評論
打印
Leaders
領導者
American monetary policy: Check yourself
美國貨幣政策：自查
The Federal Reserve should respond to lower inflation by holding interest rates steady.
美聯儲應該通過穩定利率不變來應對過低的通貨膨脹率。
No statement from the Federal Reserve is complete without a promise to make decisions based on the data.
在美聯儲的聲明中，并未完全承諾以這些數據作為決策依據。
In each of the past two years, a souring outlook for the world economy prompted the Fed to delay interest-rate rises.
在過去兩年中，每年的世界經濟前景的惡化促使美聯儲延緩加息。
And quite right, too.
這種行為非常正確。
Yet if the Fed raises rates on June 14th in the face of low inflation, as it has strongly hinted, it would bring into question its commitment both to the data and also to its 2% inflation target.
然而，如果美聯儲在面對低通脹率的情況下于6月14日像曾經暗示的那樣進行加息，那么它關于基于數據制定政策和維持2%以下通脹率的承諾將會受到質疑。
The central bank has raised rates three times since December 2015 (the latest rise came in March).
2015年12月以來，中央銀行已經進行了三次加息（上一次是在今年三月）。
It is good that monetary policy is a little tighter than it was back then. The unemployment rate, at 4.3%, is lower than at any time since early 2001.
好的作用是貨幣政策比過去更緊縮，失業率降到了4.3%，達到2001年以來最低點。
A broad range of earnings data show a modest pickup in wage growth.
大范圍的營收數據顯示工資正在溫和增長。
The Fed is right to think that it is better to slow the economy gradually than be forced to bring it to a screeching halt later, if wage and price rises get out of hand.
美聯儲的想法完全沒錯，逐漸放緩經濟比之后當工資和物價突然失控被迫急剎車來得好。
The rate increases to date have been reasonable insurance against an inflationary surge.
目前為止，加息已經成為應對通脹率飆升的一種合理的保險方式。
But no such surge has yet struck.
但是目前為止通脹飆升還從未發生。
Unexpectedly low inflation in both March and April has left consumer prices no higher than they were in January.
三四月份出乎意料的低通脹率使消費價格比一月更低。
According to the Fed's preferred index, core inflation—that is, excluding volatile food and energy prices—has fallen to 1.5%, down from 1.8% earlier this year. It is now well below the 2% target.
根據美聯儲慣用的核心通脹指數(一種排除了價格不穩定的食物與能源價格的指數)，通脹率已經從年初的1.8%降到了1.5%，并且如今穩定的保持在2%的目標以下。
Nor does a surge seem imminent.
通脹飆升看起來并不是迫在眉睫的問題。
For a while, Donald Trump's promises to cut taxes and spend freely on infrastructure made higher rates appear all the wiser.
短時間內，特朗普政府做出的關于減稅和鼓勵在基礎設施建設上自由支出的承諾使得高利率顯得十分明智。
But fiscal stimulus looks less likely by the week.
但是財政刺激看起來不太可能在本周出現。
Tax cuts are stuck in the legislative queue behind health-care reform, and Mr Trump's administration has tied itself in knots over whether it will increase the deficit.
減稅政策繼醫保改革之后也進入了立法隊列里，特朗普政府糾結于減稅是否會加大赤字。
Meanwhile, the current “infrastructure week” in Washington may generate more headlines than proper plans.
于此同時，當前的“華盛頓基礎設施周”只會制造更多的新聞頭條而不是產生更合理的計劃。
Even so, the Fed is expected to go ahead and raise rates this month.
即便如此，美聯儲預計還會在本月繼續加息。
The markets think there is a 90% probability of an increase of 25 basis points (hundredths of a percentage point).
市場認為美聯儲這次有90%的可能性上調25個基準點（0.01個百分點）。
譯文來源考研英語時事閱讀
