2016MPACC英语阅读素材(五)

第第页2016MPACC英语阅读素材(五)TheFederalReservewillnotwaverfromitsaggressivepolicystancewhenoneofitstwobond-buyingprogramsexpiresatyearend,anditispreparedtodoevenmoretogetAmericansbacktowork,twoFedofficialssaidonTuesday.TheU.S.centralbank,whichlastweeklaunchedapotentiallymassivepolicy-easingeffortwithnosetenddate,willcloselywatchtheailinglabormarketformeaningfulsignsofimprovement,theFedpolicymakerssaid.Inresponsetolacklustereconomicgrowththathasnotbeenenoughtodrivetheunemploymentratedownfromlevelsabove8percent,theFedheadeddeeperintounchartedpolicyterritorywithathirdroundofquantitativeeasing,orQE3.WilliamDudley,presidentoftheNewYorkFederalReserveBank,saidtheeconomyneededa"nudgeintherightdirection,"whileCharlesEvans,headoftheChicagoFed,predictedthecentralbankwillkeepbuyingassetsatitscurrent$85billion-per-monthpaceintothenewyear."Iftheeconomyisweaker,we'lldomore"assetpurchases,saidDudley,acloseallyofFedChairmanBenBernankeandakeybarometerofthethinkinginsidethecentralbank."Iftheeconomyisstrongerandweseeasubstantialimprovementintheoutlookforthelabormarketsooner,we'llendupdoingless."Dudley,addressingtheMorrisCountyChamberofCommerceinNewJersey,added:"Ifyou'retryingtogetacarmovingthatisstuckinthemud,youdon'tstoppushingthemomentthewheelsstartturning-youkeeppushinguntilthecarisrollingandisclearlyfree."LastweektheFedsaiditplanstobuy$40billioneverymonthinmortgage-backedsecuritiesuntilthelabormarketoutlookimprovessubstantially.Thepurchasescomeontopofanexistingstimulusprograminwhichthecentralbankbuysabout$45billionamonthinlong-termTreasurieswhilesellingthesameamountofshort-termTreasuries.Thatprogram,dubbedOperationTwistanddesignedtodrivedownlong-termborrowingratessuchasmortgages,runsthroughtheendof2012.Evans,whohaslongadvocatedsuchaggressiveactionbytheFed,saidhewouldbesurprisedifthereisenoughevidencebyyear-endtohaltTreasurypurchasesaltogether."Underthoseconditions,Iwouldexpectwewouldcontinuewithsomethinglikean$85billionbaseofpurchases...that'sabenchmarktostartfrom,"hetoldreportersafteraspeechinAnnArbor,Michigan.TheFedinlate2008slashedinterestratestonearzeroandhassincebought$2.3trillioninsecuritiesinanunprecedenteddrivetospurgrowthandrevivetheeconomyaftertheworstrecessionindecades.Yettherecovery,especiallyinjobs,hasbeenslow,leadingthecentralbanktosayitexpectstokeepratesatrockbottomatleastthroughmid2015.WallStreeteconomistshavebeentryingtopinpointexactlywhatconditionswouldconstitutea"substantial"improvementintheoutlookforthelabormarket,whichtheFedlastweeksuggestedwouldhaltthenewmoney-printingprogram.Addressingthisquestion,DudleysaidtheFedwillwatchallcornersofthelabormarket,includingpayrollgrowth,thenumberofAmericanswhohavegivenupthehuntforwork,theemployment-to-population-ratioandjob-findingrates,aswellasthebroadermeasureofunemployment.Atyearend,furtherpurchasesofTreasurieswilldependonanassessmentofcostsandbenefitsandonlaborimprovement,saidDudley,whoasheadoftheimportantNewYorkregionalFedbankhasapermanentvoteonFedpolicy.Ultimately,theFedislookingforastrongerrecoveryalongsidestableprices,saidDudley."Whenthatfinallymaterializes,I'llviewitasconsistentwiththeresultwearetryingtoachieve,andnotareasontopullbackourpoliciesprematurely,"headded.INTERNALPOLICYRIFTSFedpolicymakersbroadlyagreethatU.S.unemploymentismuchtoohigh;mostalsoagreethatinflation,whichhashoveredneartheFed's2percenttarget,iswellundercontrol.Buttherecontinuetobedeepriftswithinthecentralbankoverthebestpolicyresponse.DallasFedPresidentRichardFisher,aforcefulopponentoffurthereasing,saidhewouldhavedissentedlastweekifhehadavoteonthebank'spolicy-settingFederalOpenMarketCommitteethisyear."Iwouldarguethatitislessimpactfulrightnowbecauseyouhaveotherthingsinhibitingbusinessesfrommakingdecisionsoncapexandemployment,"FishertoldCNBC."Idon'tthinkthisprogramwillhavemuchefficacy."JamesBullard,presidentoftheSt.LouisFed,expressedasimilarsentiment.WhilehehasbeenlessskepticalthanFisherabouttheuseofbondbuysasastimulusoption,BullardtoldReutershedidnotthinktheeconomicdatasufficientlyweaktowarrantthelatestroundofmonetaryeasing."Iwouldhavevotedagainstitbasedonthetiming.Ididn'tfeellikewehadagoodenoughcasetomakeamajormoveatthisjuncture,"saidBullard,whoisnotavoterthisyearontheFederalOpenMarketCommittee."Weshouldtakealittlebitmore(ofa)waitandseeposture.Ithinkthatconstellationofeconomicdatadoesn'treallydictatethedecisionthatwemade."Onlyoneofthe12FedvotingpolicymakersdissentedagainstQE3,whichcameveryclosetoaplanEvanshasadvocatedforthepastyear:avowtokeeprateslowuntilunemploymentdropsbelow7percentorinflationthreatenstotop3percent,andtobuybondsifprogressonjobsisnotfastenough."Iamoptimisticthatwecanachievebetteroutcomesthroughmoremonetarypolicyaccommodation,"EvanstoldabusinessbreakfastsponsoredbytheBankofAnnArbor."Thisisthetimetoact,"hesaid,addingthatassetpurchasescouldbegintotaperin2014ifthelabormarketimprovesasheexpects.Evanscastthedebateovermonetarypolicyasonebetweenoptimistswhobelievefurthereasingcandeliverastrongereconomy,andpessimistswhosayitwillonlysparkinflation.Pessimistshavewarnedforyearsabouthigherinflation,onlytohavetheirpredictionsfallshort,hesaid.RisksaboundthatcouldsendtheU.S.economybackintorecession,hesaid,citingapotentialglobalslowdown,spilloverfromEurope'ssovereigndebtcrisisandthelooming"fiscalcliff.""Wecannotbecomplacentandassumethattheeconomyisnotbeingdamagedifnoactionistaken,"Evanssaid.相关中文资料两名美国联邦储备委员会(FED,美联储)官员周二表示,当两项购债计划中的一项在年底到期後,美联储的积极政策立场不会动摇.美联储决策者表示,美联储将密切关注疲弱的就业市场,寻找有意义的改善迹象.美联储上周宣布了一项潜在规模巨大的政策宽松计划,而且没有设定截止日期.美国经济成长乏力,难以压低目前在8%以上的失业率.为此,美联储推出了第三轮量化宽松(QE3),进一步深入前所未有的政策地带.纽约联邦储备银行总裁杜德利表示,美国经济需要"在正确的方向上推一把".而美国芝加哥联邦储备银行总裁埃文斯预测,美联储明年亦将保持目前每月买进850亿美元资产的速度.杜德利称,"如果经济更加疲弱,我们将祭出更多"资产购买行动.杜德利是美联储主席伯南克的亲密盟友,他的立场是反映美联储内部想法的关键线索."如果经济成长较快增强且就业市场前景明显改善,我们最终购买的资产就会较少."杜德利在新泽西演讲时表示,"如果你试图使陷入泥淖里的汽车动起来,你不会在车轮刚开始转动就不推了--你将一直推,直至汽车开动并完全脱离泥淖."上周美联储称,计划每月购买400亿美元抵押支持债券(MBS),直到就业前景明显改善。这一购买计划是在现有的卖短买长刺激计划的基础上祭出的.在卖短买长计划中,美联储每月购买大约450亿美元的长期公债,同时卖出同等数量的短期公债,这一计划被称为扭转操作,旨在拉低抵押贷款利率等长期借贷利率,将於2012年底到期.埃文斯称,如果到年底有足够的证据显示可以完全停止公债购买计划,他将感到意外.埃文斯长期主张美联储应积极购买公债."在这些情况下,我预计将保持某些行动,比如850亿美元的基本购买规模...这是一个起始标准,"他在密西根演讲後对记者表示.美联储上周表示,若就业市场前景"明显"改善将会停止新的印钞计画.华尔街分析师试图想确认何种情况才是所谓的"明显"改善.杜德利在回应这个问题时说,美联储将观察就业市场的各个层面,包括就业成长、放弃求职的美国人数量、就业与人口之比、就职率、以及广义的失业指标.杜德利说年底时美联储是否更进一步买进美国公债,将视成本及效益、以及劳动市场的评估而定.杜德利是对美联储决策具有永久投票权的纽约联邦储备银行的总裁.他表示,最终美联储寻求经济复苏增强同时物价稳定."当这个目标最终实现时,我认为那就是达到了我们想要的结果,而不是贸然收回政策的理由."他说.内部政策歧见美联储决策官员