmed by a large margin if the president appointed him,” Mr. Tester said on NBC’s “Meet the Press,” arguing that Mr. Powell has a “proven track record.”<blockquote>参议员乔恩·泰斯特（蒙大拿州民主党）周日表示，拜登不重新提名鲍威尔将是一个错误。“泰斯特先生在美国全国广播公司（NBC）的 “会见新闻界 ”节目中说：”我认为，如果总统任命鲍威尔先生，他将以很大的优势获得确认。</blockquote> <img src=\"https://static.tigerbbs.com/27a30d50da4bc42b7f7acd9f25fb62dd\" tg-width=\"1050\" tg-height=\"701\" width=\"100%\" height=\"auto\">Jerome Powell would likely face an easier path to Senate confirmation for a second term as Fed chairman.<blockquote>杰罗姆·鲍威尔可能会面临一条更容易获得参议院确认连任美联储主席的道路。</blockquote> White House officials said&nbsp;Mr. Biden will announce his decision before Thanksgiving. The announcement is expected before the president leaves for his holiday trip to Nantucket, Mass., on Tuesday.<blockquote>白宫官员说。拜登将在感恩节前宣布他的决定。预计总统将在前往马萨诸塞州楠塔基特岛度假之前宣布这一消息。，周二。</blockquote> Mr. Biden’s advisers have been divided over the Fed chair pick, with some preferring Ms. Brainard to mollify progressives and ease their discontent as Mr. Biden’s spending ambitions are narrowed by moderates’ objections. Others, including Treasury Secretary Janet Yellen, prefer to maintain continuity at the Fed and to avoid further politicizing central-bank policy by keeping Mr. Powell.<blockquote>拜登先生的顾问们在美联储主席人选问题上存在分歧，一些人更倾向于布雷纳德女士来安抚进步人士，缓解他们的不满，因为拜登先生的支出雄心因温和派的反对而受到限制。包括财政部长珍妮特·耶伦在内的其他人更倾向于保持美联储的连续性，并通过留住鲍威尔来避免央行政策进一步政治化。</blockquote> The political implications partly explain why Mr. Biden’s decision is being made later than his predecessors. Advisers have seen little reason to decide on the Fed chair since the decision could upset lawmakers no matter whom he picks and since Mr. Biden needs all Democrats to support his spending plans amid unified Republican opposition.<blockquote>政治影响在一定程度上解释了为什么拜登先生的决定比他的前任们晚。顾问们认为几乎没有理由决定美联储主席人选，因为无论他选择谁，这一决定都可能让立法者感到不安，而且拜登需要所有民主党人在共和党的统一反对下支持他的支出计划。</blockquote> Brian Deese, the director of the White House National Economic Council, declined on Sunday to say whether Mr. Biden had made a final decision. “There are multiple positions open at the Federal Reserve, which the president will have an opportunity to nominate qualified candidates for and is looking at all of those issues,” Mr. Deese told Fox News when asked about the push by progressives to make the Fed more assertive on climate change.<blockquote>白宫国家经济委员会主任布莱恩·迪斯周日拒绝透露拜登是否已做出最终决定。“当被问及进步人士推动美联储在气候变化问题上更加自信时，迪斯先生告诉福克斯新闻：”美联储有多个职位空缺，总统将有机会提名合格的候选人，并且正在研究所有这些问题。</blockquote> In addition to the chair’s position, Mr. Biden has one vacancy to fill on the seven-seat Fed board of governors, with two more slots he can fill by January. Sen. Sherrod Brown (D., Ohio), the chairman of the Senate Banking Committee, last week hinted that the White House might announce one or two other Fed appointments at the same time as the decision on the chair.<blockquote>除了主席职位外，拜登先生在美联储七个席位的理事会中还有一个空缺需要填补，到一月份他还可以填补两个空缺。参议院银行委员会主席、俄亥俄州民主党参议员谢罗德·布朗（Sherrod Brown）上周暗示，白宫可能会在决定主席人选的同时宣布另外一两项美联储任命。</blockquote> Mr. Powell, 68 years old, is a Republican and former private-equity executive who was nominated in 2011 by then-President Barack Obama to join the Fed board and tapped in 2017 by then-President&nbsp;Donald Trump&nbsp;to lead the central bank.<blockquote>68 岁的鲍威尔是共和党人和前私募股权高管，2011 年被时任总统巴拉克·奥巴马提名加入美联储董事会，并于 2017 年被时任总统唐纳德·特朗普任命领导美联储。</blockquote> Ms. Brainard, 59, is a Democrat and an economist who joined the Fed in 2014 after working in the Obama Treasury Department and the Clinton White House on international economic issues.