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- sprinklessprinkles
  ·2021-08-24
  Hi
  What Jackson Hole Could Mean For Apple Stock<blockquote>Jackson Hole对苹果股票意味着什么</blockquote>
  In late August, the markets could be rocked by monetary policy news coming from Jackson Hole, Wyomin
  What Jackson Hole Could Mean For Apple Stock<blockquote>Jackson Hole对苹果股票意味着什么</blockquote>
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- sprinklessprinkles
  ·2021-08-23
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- sprinklessprinkles
  ·2021-08-23
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- sprinklessprinkles
  ·2021-08-22
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- sprinklessprinkles
  ·2021-08-21
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- sprinklessprinkles
  ·2021-08-20
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- sprinklessprinkles
  ·2021-08-20
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- sprinklessprinkles
  ·2021-07-26
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- sprinklessprinkles
  ·2021-07-14
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  Can the Fed avoid negative interest rates in the next downturn?<blockquote>美联储能否在下一次低迷时期避免负利率？</blockquote>
  The Federal Reserve managed to avoid turning to negative interest rates through the pandemic-induced
  Can the Fed avoid negative interest rates in the next downturn?<blockquote>美联储能否在下一次低迷时期避免负利率？</blockquote>
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- sprinklessprinkles
  ·2021-07-09
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热议股票

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Here is what Apple stock investors should expect.</p><p><blockquote>八月下旬，来自怀俄明州杰克逊霍尔的货币政策消息可能会震动市场。以下是苹果股票投资者应该期待的。</blockquote></p><p> The week of August 23 will likely prove to be an important one in the markets. Starting on Thursday, central bank leaders from around the world will meet virtually to talk about monetary policy during a traditional&nbsp;event&nbsp;often referred to simply as “Jackson Hole”.</p><p><blockquote>8月23日这一周可能是市场上重要的一周。从周四开始，来自世界各地的央行领导人将在一场通常被简称为“杰克逊霍尔”的传统活动中虚拟会面，讨论货币政策。</blockquote></p><p> Today, the Apple Maven discusses how the upcoming meeting of central bankers could impact Apple stock’s&nbsp;performance in the last few trading sessions of August.</p><p><blockquote>今天，这位苹果专家讨论了即将举行的央行行长会议可能如何影响苹果股票在8月最后几个交易日的表现。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb09ec199963ac68c7742982748bf7a0\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>Figure 1: Federal Reserve Chair Jerome Powell in a screen display at NYSE.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：美联储主席杰罗姆·鲍威尔在纽约证券交易所的屏幕上。</span></p></blockquote></p><p> <b>The interest rate risk</b></p><p><blockquote><b>利率风险</b></blockquote></p><p> There seems to be a consensus that Federal Reserve chairman Jerome Powell will do little to “rock the boat” this week. Easing off on monetary stimulus is widely expected to occur over the next several months, but few seem confident that Mr. Powell will announce a change in policy as early as August.</p><p><blockquote>人们似乎一致认为，美联储主席杰罗姆·鲍威尔本周不会采取什么“捣乱”的行动。人们普遍预计未来几个月将放松货币刺激，但似乎很少有人相信鲍威尔最早会在8月份宣布政策变化。</blockquote></p><p> Still, the risk that the Fed will start to scale back its asset purchases later this year is real. Analysts will probably dissect Jerome Powell’s keynote speech, on Friday, in search for clues on the exact timing. Comments perceived to be hawkish could send yields higher – the 10-year treasury rate is only 1.3%.</p><p><blockquote>尽管如此，美联储将在今年晚些时候开始缩减资产购买规模的风险是真实存在的。分析师可能会剖析杰罗姆·鲍威尔周五的主题演讲，以寻找确切时间的线索。被视为鹰派的言论可能会推高收益率——10年期国债利率仅为1.3%。</blockquote></p><p> If recent history can serve as a guide,climbing yields tend to be bad news&nbsp;for growth stocks. Below are the main reasons why this is the case, as previously discussed on this channel:</p><p><blockquote>如果最近的历史可以作为指导，那么收益率攀升对成长型股票来说往往是个坏消息。以下是造成这种情况的主要原因，正如本频道之前所讨论的：</blockquote></p><p>   “First, monetary tightening is a negative for consumption, everything else held constant. Second, a higher discount rate makes Apple’s far-out financial results less valuable in present value terms.”  