美聯(lián)儲高官：加息太快可能拖累經(jīng)濟復蘇

The Federal Reserve risks dragging down the US’s recovery by increasing interest rates while cutting back its own multi-trillion dollar balance sheet, a top Fed official has warned.

美聯(lián)儲(Fed)一位高級官員警告稱，如果美聯(lián)儲一邊提高利率，一邊縮減自身的數(shù)萬億美元資產(chǎn)負債表，就有可能拖累美國的經(jīng)濟復蘇。

James Bullard, the St Louis Fed president and one of a handful of doves in the Fed system, said lifting rates four times in 2018 could drive down inflation — especially when the central bank’s programme of reducing its asset holdings is becoming “more and more forceful”.

圣路易斯聯(lián)儲銀行(St Louis Federal Reserve)行長、美聯(lián)儲體系中為數(shù)不多的鴿派之一詹姆斯•布拉德(James Bullard)表示，2018年加息四次可能壓低通脹——尤其是在美聯(lián)儲減少資產(chǎn)持有量的計劃變得“越來越有力”的情況下。

The central bank began gradually unwinding its $4.5tn balance sheet in October last year.

去年10月，美聯(lián)儲開始逐步縮減其4.5萬億美元的資產(chǎn)負債表。

“You would not have to go very high in this environment to be in a restrictive policy stance,” Mr Bullard said in a Financial Times interview. “If we went too far we would start to put downward pressure on inflation in an environment where inflation is already below target.”

“在當前環(huán)境下，不必在限制性的政策立場上走得太遠，”布拉德在接受英國《金融時報》采訪時表示，“如果我們走得太遠，我們將開始在通脹本已低于目標的情況下給通脹帶來下行壓力。”

But the balance of opinion in the Federal Open Market Committee is becoming more hawkish, largely because of the strength of the jobs market, which added 313,000 workers last month.

但聯(lián)邦公開市場委員會(FOMC)的觀點正變得越來越鷹派，這主要是受到就業(yè)市場的鼓舞，上月就業(yè)人數(shù)增加了31.3萬人。

Lael Brainard, traditionally one of the FOMC’s leading doves, argued last week that gradual interest rates were likely to be appropriate, as headwinds to growth became tailwinds. Such comments echo the sentiments of Jay Powell, the Fed Chairman.

傳統(tǒng)上是聯(lián)邦公開市場委員會領(lǐng)先鴿派成員之一的萊爾•布雷納德(Lael Brainard)上周表示，隨著增長的逆風成了順風，漸進式加息可能是適當?shù)?。此言呼應了美?lián)儲主席杰伊•鮑威爾(Jay Powell)的觀點。