2016MPACC英語閱讀素材(五)

第第頁2016MPACC英語閱讀素材(五)TheFederalReservewillnotwaverfromitsaggressivepolicystancewhenoneofitstwobond-buyingprogramsexpiresatyearend,anditispreparedtodoevenmoretogetAmericansbacktowork,twoFedofficialssaidonTuesday.TheU.S.centralbank,whichlastweeklaunchedapotentiallymassivepolicy-easingeffortwithnosetenddate,willcloselywatchtheailinglabormarketformeaningfulsignsofimprovement,theFedpolicymakerssaid.Inresponsetolacklustereconomicgrowththathasnotbeenenoughtodrivetheunemploymentratedownfromlevelsabove8percent,theFedheadeddeeperintounchartedpolicyterritorywithathirdroundofquantitativeeasing,orQE3.WilliamDudley,presidentoftheNewYorkFederalReserveBank,saidtheeconomyneededa"nudgeintherightdirection,"whileCharlesEvans,headoftheChicagoFed,predictedthecentralbankwillkeepbuyingassetsatitscurrent$85billion-per-monthpaceintothenewyear."Iftheeconomyisweaker,we'lldomore"assetpurchases,saidDudley,acloseallyofFedChairmanBenBernankeandakeybarometerofthethinkinginsidethecentralbank."Iftheeconomyisstrongerandweseeasubstantialimprovementintheoutlookforthelabormarketsooner,we'llendupdoingless."Dudley,addressingtheMorrisCountyChamberofCommerceinNewJersey,added:"Ifyou'retryingtogetacarmovingthatisstuckinthemud,youdon'tstoppushingthemomentthewheelsstartturning-youkeeppushinguntilthecarisrollingandisclearlyfree."LastweektheFedsaiditplanstobuy$40billioneverymonthinmortgage-backedsecuritiesuntilthelabormarketoutlookimprovessubstantially.Thepurchasescomeontopofanexistingstimulusprograminwhichthecentralbankbuysabout$45billionamonthinlong-termTreasurieswhilesellingthesameamountofshort-termTreasuries.Thatprogram,dubbedOperationTwistanddesignedtodrivedownlong-termborrowingratessuchasmortgages,runsthroughtheendof2012.Evans,whohaslongadvocatedsuchaggressiveactionbytheFed,saidhewouldbesurprisedifthereisenoughevidencebyyear-endtohaltTreasurypurchasesaltogether."Underthoseconditions,Iwouldexpectwewouldcontinuewithsomethinglikean$85billionbaseofpurchases...that'sabenchmarktostartfrom,"hetoldreportersafteraspeechinAnnArbor,Michigan.TheFedinlate2008slashedinterestratestonearzeroandhassincebought$2.3trillioninsecuritiesinanunprecedenteddrivetospurgrowthandrevivetheeconomyaftertheworstrecessionindecades.Yettherecovery,especiallyinjobs,hasbeenslow,leadingthecentralbanktosayitexpectstokeepratesatrockbottomatleastthroughmid2015.WallStreeteconomistshavebeentryingtopinpointexactlywhatconditionswouldconstitutea"substantial"improvementintheoutlookforthelabormarket,whichtheFedlastweeksuggestedwouldhaltthenewmoney-printingprogram.Addressingthisquestion,DudleysaidtheFedwillwatchallcornersofthelabormarket,includingpayrollgrowth,thenumberofAmericanswhohavegivenupthehuntforwork,theemployment-to-population-ratioandjob-findingrates,aswellasthebroadermeasureofunemployment.Atyearend,furtherpurchasesofTreasurieswilldependonanassessmentofcostsandbenefitsandonlaborimprovement,saidDudley,whoasheadoftheimportantNewYorkregionalFedbankhasapermanentvoteonFedpolicy.Ultimately,theFedislookingforastrongerrecoveryalongsidestableprices,saidDudley."Whenthatfinallymaterializes,I'llviewitasconsistentwiththeresultwearetryingtoachieve,andnotareasontopullbackourpoliciesprematurely,"headded.INTERNALPOLICYRIFTSFedpolicymakersbroadlyagreethatU.S.unemploymentismuchtoohigh;mostalsoagreethatinflation,whichhashoveredneartheFed's2percenttarget,iswellundercontrol.Buttherecontinuetobedeepriftswithinthecentralbankoverthebestpolicyresponse.DallasFedPresidentRichardFisher,aforcefulopponentoffurthereasing,saidhewouldhavedissentedlastweekifhehadavoteonthebank'spolicy-settingFederalOpenMarketCommitteethisyear."Iwouldarguethatitislessimpactfulrightnowbecauseyouhaveotherthingsinhibitingbusinessesfrommakingdecisionsoncapexandemployment,"FishertoldCNBC."Idon'tthinkthisprogramwillhavemuchefficacy."JamesBullard,presidentoftheSt.LouisFed,expressedasimilarsentiment.WhilehehasbeenlessskepticalthanFisherabouttheuseofbondbuysasastimulusoption,BullardtoldReutershedidnotthinktheeconomicdatasufficientlyweaktowarrantthelatestroundofmonetaryeasing."Iwouldhavevotedagainstitbasedonthetiming.Ididn'tfeellikewehadagoodenoughcasetomakeamajormoveatthisjuncture,"saidBullard,whoisnotavoterthisyearontheFederalOpenMarketCommittee."Weshouldtakealittlebitmore(ofa)waitandseeposture.Ithinkthatconstellationofeconomicdatadoesn'treallydictatethedecisionthatwemade."Onlyoneofthe12FedvotingpolicymakersdissentedagainstQE3,whichcameveryclosetoaplanEvanshasadvocatedforthepastyear:avowtokeeprateslowuntilunemploymentdropsbelow7percentorinflationthreatenstotop3percent,andtobuybondsifprogressonjobsisnotfastenough."Iamoptimisticthatwecanachievebetteroutcomesthroughmoremonetarypolicyaccommodation,"EvanstoldabusinessbreakfastsponsoredbytheBankofAnnArbor."Thisisthetimetoact,"hesaid,addingthatassetpurchasescouldbegintotaperin2014ifthelabormarketimprovesasheexpects.Evanscastthedebateovermonetarypolicyasonebetweenoptimistswhobelievefurthereasingcandeliverastrongereconomy,andpessimistswhosayitwillonlysparkinflation.Pessimistshavewarnedforyearsabouthigherinflation,onlytohavetheirpredictionsfallshort,hesaid.RisksaboundthatcouldsendtheU.S.economybackintorecession,hesaid,citingapotentialglobalslowdown,spilloverfromEurope'ssovereigndebtcrisisandthelooming"fiscalcliff.""Wecannotbecomplacentandassumethattheeconomyisnotbeingdamagedifnoactionistaken,"Evanssaid.相關中文資料兩名美國聯(lián)邦儲備委員會(FED,美聯(lián)儲)官員周二表示,當兩項購債計劃中的一項在年底到期後,美聯(lián)儲的積極政策立場不會動搖.美聯(lián)儲決策者表示,美聯(lián)儲將密切關注疲弱的就業(yè)市場,尋找有意義的改善跡象.美聯(lián)儲上周宣布了一項潛在規(guī)模巨大的政策寬松計劃,而且沒有設定截止日期.美國經(jīng)濟成長乏力,難以壓低目前在8%以上的失業(yè)率.為此,美聯(lián)儲推出了第三輪量化寬松(QE3),進一步深入前所未有的政策地帶.紐約聯(lián)邦儲備銀行總裁杜德利表示,美國經(jīng)濟需要"在正確的方向上推一把".而美國芝加哥聯(lián)邦儲備銀行總裁埃文斯預測,美聯(lián)儲明年亦將保持目前每月買進850億美元資產(chǎn)的速度.杜德利稱,"如果經(jīng)濟更加疲弱,我們將祭出更多"資產(chǎn)購買行動.杜德利是美聯(lián)儲主席伯南克的親密盟友,他的立場是反映美聯(lián)儲內(nèi)部想法的關鍵線索."如果經(jīng)濟成長較快增強且就業(yè)市場前景明顯改善,我們最終購買的資產(chǎn)就會較少."杜德利在新澤西演講時表示,"如果你試圖使陷入泥淖里的汽車動起來,你不會在車輪剛開始轉動就不推了--你將一直推,直至汽車開動并完全脫離泥淖."上周美聯(lián)儲稱,計劃每月購買400億美元抵押支持債券(MBS),直到就業(yè)前景明顯改善。這一購買計劃是在現(xiàn)有的賣短買長刺激計劃的基礎上祭出的.在賣短買長計劃中,美聯(lián)儲每月購買大約450億美元的長期公債,同時賣出同等數(shù)量的短期公債,這一計劃被稱為扭轉操作,旨在拉低抵押貸款利率等長期借貸利率,將於2012年底到期.埃文斯稱,如果到年底有足夠的證據(jù)顯示可以完全停止公債購買計劃,他將感到意外.埃文斯長期主張美聯(lián)儲應積極購買公債."在這些情況下,我預計將保持某些行動,比如850億美元的基本購買規(guī)模...這是一個起始標準,"他在密西根演講後對記者表示.美聯(lián)儲上周表示,若就業(yè)市場前景"明顯"改善將會停止新的印鈔計畫.華爾街分析師試圖想確認何種情況才是所謂的"明顯"改善.杜德利在回應這個問題時說,美聯(lián)儲將觀察就業(yè)市場的各個層面,包括就業(yè)成長、放棄求職的美國人數(shù)量、就業(yè)與人口之比、就職率、以及廣義的失業(yè)指標.杜德利說年底時美聯(lián)儲是否更進一步買進美國公債,將視成本及效益、以及勞動市場的評估而定.杜德利是對美聯(lián)儲決策具有永久投票權的紐約聯(lián)邦儲備銀行的總裁.他表示,最終美聯(lián)儲尋求經(jīng)濟復蘇增強同時物價穩(wěn)定."當這個目標最終實現(xiàn)時,我認為那就是達到了我們想要的結果,而不是貿(mào)然收回政策的理由."他說.內(nèi)部政策歧見美聯(lián)儲決策官員