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美联储危险的新使命

伦敦—“这个世界只有两出悲剧,”奥斯卡·王尔德(Oscar Wilde)曾经写道,“一是得不到想要的,而是得到。”随着美联储逐渐接近实现国内经济目标,它面临着日益增加的货币政策正常化的压力。但国内经济已不再是美联储决策的唯一考虑因素。相反,美国的货币政策已经明白无误地有了新的使命:促进全球金融稳定。

1913年,美国国会建立了美联储,它是一个从党派政治中分离出来的独立机构,其任务是保证国内物价稳定和国内就业最大化。其角色随时间而扩大,和许多发达国家的同道机构一样,自2008年全球金融危机以来,美联储也采取了日益非常规的货币政策——量化宽松、信用宽松、前瞻指引,等等。

如今,非常规已经成为常规。这一代全球市场参与者只识低(甚至负)利率和人为抬高的资产价格。

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