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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":874274722,"tweetId":"874274722","gmtCreate":1637798001086,"gmtModify":1637798001223,"author":{"id":3582972798563668,"idStr":"3582972798563668","authorId":3582972798563668,"authorIdStr":"3582972798563668","name":"JS64","avatar":"https://static.tigerbbs.com/ad519f92a203874c41d7d11080b13d18","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":19,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Ok</body></html>","htmlText":"<html><head></head><body>Ok</body></html>","text":"Ok","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/874274722","repostId":1127113461,"repostType":4,"repost":{"id":"1127113461","kind":"news","pubTimestamp":1637797584,"share":"https://www.laohu8.com/m/news/1127113461?lang=zh_CN&edition=full","pubTime":"2021-11-25 07:46","market":"us","language":"en","title":"Fed Minutes Reflect Intensifying Inflation Debate. Here’s Why It Matters.<blockquote>美联储会议纪要反映了通胀辩论的加剧。这就是为什么它很重要。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1127113461","media":"Barrons","summary":"Federal Reserve officials debated at their latest meeting accelerating the pace of reductions in the","content":"Federal Reserve officials debated at their latest meeting accelerating the pace of reductions in their emergency bond purchases. Based on minutes released today of the Federal Open Market Committee’s Nov. 2-3 meeting, the conversation reflected growing discomfort with inflation, which is both greater and more persistent than officials had anticipated.<blockquote>美联储官员在最近一次会议上就加快削减紧急债券购买的步伐进行了辩论。根据今天发布的联邦公开市场委员会11月2日至3日会议纪要，谈话反映出人们对通胀日益感到不安，通胀比官员们预期的更严重、更持久。</blockquote> The Fed initiated the purchase of $120 billion a month of Treasury and mortgage-backed securities in response to the pandemic, and signaled in recent months that it planned to start trimming its buying; the tapering process began this month. The latest minutes from the Fed’s policy-setting arm shed light on a debate that is crucial for the path of monetary policy at a time when President Joe Biden is mulling nominations for several vacant seats at the central bank.<blockquote>美联储开始每月购买1200亿美元的美国国债和抵押贷款支持证券以应对疫情，并在最近几个月暗示计划开始削减购买量；缩减进程于本月开始。在总统乔·拜登正在考虑提名美联储几个空缺席位之际，美联储政策制定部门的最新会议纪要揭示了一场对货币政策路径至关重要的辩论。</blockquote> The minutes reiterate officials’ view that rising prices are connected to reopening bottlenecks, and thus, are temporary. However, the minutes also suggest officials have become less sure in their assessment that inflation is transitory.<blockquote>会议纪要重申了官员们的观点，即价格上涨与重新开放瓶颈有关，因此是暂时的。然而，会议纪要还表明，官员们对通胀是暂时的评估变得不那么确定。</blockquote> “Participants generally saw the current elevated level of inflation as largely reflecting factors that were likely to be transitory but judged that inflation pressures could take longer to subside than they had previously assessed,” the minutes say.<blockquote>会议纪要称：“与会者普遍认为当前通胀水平升高在很大程度上反映了可能是暂时的因素，但判断通胀压力可能需要比他们之前评估的更长时间才能消退。”</blockquote> In other words, “transitory” may represent a longer timeframe than previously expected.<blockquote>换句话说，“暂时性”可以表示比先前预期的更长的时间帧。</blockquote> The Delta wave of Covid-19 intensified the impediments to supply chains and had helped sustain the high level of goods demand, adding to the upward pressure on prices. The minutes state: “Participants also observed that increases in energy prices, stronger rates of nominal wage growth, and higher housing rental costs had been forces adding to inflation,” with some participants highlighting the fact that price increases had become more widespread.<blockquote>新冠肺炎的三角洲浪潮加剧了供应链的障碍，并帮助维持了高水平的商品需求，增加了价格的上行压力。会议纪要指出：“与会者还观察到，能源价格上涨、名义工资增长率走强和住房租赁成本上升是加剧通货膨胀的力量，”一些与会者强调了价格上涨变得更加普遍的事实。