<blockquote>59岁的布雷纳德是一名民主党人和经济学家，在奥巴马财政部和克林顿白宫负责国际经济问题后，于2014年加入美联储。</blockquote> Mr. Biden’s political fortunes might be tied to how the next Fed chair&nbsp;responds to a period of high inflation&nbsp;that is lasting longer than the central bank or the White House anticipated.<blockquote>拜登先生的政治命运可能取决于下一任美联储主席如何应对持续时间比央行或白宫预期更长的高通胀时期。</blockquote> Both Mr. Powell and Ms. Brainard have argued this year that rising prices primarily reflect supply-chain bottlenecks that will abate on their own and shouldn’t require the Fed to slow down hiring and economic growth to put the brakes on inflation.<blockquote>鲍威尔先生和布雷纳德女士今年都认为，价格上涨主要反映了供应链瓶颈，这些瓶颈会自行缓解，不应要求美联储放缓招聘和经济增长来抑制通胀。</blockquote> Fed officials will have to decide whether or when to raise interest rates to restrain inflation. If they move too little or too late, they risk letting inflation get worse for longer. If they move too much or too soon, they risk causing an economic downturn.<blockquote>美联储官员将不得不决定是否或何时加息以抑制通胀。如果他们行动太少或太晚，他们就有可能让通货膨胀恶化更长时间。如果他们行动过多或过快，就有可能导致经济衰退。</blockquote> Two Fed officials&nbsp;last week said the central bank will discuss at its meeting in December whether to speed up plans to&nbsp;wind down the central bank’s asset-purchase program. The central bank will buy $105 billion in Treasurys and mortgage bonds this month, and $90 billion next month. At the current pace of runoff, the Fed would end purchases by June. Officials want to be done providing monetary stimulus with asset purchases before they consider raising rates.<blockquote>两名美联储官员上周表示，美联储将在 12 月的会议上讨论是否加快缩减美联储资产购买计划的计划。央行本月将购买1050亿美元的国债和抵押债券，下个月将购买900亿美元。按照目前的径流速度，美联储将在6月份结束购买。官员们希望在考虑加息之前，先通过购买资产来提供货币刺激。</blockquote> Beginning in the 1980s, presidents reappointed the sitting Fed chair, often making a political calculation that continuity in the role—particularly when the leadership was viewed as effective by Washington and Wall Street—would serve the economy best.<blockquote>从 20 世纪 80 年代开始，各国总统重新任命现任美联储主席，通常会进行政治计算，即该职位的连续性——特别是当华盛顿和华尔街认为领导力有效时——将最有利于经济。</blockquote> Then-President Trump broke that precedent in 2017, when he tapped Mr. Powell to succeed then-Chairwoman Yellen.<blockquote>时任总统特朗普在2017年打破了这一先例，当时他任命鲍威尔接替时任主席耶伦。</blockquote> Mr. Biden could continue Mr. Trump’s precedent of replacing the Fed chair with a member of his own party by opting for Ms. Brainard. “This would make the Fed chair more like every cabinet position, which is presumed to turn over when the White House changes, which would change the partisan tenor of the institution,” said Tom Graff, head of fixed income and portfolio manager at Brown Advisory. “Markets would react to that.”<blockquote>拜登先生选择布雷纳德女士，可以延续特朗普先生用本党成员取代美联储主席的先例。“布朗咨询公司（Brown Advisory）固定收益主管兼投资组合经理汤姆-格拉夫（Tom Graff）说：”这将使美联储主席更像每个内阁职位，当白宫发生变化时，内阁职位就会轮换，这将改变该机构的党派基调。“市场会对此做出反应”。</blockquote> Political strategists say that Mr. Powell likely faces an easier path to Senate confirmation, despite objections from a handful of Democrats who regard him as insufficiently aggressive on climate change or bank regulation and from some Republicans who are opposed to the easier monetary policy he has favored this year. That is because Mr. Powell is likely to attract sufficient political support from lawmakers in both parties.<blockquote>政治策略师表示，鲍威尔可能面临一条更容易获得参议院确认的道路，尽管少数民主党人认为他在气候变化或银行监管问题上不够积极，一些共和党人反对他今年支持的更宽松的货币政策。这是因为鲍威尔很可能吸引两党议员的足够政治支持。