在加拿大
QE３终于出来了！我好激动啊～～我要做园子里第一个贴贴子的～现在还没有看到wall street journal/washington post的评论，期待期待～ Fed Announces Aggressive New Stimulus To Combat Unemployment http://www.huffingtonpost.com/2012/09/13/fed-stimulus-federal-reserve-qe_n_1881216.html?view=print&comm_ref=falseThe Huffington Post | By Mark Gongloffhttp://www.huffingtonpost.com/2012/09/13/fed-stimulus-federal-reserve-qe_n_1881216.html# Posted: 09/13/2012 12:41 pm Updated: 09/13/2012 1:23 pm#news_entries #ad_sharebox_260x60 img {padding:0px;margin:0px}
Federal Reserve Chairman Ben Bernanke. The Fed announced its latest monetary policy decision on Thursday. The Fed just hit the economy with a double-barreled blast of stimulus.The Federal Reserve on Thursday announced a new round of bond buying, with the new wrinkle of basically leaving the program open-ended. It also stretched out its promise to keep short-term interest rates near zero by a year, "at least through mid-2015."The move will be controversial, particularly coming less than two months ahead of a heated presidential election. The Fed is already being accused of risking runaway inflation with its previous stimulus programs, and now it will likely come under fire for trying to boost the economy, which could benefit President Obama's re-election chances.But the Fed apparently felt it had no choice but to act in response to stubbornly high unemployment, sluggish economic growth and the risk of a fiscal-cliff recession at the turn of the year. "The Committee is concerned that, without further policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions," the Federal Open Market Committee said in its statement.As it was, some economists and market participants expressed disappointment that the Fed's new buying program was not bigger."Overall, the Fed has done all the markets were asking for," Paul Ashworth, chief U.S. economist at Capital Economics, wrote in a note. "The problem is that we doubt it will be enough to get the economy on the right track. It's only a matter of time before speculation begins as to when the Fed will raise its purchases from $40 billion a month."Though financial markets had expected the Fed to act, they cheered the announcement nonetheless. The Dow Jones Industrial Average jumped 110 points in the minutes after the decision, up from a 12-point gain just before it. Other financial assets reflected concerns about higher inflation. Gold surged 1.5 percent to $1759 an ounce, its highest price in six months, while the U.S. dollar slumped against other major currencies.The Fed in its statement said it plans to buy $40 billion in mortgage-backed securities every month and continue another program, called "Operation Twist," in which it trades short-term bonds for long-term bonds. Together, these two programs will add $85 billion to the Fed's balance sheet until the end of the year. In an unusually aggressive step, the Fed also said it would buy more bonds, and consider other measures, if unemployment, currently at 8.1 percent, does not start falling more quickly:"If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability," the Fed said.One FOMC member, Richmond Fed President Jeffrey Lacker, dissented from the Fed's decision, disagreeing with more bond purchases and the extension of the low-rate promise. Quantitative Easing, another term for bond-buying, has been a controversial approach to monetary policy, with critics saying it raises the risk of inflation and financial bubbles while not helping the real economy. In a recent Wall Street Journal poll, economists said they thought a $500 billion bond-buying program would only cut unemployment by 0.1 percent and raise annual gross domestic product by 0.2 percent. That's a negligible benefit."Investors and business leaders face a paralytic Congress and a gallimaufry of downside fiscal and geopolitics risks," Bernard Baumohl, chief global economist at the Economic Outlook Group in Princeton, wrote in an email. "Try as it might, the Fed cannot prompt the economy to do much more under these circumstances." Bernanke himself has countered that he thinks previous rounds of QE created 2 million jobs and raised gross domestic product by 3 percent.And the Fed's promise to keep rates low until 2015 could in effect be a small measure of stimulus all by itself, as it could nudge interest rates lower throughout the economy."The important part of the Fed decision is more about shaping expectations--we're here to help--than just printing money," Justin Wolfers, associate professor at the Wharton School, wrote in a tweet.http://www.huffingtonpost.com/2012/09/13/fed-stimulus-federal-reserve-qe_n_1881216.html评论
回复: QE3 is out!cool
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