For instance, the 10-year rate shot up from around 1% to nearly 1.5% in February alone. Probably not a coincidence, AAPL sank 8% that same month, while the value-rich Dow index managed to reach higher.</p><p><blockquote>“首先，在其他一切保持不变的情况下，货币紧缩对消费不利。其次，较高的贴现率使得苹果遥远的财务业绩按现值计算价值较低。”例如，仅在2月份，10年期利率就从1%左右飙升至近1.5%。也许并非巧合，AAPL同月下跌了8%，而价值丰富的道琼斯指数却成功走高。</blockquote></p><p> <b>Brace for possible volatility</b></p><p><blockquote><b>为可能的波动做好准备</b></blockquote></p><p> Regardless of which way the stock market may head following the Jackson Hole symposium, volatility could rise as August comes to a close. This is the case because speculation, both on the bullish and bearish sides of the argument, tends to increase around important events like this.</p><p><blockquote>无论杰克逊霍尔研讨会后股市走向何方，随着八月接近尾声，波动性都可能上升。之所以出现这种情况，是因为围绕此类重要事件的猜测，无论是看涨还是看跌，往往都会增加。</blockquote></p><p> Volatility is both good and bad news for Apple stock. Market jitters can be uncomfortable for many investors, and some might be tempted to sell or trim their positions after a selloff. On the other hand, a possible pullback that is unrelated to the company’s fundamentals could open an opportunity to buy AAPL on weakness.</p><p><blockquote>波动对苹果股票来说既是好消息也是坏消息。市场紧张可能会让许多投资者感到不舒服，有些人可能会在抛售后试图出售或削减头寸。另一方面，与公司基本面无关的可能回调可能会带来逢低买入苹果公司的机会。</blockquote></p><p> This is precisely what happened in mid-June, following an important Federal Reserve meeting that the market perceived as hawkish. Those&nbsp;who bought AAPL at those levels, a move defended by the Apple Maven, saw the value of their investment rise by 14% in a matter of only about 10 weeks.</p><p><blockquote>这正是6月中旬发生的事情，此前美联储召开了一次重要会议，市场认为这是鹰派的。那些在这些水平上购买AAPL的人（这位苹果专家为这一举动辩护）发现，他们的投资价值在短短10周内上涨了14%。</blockquote></p><p></p>","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>What Jackson Hole Could Mean For Apple Stock<blockquote>Jackson Hole对苹果股票意味着什么</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\">\nWhat Jackson Hole Could Mean For Apple Stock<blockquote>Jackson Hole对苹果股票意味着什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-24 20:54</span>\n</p>\n</h4>\n</header>\n<article>\n<p>In late August, the markets could be rocked by monetary policy news coming from Jackson Hole, Wyoming. Here is what Apple stock investors should expect.</p><p><blockquote>八月下旬，来自怀俄明州杰克逊霍尔的货币政策消息可能会震动市场。以下是苹果股票投资者应该期待的。</blockquote></p><p> The week of August 23 will likely prove to be an important one in the markets. Starting on Thursday, central bank leaders from around the world will meet virtually to talk about monetary policy during a traditional&nbsp;event&nbsp;often referred to simply as “Jackson Hole”.</p><p><blockquote>8月23日这一周可能是市场上重要的一周。从周四开始，来自世界各地的央行领导人将在一场通常被简称为“杰克逊霍尔”的传统活动中虚拟会面，讨论货币政策。</blockquote></p><p> Today, the Apple Maven discusses how the upcoming meeting of central bankers could impact Apple stock’s&nbsp;performance in the last few trading sessions of August.</p><p><blockquote>今天，这位苹果专家讨论了即将举行的央行行长会议可能如何影响苹果股票在8月最后几个交易日的表现。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fb09ec199963ac68c7742982748bf7a0\" tg-width=\"1200\" tg-height=\"800\" width=\"100%\" height=\"auto\"><span>Figure 1: Federal Reserve Chair Jerome Powell in a screen display at NYSE.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：美联储主席杰罗姆·鲍威尔在纽约证券交易所的屏幕上。</span></p></blockquote></p><p> <b>The interest rate risk</b></p><p><blockquote><b>利率风险</b></blockquote></p><p> There seems to be a consensus that Federal Reserve chairman Jerome Powell will do little to “rock the boat” this week. Easing off on monetary stimulus is widely expected to occur over the next several months, but few seem confident that Mr. Powell will announce a change in policy as early as August.</p><p><blockquote>人们似乎一致认为，美联储主席杰罗姆·鲍威尔本周不会采取什么“捣乱”的行动。人们普遍预计未来几个月将放松货币刺激，但似乎很少有人相信鲍威尔最早会在8月份宣布政策变化。</blockquote></p><p> Still, the risk that the Fed will start to scale back its asset purchases later this year is real. Analysts will probably dissect Jerome Powell’s keynote speech, on Friday, in search for clues on the exact timing. Comments perceived to be hawkish could send yields higher – the 10-year treasury rate is only 1.3%.</p><p><blockquote>尽管如此，美联储将在今年晚些时候开始缩减资产购买规模的风险是真实存在的。