</blockquote> Mr. Powell was confirmed to his post in 2018 with 84 votes in favor. Of those senators, 68 are still in office, evenly split between the two party caucuses.<blockquote>鲍威尔先生于2018年以84票赞成被确认担任该职位。在这些参议员中，68人仍在任，平均分配给两党党团。</blockquote> Ms. Brainard likely faces a narrower confirmation path because most Republicans may oppose her. She received 61 votes during her confirmation in 2014, including from four Republicans who are still in the Senate.<blockquote>布雷纳德可能面临更窄的确认之路，因为大多数共和党人可能会反对她。她在2014年获得确认时获得了61张选票，其中包括仍在参议院的四名共和党人。</blockquote> Any prospect of a tight Senate confirmation vote could also increase uncertainty in financial markets. “Because it’s not a slam dunk that Brainard would get confirmed, it would at least be a period of significant political wrangling, whereas Powell would sail right through,” said Mr. Graff.<blockquote>参议院确认投票紧张的任何前景也可能增加金融市场的不确定性。“格拉夫先生说：”因为布雷纳德不会一蹴而就地得到确认，所以至少会是一段重大政治争论的时期，而鲍威尔则会一帆风顺。</blockquote>","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>Biden Nears Endgame on Fed Chair Decision<blockquote>拜登接近美联储主席决定的尾声</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; 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}\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\">\nBiden Nears Endgame on Fed Chair Decision<blockquote>拜登接近美联储主席决定的尾声</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-11-22 08:50\n\n</h4>\n</header>\n<article>\nChoice between Jerome Powell and Lael Brainard reflects desire for policy continuity<blockquote>杰罗姆·鲍威尔和莱尔·布雷纳德之间的选择反映了对政策连续性的渴望</blockquote> <img src=\"https://static.tigerbbs.com/154d7fe3bb83dc00681ba60f19626ac5\" tg-width=\"1290\" tg-height=\"859\" width=\"100%\" height=\"auto\">Some of President Biden’s advisers prefer elevating Fed governor Lael Brainard in order to mollify progressives and ease their discontent.<blockquote>拜登总统的一些顾问更倾向于提拔美联储理事莱尔-布雷纳德（Lael Brainard），以安抚进步人士，缓解他们的不满情绪。</blockquote> President Biden faces one of the most important economic policy decisions of his presidency, which is expected this week, when deciding who should lead the Federal Reserve when Chairman Jerome Powell’s term expires in February.<blockquote>拜登总统将面临其总统任期内最重要的经济政策决定之一，预计将于本周做出，届时他将决定在杰罗姆-鲍威尔（Jerome Powell）主席任期届满后谁应该领导美联储。</blockquote> Mr. Biden has signaled&nbsp;he is looking for continuity in Fed policy&nbsp;because he is considering whether to reappoint Mr. Powell for a second four-year term or elevate governor Lael Brainard, who has strongly backed the central bank’s interest rate policy over the past four years.<blockquote>拜登先生已表示，他正在寻求美联储政策的连续性，因为他正在考虑是重新任命鲍威尔先生连任四年，还是提拔行长莱尔-布雷纳德（Lael Brainard），后者在过去四年中一直大力支持美联储的利率政策。</blockquote> Instead, the president’s choice&nbsp;may turn on politics&nbsp;rather than economics, because Mr. Powell’s candidacy has divided progressive Democrats and led to competing views inside the Biden administration.<blockquote>相反，总统的选择可能会取决于政治而非经济，因为鲍威尔先生的参选使进步民主党人产生分歧，并导致拜登政府内部意见相左。</blockquote> Mr. Biden’s senior advisers remain focused on securing Democratic support for their $1.85 trillion healthcare, education and climate-change package, which the House&nbsp;approved last week. The intraparty split over the Fed decision has complicated their political calculus as they seek to narrow Democrats’ differences over the spending package, according to people familiar with the matter.<blockquote>拜登先生的高级顾问们仍然专注于争取民主党对众议院上周批准的1.85万亿美元医疗、教育和气候变化一揽子计划的支持。据知情人士透露，党内围绕美联储决定的分歧使他们的政治算盘变得复杂，因为他们试图缩小民主党人在支出方案上的分歧。