Fed to shift $400B in holdings to boost economy 聯邦準備會將透過轉移4000億手中持有債券用以推升經濟 Fed shifts makeup of bond holdings to drive down long-term rates, latest move to boost economy 聯準會將利用美化債券移轉方式(賣短債,買長債)做為最新的推升經濟方式 Martin Crutsinger, AP Economics Writer, On Wednesday September 21, 2011, 2:31 pm
WASHINGTON (AP) -- The Federal Reserve says it will sell $400 billion of its shorter-term securities to buy longer-term holdings, its latest effort to boost a weak economy. 華盛頓消息—聯準會表示將會拋售4000億手中短期證券(指債券)並買入長期債券,最為最新推升疲弱經濟的手段(或努力)。 The Fed's move to rebalance its $2.87 trillion portfolio could lower Treasury yields further. Ultimately, it might reduce rates on mortgages and other consumer and business loans. 聯準會計畫重新調整它所持有的2.87兆的投資組合用以降低長期債券殖利率,此種方式,最終也可以降低抵押貸款及消費者與企業借貸的利率。 Fed policymakers announced the move Wednesday after a two-day meeting. Three members dissented from the decision. 聯準會政策決策小組在經過兩天的會議後,三成員有異議的情況下,於星期三宣布這項舉動。 Many analysts have said the shift in the Fed's portfolio could provide modest help to the economy by reducing borrowing costs and perhaps raising stock prices. Others say it won't help and warn that the move could escalate inflation. 分析師指出聯準會透過債券部位的轉移而降低借貸成本,甚至股價可能會有回升的方式能適度的提供對經濟的幫助。但部分分析師認為這是沒有幫助的,並警告此舉會加速通貨膨脹 In June, the Fed completed a $600 billion bond-buying program that may have helped keep rates low. 聯準會在六月時完成了6000億債券購入計畫,有效的將利率維持在低檔。 Stocks fell immediately after the announcement. The yield on the 10-year Treasury note tumbled, and its price rose. 在此項聲明後股市急速下跌,10年期債券殖利率暴跌,價格上漲。 Expectations that the Fed would expand its holdings of long-term securities, along with fears of another recession, have led investors to buy up U.S. Treasurys. Treasury yields have dropped in response. 市場預期聯準會將會增加長期債券持有部位,伴隨著另一次衰退的恐懼,使得投資人搶買美國債券,債券殖利率應聲下跌。 Once the Fed announced last month that it would expand its September policy meeting from one to two days, economists have anticipated some new action from the Fed. Chairman Ben Bernanke had said the Fed was considering a range of options. 上個月在聯準會一開始宣布要將九月的政策會議由一天延長為兩天,經濟學家變預期聯準會會有新的舉動,聯準會主席柏南奇也說過聯準會會有許多的選項可以考慮。 The central bank is under pressure to revive an economy that has limped along for more than two years since the recession officially ended. 自從經濟衰退正式結束開始,中央銀行在復甦經濟的壓力下,已經跛腳了兩年多。 In the first six months of this year, the economy grew at an annual rate of just 0.7 percent. The housing market remains depressed. The unemployment rate is 9.1 percent. In August, the economy didn't add any jobs, and consumers didn't increase their spending on retail goods. 今年前六個月,經濟成長僅達年增率0.7個百分點,房屋市場持續低迷,八月的失業率達9.1個百分點,經濟並未增加任何工作機會,消費者亦未增加其零售支出。 Most economists foresee growth of less than 2 percent for the entire year. They say the odds of another recession are about one in three. 大部分的經濟學家預計今年全年的經濟成長率會低於2個百分點,並認為在發生下一次的經濟衰退的機率是三分之一。 The Fed has offered its own bleak outlook. At its August policy meeting, it said the economy would likely struggle for at least two more years. As a result, it said it planned to keep short-term rates near record lows until mid-2013, as long as the economy remained weak. 聯準會也公布了前景黯淡的看法,在八月的政策會議中提出,經濟可能還要再掙扎至少兩年,在此情況下,聯準會計畫將短期利率維持在歷史新低到2013年年中,端看經濟持續疲弱到何時。