</blockquote> As such, some participants suggested that reducing the pace of asset purchases by more than $15 billion each month could be warranted. The key takeaway: speeding up the taper process would put the FOMC “in a better position to make adjustments to the target range for the federal funds rate, particularly in light of inflation pressures,” the minutes state.<blockquote>因此，一些与会者建议，每月将资产购买速度减少150亿美元以上是合理的。纪要指出，关键要点是：加快缩减进程将使FOMC“能够更好地调整联邦基金利率的目标范围，特别是考虑到通胀压力”。</blockquote> Fed Chair Jerome Powell has worked hard to convince markets that tapering doesn’t start the clock on interest-rate increases, but the minutes suggest some members want to raise rates sooner than planned.<blockquote>美联储主席杰罗姆·鲍威尔一直在努力让市场相信，缩减规模并不会启动加息，但会议纪要显示，一些成员希望比计划更早加息。</blockquote> Even so, the minutes show that while participants expect “significant inflation pressures to last for longer than they previously expected,” they still generally continue to anticipate that the inflation rate will diminish significantly during 2022 as supply and demand imbalances thaw.<blockquote>即便如此，纪要显示，尽管参与者预计“显著的通胀压力将比他们之前预期的持续时间更长”，但他们仍普遍预计，随着供需失衡的解冻，通胀率将在2022年大幅下降。</blockquote> The FOMC next meets on December 14-15, after the November jobs report and consumer price index are released. How the labor market looks–in particular, if weak participation continues to push up wages–and whether consumer prices continue to climb will shape those discussions. At this point, investors are pricing in a June 2022 liftoff for interest rates, but an accelerated taper timeline could bring forward the first rate increase.<blockquote>FOMC下一次会议将于12月14日至15日举行，此前11月就业报告和消费者物价指数公布。劳动力市场的情况——特别是如果参与疲软继续推高工资——以及消费者价格是否继续攀升将影响这些讨论。目前，投资者预计2022年6月加息，但加快缩减时间表可能会提前首次加息。</blockquote> While the bar for an acceleration in the tapering of asset purchases is high, “it looks reasonably likely to be cleared should we see another solid payroll report and inflation data release in December,” says&nbsp;Bob Miller, head of Americas fundamental fixed income at&nbsp;BlackRock.<blockquote>贝莱德美洲基本固定收益主管鲍勃·米勒(Bob Miller)表示，尽管加速缩减资产购买的门槛很高，但“如果我们在12月份看到另一份稳健的就业报告和通胀数据发布，看起来很可能会被清除”。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed Minutes Reflect Intensifying Inflation Debate. Here’s Why It Matters.<blockquote>美联储会议纪要反映了通胀辩论的加剧。这就是为什么它很重要。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Minutes Reflect Intensifying Inflation Debate. Here’s Why It Matters.<blockquote>美联储会议纪要反映了通胀辩论的加剧。这就是为什么它很重要。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-11-25 07:46\n\n</h4>\n</header>\n<article>\nFederal Reserve officials debated at their latest meeting accelerating the pace of reductions in their emergency bond purchases. Based on minutes released today of the Federal Open Market Committee’s Nov. 2-3 meeting, the conversation reflected growing discomfort with inflation, which is both greater and more persistent than officials had anticipated.<blockquote>美联储官员在最近一次会议上就加快削减紧急债券购买的步伐进行了辩论。根据今天发布的联邦公开市场委员会11月2日至3日会议纪要，谈话反映出人们对通胀日益感到不安，通胀比官员们预期的更严重、更持久。</blockquote> The Fed initiated the purchase of $120 billion a month of Treasury and mortgage-backed securities in response to the pandemic, and signaled in recent months that it planned to start trimming its buying; the tapering process began this month. The latest minutes from the Fed’s policy-setting arm shed light on a debate that is crucial for the path of monetary policy at a time when President Joe Biden is mulling nominations for several vacant seats at the central bank.<blockquote>美联储开始每月购买1200亿美元的美国国债和抵押贷款支持证券以应对疫情，并在最近几个月暗示计划开始削减购买量；缩减进程于本月开始。在总统乔·拜登正在考虑提名美联储几个空缺席位之际，美联储政策制定部门的最新会议纪要揭示了一场对货币政策路径至关重要的辩论。