</blockquote> One group of Democratic lawmakers, which includes Massachusetts Sen. Elizabeth Warren, has called on Mr. Biden to install a new Fed chair because they want the central bank to take a tougher approach on bank regulation and to use those supervisory powers more aggressively to address climate change. They are also eager to see more diversity at the senior ranks of the U.S. government.<blockquote>包括马萨诸塞州参议员伊丽莎白·沃伦在内的一群民主党议员呼吁拜登任命一位新的美联储主席，因为他们希望美联储对银行监管采取更强硬的态度，并更积极地利用这些监管权力来应对气候变化。他们也渴望看到美国政府高层更加多元化。</blockquote> Other Democrats have lauded Mr. Powell’s response to the coronavirus pandemic and his focus on elevating the importance of tighter labor markets, which they say greatly benefits minorities and other potential workers that typically struggle to find jobs. These backers have said strong and unique bipartisan congressional support for Mr. Powell has insulated the central bank’s policies against more intense partisanship across Washington.<blockquote>其他民主党人对鲍威尔先生对冠状病毒大流行的应对措施以及他对提升劳动力市场收紧重要性的关注表示赞赏，他们说，这极大地有利于少数族裔和其他通常难以找到工作的潜在工人。这些支持者表示，国会两党对鲍威尔先生的强有力和独特的支持使中央银行的政策免受华盛顿更激烈的党派之争的影响。</blockquote> Sen. Jon Tester (D., Mont.) said on Sunday that it would be a mistake for Mr. Biden not to renominate Mr. Powell. “I think he would be confirmed by a large margin if the president appointed him,” Mr. Tester said on NBC’s “Meet the Press,” arguing that Mr. Powell has a “proven track record.”<blockquote>参议员乔恩·泰斯特（蒙大拿州民主党）周日表示，拜登不重新提名鲍威尔将是一个错误。“泰斯特先生在美国全国广播公司（NBC）的 “会见新闻界 ”节目中说：”我认为，如果总统任命鲍威尔先生，他将以很大的优势获得确认。</blockquote> <img src=\"https://static.tigerbbs.com/27a30d50da4bc42b7f7acd9f25fb62dd\" tg-width=\"1050\" tg-height=\"701\" width=\"100%\" height=\"auto\">Jerome Powell would likely face an easier path to Senate confirmation for a second term as Fed chairman.<blockquote>杰罗姆·鲍威尔可能会面临一条更容易获得参议院确认连任美联储主席的道路。</blockquote> White House officials said&nbsp;Mr. Biden will announce his decision before Thanksgiving. The announcement is expected before the president leaves for his holiday trip to Nantucket, Mass., on Tuesday.<blockquote>白宫官员说。拜登将在感恩节前宣布他的决定。预计总统将在前往马萨诸塞州楠塔基特岛度假之前宣布这一消息。，周二。</blockquote> Mr. Biden’s advisers have been divided over the Fed chair pick, with some preferring Ms. Brainard to mollify progressives and ease their discontent as Mr. Biden’s spending ambitions are narrowed by moderates’ objections. Others, including Treasury Secretary Janet Yellen, prefer to maintain continuity at the Fed and to avoid further politicizing central-bank policy by keeping Mr. Powell.<blockquote>拜登先生的顾问们在美联储主席人选问题上存在分歧，一些人更倾向于布雷纳德女士来安抚进步人士，缓解他们的不满，因为拜登先生的支出雄心因温和派的反对而受到限制。包括财政部长珍妮特·耶伦在内的其他人更倾向于保持美联储的连续性，并通过留住鲍威尔来避免央行政策进一步政治化。</blockquote> The political implications partly explain why Mr. Biden’s decision is being made later than his predecessors. Advisers have seen little reason to decide on the Fed chair since the decision could upset lawmakers no matter whom he picks and since Mr. Biden needs all Democrats to support his spending plans amid unified Republican opposition.<blockquote>政治影响在一定程度上解释了为什么拜登先生的决定比他的前任们晚。顾问们认为几乎没有理由决定美联储主席人选，因为无论他选择谁，这一决定都可能让立法者感到不安，而且拜登需要所有民主党人在共和党的统一反对下支持他的支出计划。</blockquote> Brian Deese, the director of the White House National Economic Council, declined on Sunday to say whether Mr. Biden had made a final decision. “There are multiple positions open at the Federal Reserve, which the president will have an opportunity to nominate qualified candidates for and is looking at all of those issues,” Mr. Deese told Fox News when asked about the push by progressives to make the Fed more assertive on climate change.