預(yù)測(cè)：美聯(lián)儲(chǔ)今年將三次加息

A buoyant stock market and improving US growth have given the Federal Reserve cover to lift interest rates three times this year, including when it meets in less than two weeks, a Financial Times survey of top economists found.

英國(guó)《金融時(shí)報(bào)》對(duì)頂級(jí)經(jīng)濟(jì)學(xué)家的一項(xiàng)調(diào)查發(fā)現(xiàn)，牛氣十足的股票市場(chǎng)和不斷好轉(zhuǎn)的美國(guó)經(jīng)濟(jì)增長(zhǎng)將使得美聯(lián)儲(chǔ)(Federal Reserve)有理由在今年三次上調(diào)利率，包括在不到兩周后開(kāi)會(huì)期間決定加息。

Roughly three-quarters of the 43 experts surveyed said the Fed would raise rates by 75 basis points this year, a capitulation from months earlier when economists and markets said policymaker projections were too optimistic.

在接受調(diào)查的43名專家中，約有四分之三表示，美聯(lián)儲(chǔ)今年將加息75個(gè)基點(diǎn)，這相當(dāng)于承認(rèn)他們?cè)趲讉€(gè)月前所作的判斷有誤，當(dāng)時(shí)經(jīng)濟(jì)學(xué)家和市場(chǎng)都表示，政策制定者們的預(yù)測(cè)過(guò)于樂(lè)觀。

Hawkish commentary from those policymakers over the past week, rising inflation expectations, higher sovereign bond yields and record stock market valuations have left nine out of 10 economists predicting the Fed will lift interest rates by a quarter point this month, to a range of 0.75 per cent to 1 per cent.

美聯(lián)儲(chǔ)政策制定者在過(guò)去一周發(fā)表的鷹派言論，加上通脹預(yù)期不斷上揚(yáng)，主權(quán)債券收益率上升，以及股市估值達(dá)到創(chuàng)紀(jì)錄水平，使得10個(gè)經(jīng)濟(jì)學(xué)家中有9個(gè)預(yù)測(cè)美聯(lián)儲(chǔ)將在本月加息0.25個(gè)百分點(diǎn)，至0.75%至1%的區(qū)間。

“The Fed, which has been very comfortable maintaining excessively easy monetary policy and lagging behind markets, may quickly be put into a position of becoming uncomfortable in lagging economic and inflation realities,” said Berenberg economist Mickey Levy.

“迄今一直對(duì)維持過(guò)度寬松的貨幣政策和滯后于市場(chǎng)感到非常舒適的美聯(lián)儲(chǔ)，可能很快陷入對(duì)經(jīng)濟(jì)和通脹現(xiàn)實(shí)滯后感到不舒服的境地，”貝倫貝格(Berenberg)經(jīng)濟(jì)學(xué)家米基•萊維(Mickey Levy)表示。

The median economist projection is a federal funds rate at 1.375 per cent by the end of 2017, and 2.125 per cent by December 2018. Market measures of trader bets also imply three 25 basis-point rate rises this year.

經(jīng)濟(jì)學(xué)家們做出的中位數(shù)預(yù)測(cè)是，2017年底聯(lián)邦基金利率將為1.375%，2018年12月將為2.125%。從市場(chǎng)行情看，交易員們也押注今年三次加息，每次上調(diào)25個(gè)基點(diǎn)。

Almost three-quarters of economists polled expect the US central bank to stop or reduce reinvestment of coupons and principle from securities it holds in early to mid-2018.

近四分之三受訪經(jīng)濟(jì)學(xué)家預(yù)期，美國(guó)央行將在2018年初到年中停止或減少對(duì)其所持證券的本息進(jìn)行再投資。

Several warn forecasts could be upended if spending, deregulation and tax cuts push faster growth. Two-thirds said they expected “substantive tax reform” by year-end.

多名經(jīng)濟(jì)學(xué)家警告，如果支出、放松管制和減稅推動(dòng)經(jīng)濟(jì)更快增長(zhǎng)，當(dāng)前預(yù)測(cè)可能不準(zhǔn)。三分之二的受訪者表示，他們預(yù)計(jì)美國(guó)將在今年底之前出臺(tái)“實(shí)質(zhì)性稅制改革”。

Omair Sharif, of Société Générale, said “all bets are off on where the inflation data goes” if a border adjustment tax is passed. But he noted the Fed was willing to tolerate inflation that eclipses its policy mandate for a short time.

法國(guó)興業(yè)銀行(Société Générale)的奧邁•謝里夫(Omair Sharif)表示，如果美國(guó)國(guó)會(huì)通過(guò)邊境調(diào)整稅，誰(shuí)也不知道通脹數(shù)據(jù)將會(huì)如何變化。但他指出，短期而言，美聯(lián)儲(chǔ)愿意容忍通脹超出其政策授權(quán)的范圍。

Despite hawkish Fed comments, several economists still believed the central bank would hold fire this month.

盡管美聯(lián)儲(chǔ)官員發(fā)表了鷹派言論，但數(shù)名經(jīng)濟(jì)學(xué)家仍然相信美國(guó)央行本月將維持利率不變。

The FT conducted its survey on March 2 and 3.

英國(guó)《金融時(shí)報(bào)》是在3月2日和3日進(jìn)行調(diào)查的。