</blockquote> The minutes reiterate officials’ view that rising prices are connected to reopening bottlenecks, and thus, are temporary. However, the minutes also suggest officials have become less sure in their assessment that inflation is transitory.<blockquote>会议纪要重申了官员们的观点，即价格上涨与重新开放瓶颈有关，因此是暂时的。然而，会议纪要还表明，官员们对通胀是暂时的评估变得不那么确定。</blockquote> “Participants generally saw the current elevated level of inflation as largely reflecting factors that were likely to be transitory but judged that inflation pressures could take longer to subside than they had previously assessed,” the minutes say.<blockquote>会议纪要称：“与会者普遍认为当前通胀水平升高在很大程度上反映了可能是暂时的因素，但判断通胀压力可能需要比他们之前评估的更长时间才能消退。”</blockquote> In other words, “transitory” may represent a longer timeframe than previously expected.<blockquote>换句话说，“暂时性”可以表示比先前预期的更长的时间帧。</blockquote> The Delta wave of Covid-19 intensified the impediments to supply chains and had helped sustain the high level of goods demand, adding to the upward pressure on prices. The minutes state: “Participants also observed that increases in energy prices, stronger rates of nominal wage growth, and higher housing rental costs had been forces adding to inflation,” with some participants highlighting the fact that price increases had become more widespread.<blockquote>新冠肺炎的三角洲浪潮加剧了供应链的障碍，并帮助维持了高水平的商品需求，增加了价格的上行压力。会议纪要指出：“与会者还观察到，能源价格上涨、名义工资增长率走强和住房租赁成本上升是加剧通货膨胀的力量，”一些与会者强调了价格上涨变得更加普遍的事实。</blockquote> As such, some participants suggested that reducing the pace of asset purchases by more than $15 billion each month could be warranted. The key takeaway: speeding up the taper process would put the FOMC “in a better position to make adjustments to the target range for the federal funds rate, particularly in light of inflation pressures,” the minutes state.<blockquote>因此，一些与会者建议，每月将资产购买速度减少150亿美元以上是合理的。纪要指出，关键要点是：加快缩减进程将使FOMC“能够更好地调整联邦基金利率的目标范围，特别是考虑到通胀压力”。</blockquote> Fed Chair Jerome Powell has worked hard to convince markets that tapering doesn’t start the clock on interest-rate increases, but the minutes suggest some members want to raise rates sooner than planned.<blockquote>美联储主席杰罗姆·鲍威尔一直在努力让市场相信，缩减规模并不会启动加息，但会议纪要显示，一些成员希望比计划更早加息。</blockquote> Even so, the minutes show that while participants expect “significant inflation pressures to last for longer than they previously expected,” they still generally continue to anticipate that the inflation rate will diminish significantly during 2022 as supply and demand imbalances thaw.<blockquote>即便如此，纪要显示，尽管参与者预计“显著的通胀压力将比他们之前预期的持续时间更长”，但他们仍普遍预计，随着供需失衡的解冻，通胀率将在2022年大幅下降。</blockquote> The FOMC next meets on December 14-15, after the November jobs report and consumer price index are released. How the labor market looks–in particular, if weak participation continues to push up wages–and whether consumer prices continue to climb will shape those discussions. At this point, investors are pricing in a June 2022 liftoff for interest rates, but an accelerated taper timeline could bring forward the first rate increase.<blockquote>FOMC下一次会议将于12月14日至15日举行，此前11月就业报告和消费者物价指数公布。劳动力市场的情况——特别是如果参与疲软继续推高工资——以及消费者价格是否继续攀升将影响这些讨论。目前，投资者预计2022年6月加息，但加快缩减时间表可能会提前首次加息。</blockquote> While the bar for an acceleration in the tapering of asset purchases is high, “it looks reasonably likely to be cleared should we see another solid payroll report and inflation data release in December,” says&nbsp;Bob Miller, head of Americas fundamental fixed income at&nbsp;BlackRock.<blockquote>贝莱德美洲基本固定收益主管鲍勃·米勒(Bob Miller)表示，尽管加速缩减资产购买的门槛很高，但“如果我们在12月份看到另一份稳健的就业报告和通胀数据发布，看起来很可能会被清除”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/fed-minutes-reflect-intensifying-inflation-debate-heres-why-it-matters-51637787437?mod=hp_LEAD_2\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/fed-minutes-reflect-intensifying-inflation-debate-heres-why-it-matters-51637787437?