分析师可能会剖析杰罗姆·鲍威尔周五的主题演讲，以寻找确切时间的线索。被视为鹰派的言论可能会推高收益率——10年期国债利率仅为1.3%。</blockquote></p><p> If recent history can serve as a guide,climbing yields tend to be bad news&nbsp;for growth stocks. Below are the main reasons why this is the case, as previously discussed on this channel:</p><p><blockquote>如果最近的历史可以作为指导，那么收益率攀升对成长型股票来说往往是个坏消息。以下是造成这种情况的主要原因，正如本频道之前所讨论的：</blockquote></p><p>   “First, monetary tightening is a negative for consumption, everything else held constant. Second, a higher discount rate makes Apple’s far-out financial results less valuable in present value terms.”  For instance, the 10-year rate shot up from around 1% to nearly 1.5% in February alone. Probably not a coincidence, AAPL sank 8% that same month, while the value-rich Dow index managed to reach higher.</p><p><blockquote>“首先，在其他一切保持不变的情况下，货币紧缩对消费不利。其次，较高的贴现率使得苹果遥远的财务业绩按现值计算价值较低。”例如，仅在2月份，10年期利率就从1%左右飙升至近1.5%。也许并非巧合，AAPL同月下跌了8%，而价值丰富的道琼斯指数却成功走高。</blockquote></p><p> <b>Brace for possible volatility</b></p><p><blockquote><b>为可能的波动做好准备</b></blockquote></p><p> Regardless of which way the stock market may head following the Jackson Hole symposium, volatility could rise as August comes to a close. This is the case because speculation, both on the bullish and bearish sides of the argument, tends to increase around important events like this.</p><p><blockquote>无论杰克逊霍尔研讨会后股市走向何方，随着八月接近尾声，波动性都可能上升。之所以出现这种情况，是因为围绕此类重要事件的猜测，无论是看涨还是看跌，往往都会增加。</blockquote></p><p> Volatility is both good and bad news for Apple stock. Market jitters can be uncomfortable for many investors, and some might be tempted to sell or trim their positions after a selloff. On the other hand, a possible pullback that is unrelated to the company’s fundamentals could open an opportunity to buy AAPL on weakness.</p><p><blockquote>波动对苹果股票来说既是好消息也是坏消息。市场紧张可能会让许多投资者感到不舒服，有些人可能会在抛售后试图出售或削减头寸。另一方面，与公司基本面无关的可能回调可能会带来逢低买入苹果公司的机会。</blockquote></p><p> This is precisely what happened in mid-June, following an important Federal Reserve meeting that the market perceived as hawkish. Those&nbsp;who bought AAPL at those levels, a move defended by the Apple Maven, saw the value of their investment rise by 14% in a matter of only about 10 weeks.</p><p><blockquote>这正是6月中旬发生的事情，此前美联储召开了一次重要会议，市场认为这是鹰派的。那些在这些水平上购买AAPL的人（这位苹果专家为这一举动辩护）发现，他们的投资价值在短短10周内上涨了14%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/apple/news/what-jackson-hole-could-mean-for-apple-stock\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/news/what-jackson-hole-could-mean-for-apple-stock","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1192610173","content_text":"In late August, the markets could be rocked by monetary policy news coming from Jackson Hole, Wyoming. Here is what Apple stock investors should expect.\nThe week of August 23 will likely prove to be an important one in the markets. Starting on Thursday, central bank leaders from around the world will meet virtually to talk about monetary policy during a traditional event often referred to simply as “Jackson Hole”.\nToday, the Apple Maven discusses how the upcoming meeting of central bankers could impact Apple stock’s performance in the last few trading sessions of August.\nFigure 1: Federal Reserve Chair Jerome Powell in a screen display at NYSE.\nThe interest rate risk\nThere seems to be a consensus that Federal Reserve chairman Jerome Powell will do little to “rock the boat” this week. Easing off on monetary stimulus is widely expected to occur over the next several months, but few seem confident that Mr. Powell will announce a change in policy as early as August.\nStill, the risk that the Fed will start to scale back its asset purchases later this year is real. Analysts will probably dissect Jerome Powell’s keynote speech, on Friday, in search for clues on the exact timing. Comments perceived to be hawkish could send yields higher – the 10-year treasury rate is only 1.3%.\nIf recent history can serve as a guide,climbing yields tend to be bad news for growth stocks. Below are the main reasons why this is the case, as previously discussed on this channel:\n\n “First, monetary tightening is a negative for consumption, everything else held constant. Second, a higher discount rate makes Apple’s far-out financial results less valuable in present value terms.”