<blockquote>白宫国家经济委员会主任布莱恩·迪斯周日拒绝透露拜登是否已做出最终决定。“当被问及进步人士推动美联储在气候变化问题上更加自信时，迪斯先生告诉福克斯新闻：”美联储有多个职位空缺，总统将有机会提名合格的候选人，并且正在研究所有这些问题。</blockquote> In addition to the chair’s position, Mr. Biden has one vacancy to fill on the seven-seat Fed board of governors, with two more slots he can fill by January. Sen. Sherrod Brown (D., Ohio), the chairman of the Senate Banking Committee, last week hinted that the White House might announce one or two other Fed appointments at the same time as the decision on the chair.<blockquote>除了主席职位外，拜登先生在美联储七个席位的理事会中还有一个空缺需要填补，到一月份他还可以填补两个空缺。参议院银行委员会主席、俄亥俄州民主党参议员谢罗德·布朗（Sherrod Brown）上周暗示，白宫可能会在决定主席人选的同时宣布另外一两项美联储任命。</blockquote> Mr. Powell, 68 years old, is a Republican and former private-equity executive who was nominated in 2011 by then-President Barack Obama to join the Fed board and tapped in 2017 by then-President&nbsp;Donald Trump&nbsp;to lead the central bank.<blockquote>68 岁的鲍威尔是共和党人和前私募股权高管，2011 年被时任总统巴拉克·奥巴马提名加入美联储董事会，并于 2017 年被时任总统唐纳德·特朗普任命领导美联储。</blockquote> Ms. Brainard, 59, is a Democrat and an economist who joined the Fed in 2014 after working in the Obama Treasury Department and the Clinton White House on international economic issues.<blockquote>59岁的布雷纳德是一名民主党人和经济学家，在奥巴马财政部和克林顿白宫负责国际经济问题后，于2014年加入美联储。</blockquote> Mr. Biden’s political fortunes might be tied to how the next Fed chair&nbsp;responds to a period of high inflation&nbsp;that is lasting longer than the central bank or the White House anticipated.<blockquote>拜登先生的政治命运可能取决于下一任美联储主席如何应对持续时间比央行或白宫预期更长的高通胀时期。</blockquote> Both Mr. Powell and Ms. Brainard have argued this year that rising prices primarily reflect supply-chain bottlenecks that will abate on their own and shouldn’t require the Fed to slow down hiring and economic growth to put the brakes on inflation.<blockquote>鲍威尔先生和布雷纳德女士今年都认为，价格上涨主要反映了供应链瓶颈，这些瓶颈会自行缓解，不应要求美联储放缓招聘和经济增长来抑制通胀。</blockquote> Fed officials will have to decide whether or when to raise interest rates to restrain inflation. If they move too little or too late, they risk letting inflation get worse for longer. If they move too much or too soon, they risk causing an economic downturn.<blockquote>美联储官员将不得不决定是否或何时加息以抑制通胀。如果他们行动太少或太晚，他们就有可能让通货膨胀恶化更长时间。如果他们行动过多或过快，就有可能导致经济衰退。</blockquote> Two Fed officials&nbsp;last week said the central bank will discuss at its meeting in December whether to speed up plans to&nbsp;wind down the central bank’s asset-purchase program. The central bank will buy $105 billion in Treasurys and mortgage bonds this month, and $90 billion next month. At the current pace of runoff, the Fed would end purchases by June. Officials want to be done providing monetary stimulus with asset purchases before they consider raising rates.<blockquote>两名美联储官员上周表示，美联储将在 12 月的会议上讨论是否加快缩减美联储资产购买计划的计划。央行本月将购买1050亿美元的国债和抵押债券，下个月将购买900亿美元。按照目前的径流速度，美联储将在6月份结束购买。官员们希望在考虑加息之前，先通过购买资产来提供货币刺激。</blockquote> Beginning in the 1980s, presidents reappointed the sitting Fed chair, often making a political calculation that continuity in the role—particularly when the leadership was viewed as effective by Washington and Wall Street—would serve the economy best.<blockquote>从 20 世纪 80 年代开始，各国总统重新任命现任美联储主席，通常会进行政治计算，即该职位的连续性——特别是当华盛顿和华尔街认为领导力有效时——将最有利于经济。</blockquote> Then-President Trump broke that precedent in 2017, when he tapped Mr. Powell to succeed then-Chairwoman Yellen.<blockquote>时任总统特朗普在2017年打破了这一先例，当时他任命鲍威尔接替时任主席耶伦。