“Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy. Without price stability, the economy does not work for anyone. In particular, without price stability, we will not achieve a sustained period of strong labour market conditions that benefit all.” Thus did Jay Powell, chair of the Federal Reserve, open his press conference after the meeting of the Federal Open Market Committee on November 2 at which it was decided to raise the rate on federal funds by 0.75 percentage points to 4 per cent. He was right. It is the duty of the state to ensure that its money has a predictable value. Central banks are entrusted with this task. Recently, they have been failing badly. It is a necessity and an obligation to rectify this failure.
「價格穩定是美聯準(Fed)的責任，也是我們經濟的基石。沒有價格穩定，經濟就不能造福任何人。特別是，如果沒有價格穩定，我們就無法實現一段持續時期的對所有人都有利的強勁勞動力市場條件。」這是美聯準主席傑伊•鮑爾(Jay Powell)在11月2日聯邦公開市場委員會(FOMC)會議後召開的新聞發佈會上的開場白。那次會議決定將聯邦基金利率上調0.75個百分點至4%。他說得對。國家有責任確保其貨幣具有可預測的價值。各國央行被委以這一重任。最近，他們一直嚴重失敗。糾正這一失敗是必須做的，也是義務。