\n\nFor instance, the 10-year rate shot up from around 1% to nearly 1.5% in February alone. Probably not a coincidence, AAPL sank 8% that same month, while the value-rich Dow index managed to reach higher.\nBrace for possible volatility\nRegardless of which way the stock market may head following the Jackson Hole symposium, volatility could rise as August comes to a close. This is the case because speculation, both on the bullish and bearish sides of the argument, tends to increase around important events like this.\nVolatility is both good and bad news for Apple stock. Market jitters can be uncomfortable for many investors, and some might be tempted to sell or trim their positions after a selloff. On the other hand, a possible pullback that is unrelated to the company’s fundamentals could open an opportunity to buy AAPL on weakness.\nThis is precisely what happened in mid-June, following an important Federal Reserve meeting that the market perceived as hawkish. Those who bought AAPL at those levels, a move defended by the Apple Maven, saw the value of their investment rise by 14% in a matter of only about 10 weeks.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1737,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835248496,"gmtCreate":1629724181215,"gmtModify":1631890975994,"author":{"id":"3581987519336484","authorId":"3581987519336484","name":"sprinkles","avatar":"https://static.tigerbbs.com/82855bcc54246f7126a7a8e2ad39fe79","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581987519336484","idStr":"3581987519336484"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/835248496","repostId":"1108129184","repostType":4,"isVote":1,"tweetType":1,"viewCount":1496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":835248271,"gmtCreate":1629724143993,"gmtModify":1631890975996,"author":{"id":"3581987519336484","authorId":"3581987519336484","name":"sprinkles","avatar":"https://static.tigerbbs.com/82855bcc54246f7126a7a8e2ad39fe79","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581987519336484","idStr":"3581987519336484"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/835248271","repostId":"1132832038","repostType":4,"isVote":1,"tweetType":1,"viewCount":2879,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":832814212,"gmtCreate":1629605897536,"gmtModify":1631890975998,"author":{"id":"3581987519336484","authorId":"3581987519336484","name":"sprinkles","avatar":"https://static.tigerbbs.com/82855bcc54246f7126a7a8e2ad39fe79","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581987519336484","idStr":"3581987519336484"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/832814212","repostId":"1128033677","repostType":4,"isVote":1,"tweetType":1,"viewCount":3040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836788291,"gmtCreate":1629524328913,"gmtModify":1631890975998,"author":{"id":"3581987519336484","authorId":"3581987519336484","name":"sprinkles","avatar":"https://static.tigerbbs.com/82855bcc54246f7126a7a8e2ad39fe79","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581987519336484","idStr":"3581987519336484"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836788291","repostId":"2161745179","repostType":4,"isVote":1,"tweetType":1,"viewCount":2908,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836115611,"gmtCreate":1629464527333,"gmtModify":1631890975999,"author":{"id":"3581987519336484","authorId":"3581987519336484","name":"sprinkles","avatar":"https://static.tigerbbs.com/82855bcc54246f7126a7a8e2ad39fe79","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581987519336484","idStr":"3581987519336484"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/836115611","repostId":"1139624692","repostType":4,"isVote":1,"tweetType":1,"viewCount":2865,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":836112225,"gmtCreate":1629464471667,"gmtModify":1631890976001,"author":{"id":"3581987519336484","authorId":"3581987519336484","name":"sprinkles","avatar":"https://static.tigerbbs.com/82855bcc54246f7126a7a8e2ad39fe79","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581987519336484","idStr":"3581987519336