</blockquote> Mr. Biden could continue Mr. Trump’s precedent of replacing the Fed chair with a member of his own party by opting for Ms. Brainard. “This would make the Fed chair more like every cabinet position, which is presumed to turn over when the White House changes, which would change the partisan tenor of the institution,” said Tom Graff, head of fixed income and portfolio manager at Brown Advisory. “Markets would react to that.”<blockquote>拜登先生选择布雷纳德女士，可以延续特朗普先生用本党成员取代美联储主席的先例。“布朗咨询公司（Brown Advisory）固定收益主管兼投资组合经理汤姆-格拉夫（Tom Graff）说：”这将使美联储主席更像每个内阁职位，当白宫发生变化时，内阁职位就会轮换，这将改变该机构的党派基调。“市场会对此做出反应”。</blockquote> Political strategists say that Mr. Powell likely faces an easier path to Senate confirmation, despite objections from a handful of Democrats who regard him as insufficiently aggressive on climate change or bank regulation and from some Republicans who are opposed to the easier monetary policy he has favored this year. That is because Mr. Powell is likely to attract sufficient political support from lawmakers in both parties.<blockquote>政治策略师表示，鲍威尔可能面临一条更容易获得参议院确认的道路，尽管少数民主党人认为他在气候变化或银行监管问题上不够积极，一些共和党人反对他今年支持的更宽松的货币政策。这是因为鲍威尔很可能吸引两党议员的足够政治支持。</blockquote> Mr. Powell was confirmed to his post in 2018 with 84 votes in favor. Of those senators, 68 are still in office, evenly split between the two party caucuses.<blockquote>鲍威尔先生于2018年以84票赞成被确认担任该职位。在这些参议员中，68人仍在任，平均分配给两党党团。</blockquote> Ms. Brainard likely faces a narrower confirmation path because most Republicans may oppose her. She received 61 votes during her confirmation in 2014, including from four Republicans who are still in the Senate.<blockquote>布雷纳德可能面临更窄的确认之路，因为大多数共和党人可能会反对她。她在2014年获得确认时获得了61张选票，其中包括仍在参议院的四名共和党人。</blockquote> Any prospect of a tight Senate confirmation vote could also increase uncertainty in financial markets. “Because it’s not a slam dunk that Brainard would get confirmed, it would at least be a period of significant political wrangling, whereas Powell would sail right through,” said Mr. Graff.<blockquote>参议院确认投票紧张的任何前景也可能增加金融市场的不确定性。“格拉夫先生说：”因为布雷纳德不会一蹴而就地得到确认，所以至少会是一段重大政治争论的时期，而鲍威尔则会一帆风顺。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/biden-fed-powell-brainard-democrats-11637512176?mod=hp_lead_pos2\">The Wall Street Journal</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":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.wsj.com/articles/biden-fed-powell-brainard-democrats-11637512176?mod=hp_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197014095","content_text":"Choice between Jerome Powell and Lael Brainard reflects desire for policy continuity\nSome of President Biden’s advisers prefer elevating Fed governor Lael Brainard in order to mollify progressives and ease their discontent.\nPresident Biden faces one of the most important economic policy decisions of his presidency, which is expected this week, when deciding who should lead the Federal Reserve when Chairman Jerome Powell’s term expires in February.\nMr. Biden has signaled he is looking for continuity in Fed policy because he is considering whether to reappoint Mr. Powell for a second four-year term or elevate governor Lael Brainard, who has strongly backed the central bank’s interest rate policy over the past four years.\nInstead, the president’s choice may turn on politics rather than economics, because Mr. Powell’s candidacy has divided progressive Democrats and led to competing views inside the Biden administration.