美联储又挖坑

纽黑文—美联储正在走一条熟悉的高危之路。它完全否认过去的错误,正在追求渐进方针——同样的方针为2008—2009年金融危机创造了条件。这一回的结果也可能具有同样的灾难性。

以12月的联邦公开市场委员会(FOMC)会议为例。会议对提高联邦基金利率的讨论充斥着形容词而不是明白无误的行动。

美联储此前曾发布前瞻指引,表示在10月份结束长期资产购买操作后的“相当长”时间内保持近零利率。与此相应,FOMC宣布它现在可以“耐心”等待提高利率的合适条件。此外,美联储主席耶伦声称在任何利率“升空”发生前,FOMC至少还要开好几次会议,而美联储似乎也在暗示拖延政策正常化进程。

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