

Though Polish voters in October ousted their right-wing populist government, recent elections in Slovakia and the Netherlands show that populism remains as malign and potent a political force as ever in Europe. But these outcomes also hold important lessons for the United States, where the specter of Donald Trump’s return to the White House haunts the runup to the 2024 presidential election.
伦敦—美联储几乎肯定要在12月6日的美联储公开市场委员会政策会议上开始升息。企业、投资者和决策者对于近零利率时代的结束、2004—2008年货币紧缩周期结束以来的首次升息应该抱以多大的担忧?
美联储主席珍妮特·耶伦反复说,即将到来的一连串升息将比此前的货币周期缓慢得多,并预测利率的峰值也要更低。央行官员的这种承诺永远不能太当回事,因为他们的职责决定了他们常常要故意误导投资者,但有很好的理由相信美联储“更长时间更低利率”的承诺是真诚的。
美联储的首要目标是提高通胀率,并确保它保持在2%以上。要实现这一点,耶伦必须将利率保持在极低水平,即使通胀率已经开始上升,正如其前任保罗·沃尔克(Paul Volcker)在20世纪80年代将利率保持在极高水平,即使通胀已经开始下降。这一政策上的反转背后的逻辑是2008年危机以来美国和全世界央行目标的变化。
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
Subscribe
As a registered user, you can enjoy more PS content every month – for free.
Register
Already have an account? Log in