484"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/836112225","repostId":"2160142537","repostType":4,"isVote":1,"tweetType":1,"viewCount":2220,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177242440,"gmtCreate":1627228842680,"gmtModify":1631890976002,"author":{"id":"3581987519336484","authorId":"3581987519336484","name":"sprinkles","avatar":"https://static.tigerbbs.com/82855bcc54246f7126a7a8e2ad39fe79","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581987519336484","idStr":"3581987519336484"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177242440","repostId":"2153984067","repostType":4,"isVote":1,"tweetType":1,"viewCount":1670,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":145676074,"gmtCreate":1626223488598,"gmtModify":1631890976006,"author":{"id":"3581987519336484","authorId":"3581987519336484","name":"sprinkles","avatar":"https://static.tigerbbs.com/82855bcc54246f7126a7a8e2ad39fe79","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581987519336484","idStr":"3581987519336484"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/145676074","repostId":"1171237961","repostType":4,"repost":{"id":"1171237961","kind":"news","pubTimestamp":1626221936,"share":"https://www.laohu8.com/m/news/1171237961?lang=zh_CN&edition=full","pubTime":"2021-07-14 08:18","market":"us","language":"en","title":"Can the Fed avoid negative interest rates in the next downturn?<blockquote>美联储能否在下一次低迷时期避免负利率？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1171237961","media":"yahoo","summary":"The Federal Reserve managed to avoid turning to negative interest rates through the pandemic-induced","content":"<p>The Federal Reserve managed to avoid turning to negative interest rates through the pandemic-induced recession of 2020. But if the economy faces another downturn, will the central bank be backed into short-term borrowing rates below zero?</p><p><blockquote>美联储在2020年大流行引发的衰退中成功避免了转向负利率。但如果经济再次面临低迷，央行会支持将短期借款利率降至零以下吗？</blockquote></p><p> In aUBS surveyof almost 30 central banks around the world, 21% of respondents said they could see the Fed turning to negative interest rates if needed.</p><p><blockquote>在aUBS对全球近30家央行的调查中，21%的受访者表示，如果需要，他们可能会看到美联储转向负利率。</blockquote></p><p> The concern: With U.S. short-term rates yet again backed up at near-zero, a Fed that may beslower to raise interest rateswill not have the room to again cut rates in the next crisis.</p><p><blockquote>令人担忧的是：随着美国短期利率再次维持在接近于零的水平，美联储可能会降低利率以提高利率，但在下一次危机中将没有再次降息的空间。</blockquote></p><p> But Fed officials, who managed to avoid the tool through an economic shutdown of unprecedented scale, have made it clear that negative interest rates are low on their lists of preferred policy tools.</p><p><blockquote>但美联储官员通过规模空前的经济停摆成功避免了这一工具，他们明确表示，负利率在他们首选的政策工具清单上排名靠后。</blockquote></p><p> “Negative rates I think have a worse cost-benefit relationship than the other tools that we have,” New York Fed President John Williams told reporters on Monday morning.</p><p><blockquote>纽约联储主席约翰·威廉姆斯周一上午对记者表示：“我认为负利率的成本效益关系比我们拥有的其他工具更差。”</blockquote></p><p> AnOctober 2019 discussionof negative rates noted that all of the Fed’s policy-setting members disliked the idea of implementing the policy in the U.S.</p><p><blockquote>2019年10月关于负利率的讨论指出，所有美联储政策制定成员都不喜欢在美国实施该政策的想法。</blockquote></p><p> “The committee’s view on negative rates really has not changed. This is not something we’re looking at,” Powell said in May 2020.</p><p><blockquote>鲍威尔在2020年5月表示：“委员会对负利率的看法确实没有改变。这不是我们正在考虑的事情。”</blockquote></p><p> Still, the central bank hasn’t explicitly ruled out its possible use in the future.</p><p><blockquote>尽管如此，央行尚未明确排除其未来可能使用的可能性。</blockquote></p><p> <b>‘Rather stay out of that game’</b></p><p><blockquote><b>“宁愿置身事外”</b></blockquote></p><p> Negative interest rate policies, such as those deployed by the European Central Bank and the Bank of Japan, attempt to stimulate the economy by penalizing banks for parking money at the central bank. The idea is to push banks to lend into the economy by further discouraging saving.</p><p><blockquote>负利率政策，如欧洲央行和日本央行部署的负利率政策，试图通过惩罚银行将资金存放在央行来刺激经济。这个想法是通过进一步抑制储蓄来推动银行向经济放贷。