第第頁2016MPACC英語閱讀素材(五)TheFederalReservewillnotwaverfromitsaggressivepolicystancewhenoneofitstwobond-buyingprogramsexpiresatyearend,anditispreparedtodoevenmoretogetAmericansbacktowork,twoFedofficialssaidonTuesday.TheU.S.centralbank,whichlastweeklaunchedapotentiallymassivepolicy-easingeffortwithnosetenddate,willcloselywatchtheailinglabormarketformeaningfulsignsofimprovement,theFedpolicymakerssaid.Inresponsetolacklustereconomicgrowththathasnotbeenenoughtodrivetheunemploymentratedownfromlevelsabove8percent,theFedheadeddeeperintounchartedpolicyterritorywithathirdroundofquantitativeeasing,orQE3.WilliamDudley,presidentoftheNewYorkFederalReserveBank,saidtheeconomyneededa"nudgeintherightdirection,"whileCharlesEvans,headoftheChicagoFed,predictedthecentralbankwillkeepbuyingassetsatitscurrent$85billion-per-monthpaceintothenewyear."Iftheeconomyisweaker,we'lldomore"assetpurchases,saidDudley,acloseallyofFedChairmanBenBernankeandakeybarometerofthethinkinginsidethecentralbank."Iftheeconomyisstrongerandweseeasubstantialimprovementintheoutlookforthelabormarketsooner,we'llendupdoingless."Dudley,addressingtheMorrisCountyChamberofCommerceinNewJersey,added:"Ifyou'retryingtogetacarmovingthatisstuckinthemud,youdon'tstoppushingthemomentthewheelsstartturning-youkeeppushinguntilthecarisrollingandisclearlyfree."LastweektheFedsaiditplanstobuy$40billioneverymonthinmortgage-backedsecuritiesuntilthelabormarketoutlookimprovessubstantially.Thepurchasescomeontopofanexistingstimulusprograminwhichthecentralbankbuysabout$45billionamonthinlong-termTreasurieswhilesellingthesameamountofshort-termTreasuries.Thatprogram,dubbedOperationTwistanddesignedtodrivedownlong-termborrowingratessuchasmortgages,runsthroughtheendof2012.Evans,whohaslongadvocatedsuchaggressiveactionbytheFed,saidhewouldbesurprisedifthereisenoughevidencebyyear-endtohaltTreasurypurchasesaltogether."Underthoseconditions,Iwouldexpectwewouldcontinuewithsomethinglikean$85billionbaseofpurchases...that'sabenchmarktostartfrom,"hetoldreportersafteraspeechinAnnArbor,Michigan.TheFedinlate2008slashedinterestratestonearzeroandhassincebought$2.3trillioninsecuritiesinanunprecedenteddrivetospurgrowthandrevivetheeconomyaftertheworstrecessionindecades.Yettherecovery,especiallyinjobs,hasbeenslow,leadingthecentralbanktosayitexpectstokeepratesatrockbottomatleastthroughmid2015.WallStreeteconomistshavebeentryingtopinpointexactlywhatconditionswouldconstitutea"substantial"improvementintheoutlookforthelabormarket,whichtheFedlastweeksuggestedwouldhaltthenewmoney-printingprogram.Addressingthisquestion,DudleysaidtheFedwillwatchallcornersofthelabormarket,includingpayrollgrowth,thenumberofAmericanswhohavegivenupthehuntforwork,theemployment-to-population-ratioandjob-findingrates,aswellasthebroadermeasureofunemployment.Atyearend,furtherpurchasesofTreasurieswilldependonanassessmentofcostsandbenefitsandonlaborimprovement,saidDudley,whoasheadoftheimportantNewYorkregionalFedbankhasapermanentvoteonFedpolicy.Ultimately,theFedislookingforastrongerrecoveryalongsidestableprices,saidDudley."Whenthatfinallymaterializes,I'llviewitasconsistentwiththeresultwearetryingtoachieve,andnotareasontopullbackourpoliciesprematurely,"headded.INTERNALPOLICYRIFTSFedpolicymakersbroadlyagreethatU.S.unemploymentismuchtoohigh;mostalsoagreethatinflation,whichhashoveredneartheFed's2percenttarget,iswellundercontrol.Buttherecontinuetobedeepriftswithinthecentralbankoverthebestpolicyresponse.DallasFedPresidentRichardFisher,aforcefulopponentoffurthereasing,saidhewouldhavedissentedlastweekifhehadavoteonthebank'spolicy-settingFederalOpenMarketCommitteethisyear."Iwouldarguethatitislessimpactfulrightnowbecauseyouhaveotherthingsinhibitingbusinessesfrommakingdecisionsoncapexandemployment,"FishertoldCNBC."Idon'tthinkthisprogramwillhavemuchefficacy."JamesBullard,presidentoftheSt.LouisFed,expressedasimilarsentiment.WhilehehasbeenlessskepticalthanFisherabouttheuseofbondbuysasastimulusoption,BullardtoldReutershedidnotthinktheeconomicdatasufficientlyweaktowarrantthelatestroundofmonetaryeasing."Iwouldhavevotedagainstitbasedonthetiming.Ididn'tfeellikewehadagoodenoughcasetomakeamajormoveatthisjuncture,"saidBullard,whoisnotavoterthisyearontheFederalOpenMarketCommittee."Weshouldtakealittlebitmore(ofa)waitandseeposture.Ithinkthatconstellationofeconomicdatadoesn'treallydictatethedecisionthatwemade."Onlyoneofthe12FedvotingpolicymakersdissentedagainstQE3,whichcameveryclosetoaplanEvanshasadvocatedforthepastyear:avowtokeeprateslowuntilunemploymentdropsbelow7percentorinflationthreatenstotop3percent,andtobuybondsifprogressonjobsisnotfastenough."Iamoptimisticthatwecanachievebetteroutcomesthroughmoremonetarypolicyaccommodation,"EvanstoldabusinessbreakfastsponsoredbytheBankofAnnArbor."Thisisthetimetoact,"hesaid,addingthatassetpurchasescouldbegintotaperin2014ifthelabormarketimprovesasheexpects.Evanscastthedebateovermonetarypolicyasonebetweenoptimistswhobelievefurthereasingcandeliverastrongereconomy,andpessimistswhosayitwillonlysparkinflation.Pessimistshavewarnedforyearsabouthigherinflation,onlytohavetheirpredictionsfallshort,hesaid.RisksaboundthatcouldsendtheU.S.economybackintorecession,hesaid,citingapotentialglobalslowdown,spilloverfromEurope'ssovereigndebtcrisisandthelooming"fiscalcliff.""Wecannotbecomplacentandassumethattheeconomyisnotbeingdamagedifnoactionistaken,"Evanssaid.相關(guān)中文資料兩名美國(guó)聯(lián)邦儲(chǔ)備委員會(huì)(FED,美聯(lián)儲(chǔ))官員周二表示,當(dāng)兩項(xiàng)購(gòu)債計(jì)劃中的一項(xiàng)在年底到期後,美聯(lián)儲(chǔ)的積極政策立場(chǎng)不會(huì)動(dòng)搖.美聯(lián)儲(chǔ)決策者表示,美聯(lián)儲(chǔ)將密切關(guān)注疲弱的就業(yè)市場(chǎng),尋找有意義的改善跡象.美聯(lián)儲(chǔ)上周宣布了一項(xiàng)潛在規(guī)模巨大的政策寬松計(jì)劃,而且沒有設(shè)定截止日期.美國(guó)經(jīng)濟(jì)成長(zhǎng)乏力,難以壓低目前在8%以上的失業(yè)率.為此,美聯(lián)儲(chǔ)推出了第三輪量化寬松(QE3),進(jìn)一步深入前所未有的政策地帶.紐約聯(lián)邦儲(chǔ)備銀行總裁杜德利表示,美國(guó)經(jīng)濟(jì)需要"在正確的方向上推一把".而美國(guó)芝加哥聯(lián)邦儲(chǔ)備銀行總裁埃文斯預(yù)測(cè),美聯(lián)儲(chǔ)明年亦將保持目前每月買進(jìn)850億美元資產(chǎn)的速度.杜德利稱,"如果經(jīng)濟(jì)更加疲弱,我們將祭出更多"資產(chǎn)購(gòu)買行動(dòng).杜德利是美聯(lián)儲(chǔ)主席伯南克的親密盟友,他的立場(chǎng)是反映美聯(lián)儲(chǔ)內(nèi)部想法的關(guān)鍵線索."如果經(jīng)濟(jì)成長(zhǎng)較快增強(qiáng)且就業(yè)市場(chǎng)前景明顯改善,我們最終購(gòu)買的資產(chǎn)就會(huì)較少."杜德利在新澤西演講時(shí)表示,"如果你試圖使陷入泥淖里的汽車動(dòng)起來,你不會(huì)在車輪剛開始轉(zhuǎn)動(dòng)就不推了--你將一直推,直至汽車開動(dòng)并完全脫離泥淖."上周美聯(lián)儲(chǔ)稱,計(jì)劃每月購(gòu)買400億美元抵押支持債券(MBS),直到就業(yè)前景明顯改善。這一購(gòu)買計(jì)劃是在現(xiàn)有的賣短買長(zhǎng)刺激計(jì)劃的基礎(chǔ)上祭出的.在賣短買長(zhǎng)計(jì)劃中,美聯(lián)儲(chǔ)每月購(gòu)買大約450億美元的長(zhǎng)期公債,同時(shí)賣出同等數(shù)量的短期公債,這一計(jì)劃被稱為扭轉(zhuǎn)操作,旨在拉低抵押貸款利率等長(zhǎng)期借貸利率,將於2012年底到期.埃文斯稱,如果到年底有足夠的證據(jù)顯示可以完全停止公債購(gòu)買計(jì)劃,他將感到意外.埃文斯長(zhǎng)期主張美聯(lián)儲(chǔ)應(yīng)積極購(gòu)買公債."在這些情況下,我預(yù)計(jì)將保持某些行動(dòng),比如850億美元的基本購(gòu)買規(guī)模...這是一個(gè)起始標(biāo)準(zhǔn),"他在密西根演講後對(duì)記者表示.美聯(lián)儲(chǔ)上周表示,若就業(yè)市場(chǎng)前景"明顯"改善將會(huì)停止新的印鈔計(jì)畫.華爾街分析師試圖想確認(rèn)何種情況才是所謂的"明顯"改善.杜德利在回應(yīng)這個(gè)問題時(shí)說,美聯(lián)儲(chǔ)將觀察就業(yè)市場(chǎng)的各個(gè)層面,包括就業(yè)成長(zhǎng)、放棄求職的美國(guó)人數(shù)量、就業(yè)與人口之比、就職率、以及廣義的失業(yè)指標(biāo).杜德利說年底時(shí)美聯(lián)儲(chǔ)是否更進(jìn)一步買進(jìn)美國(guó)公債,將視成本及效益、以及勞動(dòng)市場(chǎng)的評(píng)估而定.杜德利是對(duì)美聯(lián)儲(chǔ)決策具有永久投票權(quán)的紐約聯(lián)邦儲(chǔ)備銀行的總裁.他表示,最終美聯(lián)儲(chǔ)尋求經(jīng)濟(jì)復(fù)蘇增強(qiáng)同時(shí)物價(jià)穩(wěn)定."當(dāng)這個(gè)目標(biāo)最終實(shí)現(xiàn)時(shí),我認(rèn)為那就是達(dá)到了我們想要的結(jié)果,而不是貿(mào)然收回政策的理由."他說.內(nèi)部政策歧見美聯(lián)儲(chǔ)決策官員