美聯準

Leader_Taper tantrums-US markets need not fear the Fed. Those elsewhere should
FT社評:誰該爲美聯準退出QE焦慮?


美國市場利率上漲會影響其他市場,從而造成不小的損失。歐洲的信貸狀況可能會收緊,這將令歐洲各央行的工作更加棘手;而嚴重依賴富國流動性的新興經濟體損失將更大。

The nervous fit that characterises US financial markets today illustrates how addicted they have become to the Federal Reserve’s continuing injection of exceptional liquidity. But however upset financiers are that the Fed may soon “taper” the medication it is administering in the form of asset purchases, this move will only take place because the US economy is strong enough to stand on its own feet. That will be good for its financial markets too. The rest of the world has more cause to worry.

目前美國金融市場緊張的氛圍表明,他們已經多麼離不開美聯準(Fed)持續爲市場注入的超常流動性。但不管金融界人士對美聯準可能很快「逐步退出」資產購買計劃有多不爽,退出行動只會在美國經濟已能夠自立的情況下才會開始。美國經濟能夠自立,對美國金融市場也是個好訊息。相反,其他國家才更有理由擔憂。

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