</blockquote></p><p> But Fed officials have worried about the distortions that could come with negative short-term rates in the U.S., where the importance of U.S. government debt markets and the U.S. dollar could have wide-reaching and international financial stability consequences.</p><p><blockquote>但美联储官员担心美国短期负利率可能带来的扭曲，美国政府债务市场和美元的重要性可能会对国际金融稳定产生广泛影响。</blockquote></p><p> “You’ve got Japan and Europe mired in negative interest rates,” St. Louis Fed President James Bullardtold Yahoo Finance on May 24. “We’d rather stay out of that game.”</p><p><blockquote>圣路易斯联储主席詹姆斯·布拉德(James Bullard)5月24日对雅虎财经表示：“日本和欧洲陷入了负利率的泥潭。”“我们宁愿置身事外。”</blockquote></p><p> UBS noted that the $4.5 trillion money market, which is heavily reliant on short-term rates, is too large — and too interconnected to public and private sectors — to be toyed around with.</p><p><blockquote>瑞银指出，严重依赖短期利率的4.5万亿美元货币市场规模太大，而且与公共和私营部门联系太紧密，不容玩弄。</blockquote></p><p> “Implementing a negative interest rate policy in the U.S. would be too much of a disruptor (not the same issue overseas),” UBS Chief Investment Officer Solita Marcelli wrote.</p><p><blockquote>瑞银首席投资官Solita Marcelli写道：“在美国实施负利率政策会造成太大的干扰（海外不是同样的问题）。”</blockquote></p><p> The playbook in the next crisis might therefore look similar to the one used last year: near-zero rates, aggressive asset purchases, and an armada of liquidity facilities to backstop various financial markets.</p><p><blockquote>因此，下一场危机的剧本可能与去年相似：接近零的利率、激进的资产购买以及支持各种金融市场的大量流动性工具。</blockquote></p><p> Williams specifically said the Fed's purchases of U.S. Treasuries and agency mortgage-backed securities have been \"critically important.\" The Fed has only recently begun conversations about slowing the pace of those purchases, as the central bank's balance sheet soars past the $8 trillion mark.</p><p><blockquote>威廉姆斯特别表示，美联储购买美国国债和机构抵押贷款支持证券“至关重要”。随着美联储的资产负债表飙升超过8万亿美元大关，美联储最近才开始讨论放缓这些购买步伐。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7accbdd2071471c525d7cd6ecce430ae\" tg-width=\"705\" tg-height=\"272\"></p><p><blockquote></blockquote></p><p> “These tools, they’re not really as unconventional as they used to be,” Williams said Monday.</p><p><blockquote>威廉姆斯周一表示：“这些工具并不像以前那样非传统。”</blockquote></p><p> The UBS survey notes that the Fed could still get creative if it needed to. About 45% of respondents said they could see the Fed buying stocks and about 65% said they could see the Fed targeting medium- to longer-dated bond yields (through a tool calledyield curve control) in the next crisis.</p><p><blockquote>瑞银的调查指出，如果需要，美联储仍然可以发挥创造力。约45%的受访者表示，他们可能会看到美联储购买股票，约65%的受访者表示，他们可能会看到美联储在下一次危机中瞄准中长期债券收益率（通过一种称为收益率曲线控制的工具）。</blockquote></p><p></p>","source":"lsy1584348713084","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>Can the Fed avoid negative interest rates in the next downturn?<blockquote>美联储能否在下一次低迷时期避免负利率？</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\">\nCan the Fed avoid negative interest rates in the next downturn?<blockquote>美联储能否在下一次低迷时期避免负利率？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">yahoo</strong><span class=\"h-time small\">2021-07-14 08:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Federal Reserve managed to avoid turning to negative interest rates through the pandemic-induced recession of 2020. But if the economy faces another downturn, will the central bank be backed into short-term borrowing rates below zero?</p><p><blockquote>美联储在2020年大流行引发的衰退中成功避免了转向负利率。但如果经济再次面临低迷，央行会支持将短期借款利率降至零以下吗？</blockquote></p><p> In aUBS surveyof almost 30 central banks around the world, 21% of respondents said they could see the Fed turning to negative interest rates if needed.</p><p><blockquote>在aUBS对全球近30家央行的调查中，21%的受访者表示，如果需要，他们可能会看到美联储转向负利率。</blockquote></p><p> The concern: With U.S. short-term rates yet again backed up at near-zero, a Fed that may beslower to raise interest rateswill not have the room to again cut rates in the next crisis.</p><p><blockquote>令人担忧的是：随着美国短期利率再次维持在接近于零的水平，美联储可能会降低利率以提高利率，但在下一次危机中将没有再次降息的空间。</blockquote></p><p> But Fed officials, who managed to avoid the tool through an economic shutdown of unprecedented scale, have made it clear that negative interest rates are low on their lists of preferred policy tools.</p><p><blockquote>但美联储官员通过规模空前的经济停摆成功避免了这一工具，他们明确表示，负利率在他们首选的政策工具清单上排名靠后。