美聯準

Leader_Fearing the Fed - Tapering requires careful communication with markets
FT社評:美聯準縮減QE應與市場謹慎溝通


美聯準今春首次提出「逐步縮減量化寬鬆」的想法後,市場利率出現飆升。爲了避免新一輪市場恐慌,美聯準必須謹慎地向市場解釋,調整貨幣戰略並不等同於緊縮。

For all their circumlocutions and mind-numbing syntax, minutes from central bank meetings still have the power to move markets. This week, stocks tumbled after it emerged that the US Federal Reserve is considering options to offset a possible slowing of its asset purchases. Investors took this speculative discussion as a sign that “tapering” is imminent. The era of ultra-low interest rates, so the fear goes, may soon end.

央行會議紀要儘管冗長晦澀、句法單調,但仍具備左右市場的能力。上週,有訊息稱美聯準(Fed)正在考慮相關選擇,以抵消可能出臺的放緩資產購買行動的影響,股市應聲大跌。投資者將這一試探性討論視爲「逐步縮減量化寬鬆(QE)」已迫在眉睫的信號。人們擔心,超低利率時代可能很快就將結束。

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