\nMr. Biden’s senior advisers remain focused on securing Democratic support for their $1.85 trillion healthcare, education and climate-change package, which the House approved last week. The intraparty split over the Fed decision has complicated their political calculus as they seek to narrow Democrats’ differences over the spending package, according to people familiar with the matter.\nOne group of Democratic lawmakers, which includes Massachusetts Sen. Elizabeth Warren, has called on Mr. Biden to install a new Fed chair because they want the central bank to take a tougher approach on bank regulation and to use those supervisory powers more aggressively to address climate change. They are also eager to see more diversity at the senior ranks of the U.S. government.\nOther Democrats have lauded Mr. Powell’s response to the coronavirus pandemic and his focus on elevating the importance of tighter labor markets, which they say greatly benefits minorities and other potential workers that typically struggle to find jobs. These backers have said strong and unique bipartisan congressional support for Mr. Powell has insulated the central bank’s policies against more intense partisanship across Washington.\nSen. Jon Tester (D., Mont.) said on Sunday that it would be a mistake for Mr. Biden not to renominate Mr. Powell. “I think he would be confirmed by a large margin if the president appointed him,” Mr. Tester said on NBC’s “Meet the Press,” arguing that Mr. Powell has a “proven track record.”\nJerome Powell would likely face an easier path to Senate confirmation for a second term as Fed chairman.\nWhite House officials said Mr. Biden will announce his decision before Thanksgiving. The announcement is expected before the president leaves for his holiday trip to Nantucket, Mass., on Tuesday.\nMr. Biden’s advisers have been divided over the Fed chair pick, with some preferring Ms. Brainard to mollify progressives and ease their discontent as Mr. Biden’s spending ambitions are narrowed by moderates’ objections. Others, including Treasury Secretary Janet Yellen, prefer to maintain continuity at the Fed and to avoid further politicizing central-bank policy by keeping Mr. Powell.\nThe political implications partly explain why Mr. Biden’s decision is being made later than his predecessors. Advisers have seen little reason to decide on the Fed chair since the decision could upset lawmakers no matter whom he picks and since Mr. Biden needs all Democrats to support his spending plans amid unified Republican opposition.\nBrian Deese, the director of the White House National Economic Council, declined on Sunday to say whether Mr. Biden had made a final decision. “There are multiple positions open at the Federal Reserve, which the president will have an opportunity to nominate qualified candidates for and is looking at all of those issues,” Mr. Deese told Fox News when asked about the push by progressives to make the Fed more assertive on climate change.\nIn addition to the chair’s position, Mr. Biden has one vacancy to fill on the seven-seat Fed board of governors, with two more slots he can fill by January. Sen. Sherrod Brown (D., Ohio), the chairman of the Senate Banking Committee, last week hinted that the White House might announce one or two other Fed appointments at the same time as the decision on the chair.\nMr. Powell, 68 years old, is a Republican and former private-equity executive who was nominated in 2011 by then-President Barack Obama to join the Fed board and tapped in 2017 by then-President Donald Trump to lead the central bank.