美聯(lián)儲(chǔ)發(fā)出近期加息信號(hào)

A number of the Federal Reserve’s policymakers signalled in their latest meeting that they were preparing to lift rates again, even as a divided body of US rate-setters continued to agonise about the risks posed by persistently soggy inflation.

美聯(lián)儲(chǔ)(Fed)多名政策制定者在最近一次會(huì)議上表示，他們準(zhǔn)備再次加息，盡管意見(jiàn)分歧的美國(guó)利率制定者仍然擔(dān)心持續(xù)低迷的通脹所構(gòu)成的風(fēng)險(xiǎn)。

Faced with above-trend growth and a labour market that was operating at or beyond full employment, many Fed policymakers said in their October 31 to November 1 meeting that another increase in the Fed’s target range would probably be needed “in the near term” if the economy stays on track.

面對(duì)高于趨勢(shì)線的增長(zhǎng)以及達(dá)到甚至超過(guò)充分就業(yè)水平的勞動(dòng)力市場(chǎng)，美聯(lián)儲(chǔ)的多名政策制定者在10月31日至11月1日的會(huì)議上表示，如果美國(guó)經(jīng)濟(jì)繼續(xù)保持這樣的軌跡，美聯(lián)儲(chǔ)的利率目標(biāo)區(qū)間可能需要“在短期內(nèi)”再次提升。

However that was not the unanimous view, and minutes to the latest meeting revealed a central bank that is still struggling to get to grips with the implications of sub-target inflation. Many policymakers warned inflation may remain below target for longer than they had expected, as they flagged up the risk of persistent drags on price growth. A number said they were worried a fall in longer-term inflation expectations could make it harder to return inflation to target.

然而，這并非美聯(lián)儲(chǔ)內(nèi)部一致的觀點(diǎn)，最近一次會(huì)議的紀(jì)要顯示，美國(guó)央行仍在艱難判斷低于目標(biāo)的通脹的潛在影響。多名政策制定者警告稱，通脹低于目標(biāo)水平的時(shí)間可能比他們之前預(yù)期的更久，他們指出了持續(xù)拖累物價(jià)上漲的風(fēng)險(xiǎn)。一些政策制定者表示，他們擔(dān)心較長(zhǎng)期通脹預(yù)期的下降，可能會(huì)讓通脹更難回歸目標(biāo)水平。

Weighing into the debate over further rate rises is the risk that the long spell of low interest rates could stoke up excesses in financial markets. Several participants in the latest meeting flagged up worries about the issue, expressing concerns about “a potential build-up of financial imbalances”.

長(zhǎng)期低利率可能助長(zhǎng)金融市場(chǎng)過(guò)分行為的風(fēng)險(xiǎn)，也影響著圍繞進(jìn)一步加息的辯論。最近一次會(huì)議的幾名與會(huì)者提出了對(duì)這一問(wèn)題的擔(dān)憂，他們對(duì)“金融失衡的潛在積累”表示關(guān)切。

Gold and Treasury prices slightly extended their gains following the release of the minutes, with the yield on the 10-year Treasury, which moves inversely to prices, at 2.3294 per cent from the 2.3347 per cent it stood at before their publication. US stocks were little changed.

在會(huì)議紀(jì)要公布后，金價(jià)和國(guó)債價(jià)格略微擴(kuò)大了漲幅，10年期國(guó)債收益率——與價(jià)格運(yùn)行方向相反——從紀(jì)要公布前的2.3347%降至2.3294%。美國(guó)股市基本未受影響。