</blockquote></p><p> “Negative rates I think have a worse cost-benefit relationship than the other tools that we have,” New York Fed President John Williams told reporters on Monday morning.</p><p><blockquote>纽约联储主席约翰·威廉姆斯周一上午对记者表示：“我认为负利率的成本效益关系比我们拥有的其他工具更差。”</blockquote></p><p> AnOctober 2019 discussionof negative rates noted that all of the Fed’s policy-setting members disliked the idea of implementing the policy in the U.S.</p><p><blockquote>2019年10月关于负利率的讨论指出，所有美联储政策制定成员都不喜欢在美国实施该政策的想法。</blockquote></p><p> “The committee’s view on negative rates really has not changed. This is not something we’re looking at,” Powell said in May 2020.</p><p><blockquote>鲍威尔在2020年5月表示：“委员会对负利率的看法确实没有改变。这不是我们正在考虑的事情。”</blockquote></p><p> Still, the central bank hasn’t explicitly ruled out its possible use in the future.</p><p><blockquote>尽管如此，央行尚未明确排除其未来可能使用的可能性。</blockquote></p><p> <b>‘Rather stay out of that game’</b></p><p><blockquote><b>“宁愿置身事外”</b></blockquote></p><p> Negative interest rate policies, such as those deployed by the European Central Bank and the Bank of Japan, attempt to stimulate the economy by penalizing banks for parking money at the central bank. The idea is to push banks to lend into the economy by further discouraging saving.</p><p><blockquote>负利率政策，如欧洲央行和日本央行部署的负利率政策，试图通过惩罚银行将资金存放在央行来刺激经济。这个想法是通过进一步抑制储蓄来推动银行向经济放贷。</blockquote></p><p> But Fed officials have worried about the distortions that could come with negative short-term rates in the U.S., where the importance of U.S. government debt markets and the U.S. dollar could have wide-reaching and international financial stability consequences.</p><p><blockquote>但美联储官员担心美国短期负利率可能带来的扭曲，美国政府债务市场和美元的重要性可能会对国际金融稳定产生广泛影响。</blockquote></p><p> “You’ve got Japan and Europe mired in negative interest rates,” St. Louis Fed President James Bullardtold Yahoo Finance on May 24. “We’d rather stay out of that game.”</p><p><blockquote>圣路易斯联储主席詹姆斯·布拉德(James Bullard)5月24日对雅虎财经表示：“日本和欧洲陷入了负利率的泥潭。”“我们宁愿置身事外。”</blockquote></p><p> UBS noted that the $4.5 trillion money market, which is heavily reliant on short-term rates, is too large — and too interconnected to public and private sectors — to be toyed around with.</p><p><blockquote>瑞银指出，严重依赖短期利率的4.5万亿美元货币市场规模太大，而且与公共和私营部门联系太紧密，不容玩弄。</blockquote></p><p> “Implementing a negative interest rate policy in the U.S. would be too much of a disruptor (not the same issue overseas),” UBS Chief Investment Officer Solita Marcelli wrote.</p><p><blockquote>瑞银首席投资官Solita Marcelli写道：“在美国实施负利率政策会造成太大的干扰（海外不是同样的问题）。”</blockquote></p><p> The playbook in the next crisis might therefore look similar to the one used last year: near-zero rates, aggressive asset purchases, and an armada of liquidity facilities to backstop various financial markets.</p><p><blockquote>因此，下一场危机的剧本可能与去年相似：接近零的利率、激进的资产购买以及支持各种金融市场的大量流动性工具。</blockquote></p><p> Williams specifically said the Fed's purchases of U.S. Treasuries and agency mortgage-backed securities have been \"critically important.\" The Fed has only recently begun conversations about slowing the pace of those purchases, as the central bank's balance sheet soars past the $8 trillion mark.</p><p><blockquote>威廉姆斯特别表示，美联储购买美国国债和机构抵押贷款支持证券“至关重要”。随着美联储的资产负债表飙升超过8万亿美元大关，美联储最近才开始讨论放缓这些购买步伐。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7accbdd2071471c525d7cd6ecce430ae\" tg-width=\"705\" tg-height=\"272\"></p><p><blockquote></blockquote></p><p> “These tools, they’re not really as unconventional as they used to be,” Williams said Monday.</p><p><blockquote>威廉姆斯周一表示：“这些工具并不像以前那样非传统。”</blockquote></p><p> The UBS survey notes that the Fed could still get creative if it needed to. About 45% of respondents said they could see the Fed buying stocks and about 65% said they could see the Fed targeting medium- to longer-dated bond yields (through a tool calledyield curve control) in the next crisis.</p><p><blockquote>瑞银的调查指出，如果需要，美联储仍然可以发挥创造力。约45%的受访者表示，他们可能会看到美联储购买股票，约65%的受访者表示，他们可能会看到美联储在下一次危机中瞄准中长期债券收益率（通过一种称为收益率曲线控制的工具）。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/can-the-fed-avoid-negative-interest-rates-in-the-next-downturn-133021653.html\">yahoo</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/can-the-fed-avoid-negative-interest-rates-in-the-next-downturn-133021653.