The Federal Reserve has been explicit about why it has been holding short-term interest rates near zero and has purchased $2.5 trillion in Treasury and government-backed mortgage bonds to push long-term rates to once-unimaginable lows:
美联储(Federal Reserve)为什么一直把短期利率维持在接近于零的水平,并购买2.5万亿美元的美国国债和政府担保的按揭债券、从而将长期利率压至以前不可想象的水平?美联储对此问题的回答一直是清晰明确的。
Not only does it hope cheap money will make borrowing and spending more attractive to businesses and consumers. It also wants to chase investors out of super-safe U.S. Treasurys and mortgages and into stocks, corporate bonds and other assets riskier than Treasurys. Boosting those prices, the central bank figures, will make households richer, increase the value of collateral that banks hold against loans and encourage executives─always happier when stock prices are rising─to invest.
它不仅希望借助于低息资金让企业和消费者更愿意借钱、花钱,还希望把投资者赶出超级安全的美国国债和按揭债券,让他们投资股票、公司债券和其他比美国国债风险高的资产。美联储盘算,抬高这些资产的价格将增加家庭财富、提高银行所持贷款抵押物的价值,并鼓励企业经理人投资──股价越涨,他们总是越高兴。
Chairman Ben Bernanke and his allies at the Fed think all this is working as they had hoped, though they caution regularly that it isn't enough to resuscitate the U.S. economy nor is it without risks. Critics argue that it isn't doing much good─and that the risks are greater than Mr. Bernanke realizes. Now new Fed governor Jeremy Stein, a Bernanke backer, is arguing this bond-buying might have hidden benefits.
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