美联储没有提高利率，但“即将”采取另一重大举措

上周三，美联储宣布维持利率不变，并表示“即将”开始逐步缩减其持有的大量债券，作为对美国经济充满信心的一种表现。

美国中央银行将贷款基准利率维持在1%至1.25%的目标区间内，并表示将继续实施缓慢的货币紧缩政策。这一政策自2015年实施以来，提高了一个百分点的利率。

在为期两天的会议之后，美联储的利率制定委员会在声明中称，目前美国经济增长适度，就业增长也很稳定。但该委员会指出，全面通胀率和衡量潜在价格涨幅的指标均有所下降。委员会还表示会对价格趋势“密切监控”。

美联储称：“委员会即将启动资产负债表正常化程序。”并补充表示，将按照6月制定的一份方案来实施该计划。

为应对2007-2009年的金融危机和经济衰退，美联储将利率降低至几乎为零。之后在债券购买狂潮中，美联储向经济注入了3万亿美元，以进一步降低利率。

但目前，美联储的资产负债表已增至4.5万亿美元。

清理资产负债表标志着这一备受争议的工具将告终结。这一工具曾受到国会共和党议员的批评。尽管美联储研究人员得出的结论是，购买债券只会小幅提振经济，但美联储主席珍妮特·耶伦曾说过，如果经济再出现深度衰退，美国央行可能会再次实施资产购买计划。

稳定的新增就业机会使美国的失业率降到了4.3%，这是近16年来的最低点。然而，美联储的决策者表示，劳动力市场的快速发展最终可能会推高通胀率。

美联储此前曾暗示，将于今年开始削减其持有的美国国债和政府支持的抵押贷款债券。路透社的经济学家预计这一消息将于9月份正式公布。

与此同时，今年通货膨胀的放缓引起了一些美联储官员的不安，他们担心通货膨胀率已经低于美国央行设定的2%了，而2%是美国央行设定的五年目标。

今年5月，美联储对潜在通胀风险进行评估的首选指标下降到1.4%。而在2月，这一数字为1.8%。

美联储的决策者一致通过了周三的这一决定。（财富中文网）

译者：Amelia Huang

The Federal Reserve kept interest rates unchanged on Wednesday and said it expected to start winding down its massive holdings of bonds "relatively soon" in a sign of confidence in the U.S. economy.

The U.S. central bank kept its benchmark lending rate in a target range of 1% to 1.25% and said it was continuing the slow path of monetary tightening that has lifted rates by a percentage point since 2015.

In a statement following a two-day policy meeting, the Fed's rate-setting committee indicated the economy was growing moderately and job gains had been solid. But it noted that both overall inflation and a measure of underlying price gains had declined and said it would "carefully monitor" price trends.

"The committee expects to begin implementing its balance sheet normalization program relatively soon," the Fed said, adding that it would follow a plan outlined in June.

After pushing rates nearly to zero to fight the 2007-2009 financial crisis and recession, the Fed pumped over $3 trillion into the economy in a bond-buying spree to further reduce rates.

Its balance sheet has grown to $4.5 trillion.

Unwinding the balance sheet will mark the end of a controversial tool that drew criticism from Republican lawmakers in Congress. While Fed researchers have concluded the bond buying only modestly boosted the economy, Fed Chair Janet Yellen has said the central bank could use asset purchases again if the economy fell into a deep rut.

Steady job creation in the economy has pushed the U.S. unemployment rate to 4.3%, near a 16-year low. Fed policymakers, however, have said labor market strength could eventually push inflation too high.

The Fed had previously signaled it would begin this year to trim its holdings of U.S. Treasury securities and government-backed mortgage debt. Economists polled by Reuters expect that announcement will come in September.

At the same time, a slowdown in inflation this year has caused jitters among some Fed officials who are already concerned that inflation has been below the central bank's 2% target for five years.

The Fed's preferred measure of underlying inflation dropped to 1.4% in May. It was 1.8% in February.

No Fed policymakers dissented in Wednesday's decision.