\nMs. Brainard, 59, is a Democrat and an economist who joined the Fed in 2014 after working in the Obama Treasury Department and the Clinton White House on international economic issues.\nMr. Biden’s political fortunes might be tied to how the next Fed chair responds to a period of high inflation that is lasting longer than the central bank or the White House anticipated.\nBoth Mr. Powell and Ms. Brainard have argued this year that rising prices primarily reflect supply-chain bottlenecks that will abate on their own and shouldn’t require the Fed to slow down hiring and economic growth to put the brakes on inflation.\nFed officials will have to decide whether or when to raise interest rates to restrain inflation. If they move too little or too late, they risk letting inflation get worse for longer. If they move too much or too soon, they risk causing an economic downturn.\nTwo Fed officials last week said the central bank will discuss at its meeting in December whether to speed up plans to wind down the central bank’s asset-purchase program. The central bank will buy $105 billion in Treasurys and mortgage bonds this month, and $90 billion next month. At the current pace of runoff, the Fed would end purchases by June. Officials want to be done providing monetary stimulus with asset purchases before they consider raising rates.\nBeginning in the 1980s, presidents reappointed the sitting Fed chair, often making a political calculation that continuity in the role—particularly when the leadership was viewed as effective by Washington and Wall Street—would serve the economy best.\nThen-President Trump broke that precedent in 2017, when he tapped Mr. Powell to succeed then-Chairwoman Yellen.\nMr. Biden could continue Mr. Trump’s precedent of replacing the Fed chair with a member of his own party by opting for Ms. Brainard. “This would make the Fed chair more like every cabinet position, which is presumed to turn over when the White House changes, which would change the partisan tenor of the institution,” said Tom Graff, head of fixed income and portfolio manager at Brown Advisory. “Markets would react to that.”\nPolitical strategists say that Mr. Powell likely faces an easier path to Senate confirmation, despite objections from a handful of Democrats who regard him as insufficiently aggressive on climate change or bank regulation and from some Republicans who are opposed to the easier monetary policy he has favored this year. That is because Mr. Powell is likely to attract sufficient political support from lawmakers in both parties.\nMr. Powell was confirmed to his post in 2018 with 84 votes in favor. Of those senators, 68 are still in office, evenly split between the two party caucuses.\nMs. Brainard likely faces a narrower confirmation path because most Republicans may oppose her. She received 61 votes during her confirmation in 2014, including from four Republicans who are still in the Senate.\nAny prospect of a tight Senate confirmation vote could also increase uncertainty in financial markets. “Because it’s not a slam dunk that Brainard would get confirmed, it would at least be a period of significant political wrangling, whereas Powell would sail right through,” said Mr. Graff.","news_type":1,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1052,"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":10,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/872533495"}