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1127113461","content_text":"Federal Reserve officials debated at their latest meeting accelerating the pace of reductions in their emergency bond purchases. Based on minutes released today of the Federal Open Market Committee’s Nov. 2-3 meeting, the conversation reflected growing discomfort with inflation, which is both greater and more persistent than officials had anticipated.\nThe Fed initiated the purchase of $120 billion a month of Treasury and mortgage-backed securities in response to the pandemic, and signaled in recent months that it planned to start trimming its buying; the tapering process began this month. The latest minutes from the Fed’s policy-setting arm shed light on a debate that is crucial for the path of monetary policy at a time when President Joe Biden is mulling nominations for several vacant seats at the central bank.\nThe minutes reiterate officials’ view that rising prices are connected to reopening bottlenecks, and thus, are temporary. However, the minutes also suggest officials have become less sure in their assessment that inflation is transitory.\n“Participants generally saw the current elevated level of inflation as largely reflecting factors that were likely to be transitory but judged that inflation pressures could take longer to subside than they had previously assessed,” the minutes say.\nIn other words, “transitory” may represent a longer timeframe than previously expected.\nThe Delta wave of Covid-19 intensified the impediments to supply chains and had helped sustain the high level of goods demand, adding to the upward pressure on prices. The minutes state: “Participants also observed that increases in energy prices, stronger rates of nominal wage growth, and higher housing rental costs had been forces adding to inflation,” with some participants highlighting the fact that price increases had become more widespread.\nAs such, some participants suggested that reducing the pace of asset purchases by more than $15 billion each month could be warranted. The key takeaway: speeding up the taper process would put the FOMC “in a better position to make adjustments to the target range for the federal funds rate, particularly in light of inflation pressures,” the minutes state.\nFed Chair Jerome Powell has worked hard to convince markets that tapering doesn’t start the clock on interest-rate increases, but the minutes suggest some members want to raise rates sooner than planned.\nEven so, the minutes show that while participants expect “significant inflation pressures to last for longer than they previously expected,” they still generally continue to anticipate that the inflation rate will diminish significantly during 2022 as supply and demand imbalances thaw.\nThe FOMC next meets on December 14-15, after the November jobs report and consumer price index are released. How the labor market looks–in particular, if weak participation continues to push up wages–and whether consumer prices continue to climb will shape those discussions. At this point, investors are pricing in a June 2022 liftoff for interest rates, but an accelerated taper timeline could bring forward the first rate increase.\nWhile the bar for an acceleration in the tapering of asset purchases is high, “it looks reasonably likely to be cleared should we see another solid payroll report and inflation data release in December,” says Bob Miller, head of Americas fundamental fixed income at BlackRock.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":837,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/874274722"}