亚洲免费av电影一区二区三区,日韩爱爱视频,51精品视频一区二区三区,91视频爱爱,日韩欧美在线播放视频,中文字幕少妇AV,亚洲电影中文字幕,久久久久亚洲av成人网址,久久综合视频网站,国产在线不卡免费播放

        ?

        伯南克的解讀

        2006-08-16 08:21:08
        銀行家 2006年8期
        關(guān)鍵詞:伯南克責任編輯

        THE circumstances were not auspicious. Less than two hours before Ben Bernanke, chairman of America's Federal Reserve, made his semi-annual report to Congress on July 19th, new data showed that American inflation, yet again, was unexpectedly high. The core consumer-price index (CPI), which excludes food and energy, jumped 0.3% in June and is now 2.6% higher than it was a year ago, well above the maximum with which Mr Bernanke is thought to be comfortable.

        Given the fuss that he and his colleagues have recently made about such “unwelcome” rises in inflation, many economists expected a nasty June inflation report to seal another rise in short-term interest rates when the central bankers next meet on August 8th. Michael Prell, a former head of research at the Fed, said a 0.3% inflation figure would make it “hard” not to tighten. And that is exactly what financial markets expected—for about 90 minutes. After the CPI figures were released, futures markets raised their expectation of an August rise from 60% to 90%.

        Pretty soon, however, Wall Street had a wholly different view. Share prices rose and bond yields and the dollar fell as investors listened to Mr Bernanke and decided the Fed might not tighten policy much more after all. Judged by the futures market, the odds of a rate hike in August fell back, ending the day at around 70%.

        Was this another flip-flop from a man who has developed a reputation for confusing financial markets by sounding alternately hawkish and dovish? Or was Wall Street reading too much softness into the Fed chairman's comments?

        The answer is a bit of both. Mr Bernanke's testimony was carefully balanced. He repeated his line that recent rises in inflation are “of concern” and he told lawmakers several times that unexpectedly high inflation was the single biggest risk to America's expansion. He was fairly optimistic about growth. Although the housing market was slowing, Mr Bernanke pointed out that other areas, including exports and non-residential construction, were picking up. His forecast was that the economy would slow, but to roughly its trend rate of growth. This was not a testimony, in short, that ruled out further rises in short-term interest rates.

        揃ut nor did Mr Bernanke show any signs of panic about inflation. Quite the opposite. There was no mention of June's consumer-price figures. The updated economic forecasts published alongside Mr Bernanke's testimony show that the Fed expects inflation to slow, but that for at least the next 18 months consumer-price inflation will remain higher than the central bankers forecast in February and, most important, above their informal target of between 1% and 2%. The Fed now expects its preferred inflation gauge, the deflator for personal consumption expenditures excluding energy and food, to rise by 2.25-2.5% this year and by 2-2.25% in 2007. No sign there, in other words, that the Bernanke Fed is in any great hurry to get inflation back within range.

        If Mr Bernanke's aim this week was to create room for manoeuvre and give the Fed the option to pause in its rate-tightening, he achieved it—but at the price of some coherence. If the economy is slowing only modestly, as his words suggested, his relaxed attitude to inflation seems odd, especially after recent months' inflation figures.

        One possibility is that Mr Bernanke is less bullish than he lets on. The Fed has lowered its expectations for GDP growth in 2006 to 3.25-3.5%. That implies a sharp slowdown in the second half of the year, to a rate well below 3%. The other is that he is simply not worried enough.

        責任編輯:張明莉

        猜你喜歡
        伯南克責任編輯
        English Abstracts
        English Abstracts
        EngIish Absttacts
        English Abstracts
        English Abstracts
        English Abstracts
        伯南克當選 《時代》年度人物
        伯南克下一任期 難題不少
        年度人物伯南克
        新民周刊(2009年50期)2009-05-30 21:53:18
        伯南克稱美經(jīng)濟年內(nèi)見底
        免费无码一区二区三区蜜桃大 | 无码人妻精品一区二区三区9厂 | 色欲色香天天天综合网www| 成人美女黄网站色大免费的| 国产又爽又黄的激情精品视频| 亚洲AV成人综合五月天在线观看| 国产极品大秀在线性色| 亚洲综合网站久久久| 国产精品麻豆aⅴ人妻| 午夜无码熟熟妇丰满人妻| 久久亚洲网站中文字幕| 国产强被迫伦姧在线观看无码| 国产第19页精品| 亚洲国产不卡av一区二区三区| 91精品啪在线观九色| 乱人妻中文字幕| 亚洲激情成人| 亚洲一区二区三区新视频| 日本道色综合久久影院| 无码av免费精品一区二区三区| 欧美精品aaa久久久影院| 极品少妇一区二区三区四区视频| 中文字幕亚洲精品综合| av大全亚洲一区二区三区| 天堂а√在线中文在线新版| 久久婷婷色香五月综合激情| 日本久久久精品免费免费理论| 把女人弄爽特黄a大片| 国产精品对白交换视频| 久久亚洲一级av一片| 日本最新一区二区三区在线视频| 午夜福利院电影| 无码不卡一区二区三区在线观看| 亚洲精品一区二区三区麻豆| 国产99视频精品免视看7| 亚洲日韩欧美国产另类综合| 人妻精品久久中文字幕| 自拍偷拍韩国三级视频| 一本一道人人妻人人妻αv| 国内精品久久久影院| 日本久久黄色高清视频|