潜在的美联储政策转变的影响
文章
2019/06/06

The Fed is considering a new policy framework to better steer inflation expectations.

美联储正在考虑一个新的政策框架,以更好地控制通胀预期。

Inflation expectations have sharply fallen recently, driving down U.S. government bond yields and focusing attention on Fed policy. The market now expects three Fed rate cuts by the end of 2020. The Fed is getting concerned that its current toolkit won’t effectively counter a future recession. Hence it’s considering new strategies to boost inflation expectations, with important economic and market implications, in our view.

通胀预期近期大幅下降,推低美国国债收益率,并将注意力集中在美联储政策上。市场目前预计,美联储将在2020年底前三次降息。美联储越来越担心,它目前的政策工具无法有效应对未来的衰退。因此,在我们看来,央行正在考虑新的策略来提振通胀预期,这将对经济和市场产生重要影响。

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