美聯儲爲近10年來首次加息鬆綁
The Federal Reserve has dropped its pledge to be “patient” before raising interest rates, freeing its hand to lift official borrowing costs for the first time in nearly a decade.
The US central bank left its target range for short-term rates at zero to a quarter per cent, adding that it did not expect to pull the trigger on rate rises as soon as April, but opening up its options from June onward.
這家美國央行將其短期利率目標區間維持在零至0.25%不變，並表示至少今年4月還不會啓動加息，但從6月起將考慮各種選項。However, it also reduced its forecasts for growth and inflation and projections of interest rates, suggesting it may wait longer than June — the first date available for an increase.
然而，美聯儲同時也下調了其對經濟增長和通脹的預測以及其利率展望，暗示可能等到6月以後再行動——6月是首個可考慮加息的月份。
In a statement, the Federal Open Market Committee said it anticipated lifting rates when it had seen further improvement in the labour market and was “reasonably confident” that inflation would Move back to its 2 per cent target over the medium term. But this new language did not mean the committee had made up its mind when to raise rates the statement added.
聯邦公開市場委員會(FOMC)在聲明中稱，它預計的加息時點是，當它看到勞動力市場進一步改善、且它對中期通脹率回升到2%的目標“相當有信心”時。但聲明補充稱，這種新措辭並不意味着FOMC已就何時加息下定決心。The biggest market reaction was seen in US equities, where the broad S&P 500 index erased losses to advance 1.1 per cent. Investors bought up US Treasuries, pushing yields on the benchmark 10-year note 6 basis points lower and back below 2 per cent.
對這一變化反應最強烈的市場是美國股市，標普500指數(S&P 500 index)抹去全部跌幅並上漲了1.1%。投資者買進美國國債，將基準的10年期國債的收益率推低6個基點，使之回到2%以下。The move came in the most hotly anticipated Fed meeting since Janet Yellen took the chair of the central bank more than a year ago.
自一年多前珍妮特•耶倫(Janet Yellen)接任美聯儲主席以來，此次會議是外界最熱切期待的一次美聯儲會議。The dollar has been trading at multiyear highs against a range of currencies, partly in anticipation of higher borrowing costs in the US after six years of near-zero rates, but also as some two dozen other central banks have eased policy this year.
美元兌一系列貨幣的匯率正處於數年來的高點，部分原因是外界預期美國實行了6年的近零利率後將會調高借貸成本，而世界其他地方的20多家央行今年放鬆了貨幣政策也是原因之一。These gains have sparked concerns that the US economic growth outlook could be dented as exports sag, and that the Fed’s inflation expectations could be shaved back. International Monetary Fund chief Christine Lagarde warned that rate rises could trigger instability in emerging markets, while hedge fund manager Ray Dalio warned of the risk of a 1937-style stock market slump when it finally raises rates.
美元走強引發了人們對美國經濟增長前景可能會受出口下滑拖累、以及美聯儲通脹預期可能會回調的擔憂。國際貨幣基金組織(IMF)總裁克里斯蒂娜•拉加德(Christine Lagarde)警告稱，美國加息可能會引發新興市場的不穩定。與此同時，對衝基金經理雷•戴利奧(Ray Dalio)警告稱，美聯儲最終開始加息時，可能會引發1937年式的股市大跌。The statement did not mention the dollar explicitly, but Fed rate-setters reduced their growth and inflation outlook, as well as their expectations for the pace at which rates would be increased. They also reduced their estimates for unemployment as job growth continues to defy expectations.
此次的聲明並未明確提及美元，但美聯儲的利率制定者調低了他們對經濟增長和通脹的預期、以及他們對加息步伐的展望。隨着就業增長繼續跑贏預期，他們還下調了對失業率的預期。Ms Yellen had on February 24 paved the way for the “patience” pledge to be ditched, as she sought to give the FOMC a freer hand to change rates. The vow committed the FOMC to holding rates unchanged for at least two meetings. This would have ruled out increases in June if it had been reiterated today.
2月24日，耶倫已爲摒棄“耐心”承諾鋪平了道路，她試圖讓FOMC能夠更自由地放手調整利率。“耐心”承諾確保了FOMC至少會在兩次會議上維持利率不變。本次會議的聲明中若再出現這個字眼，將排除掉6月加息的可能性。In new projections, FOMC members reduced their growth outlooks for 2015, 2016 and 2017, with the central tendency for 2015 reduced to 2.3-2.7 per cent from 2.6-3 per cent.
在新的展望中，FOMC成員下調了他們對2015年、2016年及2017年經濟增長的預期，2015年增長的“中間趨勢”(central tendency)由2.6%至3%調低到2.3%至2.7%。