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1171237961","content_text":"The Federal Reserve managed to avoid turning to negative interest rates through the pandemic-induced recession of 2020. But if the economy faces another downturn, will the central bank be backed into short-term borrowing rates below zero?\nIn aUBS surveyof almost 30 central banks around the world, 21% of respondents said they could see the Fed turning to negative interest rates if needed.\nThe concern: With U.S. short-term rates yet again backed up at near-zero, a Fed that may beslower to raise interest rateswill not have the room to again cut rates in the next crisis.\nBut Fed officials, who managed to avoid the tool through an economic shutdown of unprecedented scale, have made it clear that negative interest rates are low on their lists of preferred policy tools.\n“Negative rates I think have a worse cost-benefit relationship than the other tools that we have,” New York Fed President John Williams told reporters on Monday morning.\nAnOctober 2019 discussionof negative rates noted that all of the Fed’s policy-setting members disliked the idea of implementing the policy in the U.S.\n“The committee’s view on negative rates really has not changed. This is not something we’re looking at,” Powell said in May 2020.\nStill, the central bank hasn’t explicitly ruled out its possible use in the future.\n‘Rather stay out of that game’\nNegative interest rate policies, such as those deployed by the European Central Bank and the Bank of Japan, attempt to stimulate the economy by penalizing banks for parking money at the central bank. The idea is to push banks to lend into the economy by further discouraging saving.\nBut Fed officials have worried about the distortions that could come with negative short-term rates in the U.S., where the importance of U.S. government debt markets and the U.S. dollar could have wide-reaching and international financial stability consequences.\n“You’ve got Japan and Europe mired in negative interest rates,” St. Louis Fed President James Bullardtold Yahoo Finance on May 24. “We’d rather stay out of that game.”\nUBS noted that the $4.5 trillion money market, which is heavily reliant on short-term rates, is too large — and too interconnected to public and private sectors — to be toyed around with.\n“Implementing a negative interest rate policy in the U.S. would be too much of a disruptor (not the same issue overseas),” UBS Chief Investment Officer Solita Marcelli wrote.\nThe playbook in the next crisis might therefore look similar to the one used last year: near-zero rates, aggressive asset purchases, and an armada of liquidity facilities to backstop various financial markets.\nWilliams specifically said the Fed's purchases of U.S. Treasuries and agency mortgage-backed securities have been \"critically important.\" The Fed has only recently begun conversations about slowing the pace of those purchases, as the central bank's balance sheet soars past the $8 trillion mark.\n\n“These tools, they’re not really as unconventional as they used to be,” Williams said Monday.\nThe UBS survey notes that the Fed could still get creative if it needed to. About 45% of respondents said they could see the Fed buying stocks and about 65% said they could see the Fed targeting medium- to longer-dated bond yields (through a tool calledyield curve control) in the next crisis.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1344,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143574398,"gmtCreate":1625805745414,"gmtModify":1631890976016,"author":{"id":"3581987519336484","authorId":"3581987519336484","name":"sprinkles","avatar":"https://static.tigerbbs.com/82855bcc54246f7126a7a8e2ad39fe79","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581987519336484","idStr":"3581987519336484"},"themes":[],"htmlText":"Like me","listText":"Like me","text":"Like me","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/143574398","repostId":"1144495076","repostType":4,"isVote":1,"tweetType":1,"viewCount":1950,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}