觀點美聯準

Fed easing  fuels growth in wealth over real economy
美聯準寬鬆政策對實體經濟無益


FT首席國際金融記者桑曉霓:美聯準量化寬鬆的意義並非促進實體經濟復甦,而是增加流動性,促進資產價格上漲,以財富推動成長,更準確地說,是由超級富人推動成長。

When Rwandan bonds are yielding below 8 per cent, Indonesian sovereign debt swings 150 basis points and the Indian rupee oscillates wildly in a matter of weeks, while every day the US equity market sets new highs, (despite lacklustre earnings growth which continues to be driven largely by cost-cutting), some people might conclude that markets are volatile and bubbly. Clearly, though, both the current Federal Reserve chairman Ben Bernanke and Janet Yellen, nominated to succeed him, are not among the worriers.

盧安達國債收益率不足8%,印度尼西亞主權債務收益率波動幅度達到150個基點,印度盧比匯率在短短几周內大幅震盪,同時美國股市連創新高(儘管盈利成長仍然乏力,而且仍主要由成本削減驅動)——有人或許會得出結論:市場動盪,滋生泡沫。但顯然,現任美聯準(Fed)主席班•柏南奇(Ben Bernanke)和提名接班人珍妮特•葉倫(Janet Yellen)並不擔心。

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