2022年经济学人 曾经仁慈的美联储现在似乎要报复市场（2）

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In a broader sense, however, the stockmarket clearly matters to the Fed.

然而，从更广泛的意义上讲，股市显然对美联储很重要。

Jerome Powell, its current chairman, has repeatedly said that its policies are transmitted to the real economy through financial conditions—a term that refers to the availability and cost of funding for businesses and consumers.

美联储现任主席杰罗姆·鲍威尔一再表示，美联储的政策是通过金融形势传递至实体经济的。金融形势指的是企业和消费者获得资金的可能性和成本。

Stockmarkets play a crucial role in both shaping and gauging¹ financial conditions.

股票市场在塑造和衡量金融形势方面都发挥着至关重要的作用。

Admittedly, they play a small part in a formal sense: for instance, in one index of financial conditions created by the Fed’s Chicago branch, equity² and other asset markets account for just ten of its 105 separate inputs³, contrasting with the bigger weights assigned to credit markets.

诚然，从形式来看，股市只起到了很小的作用：例如，在美联储芝加哥分行编制的一个金融形势指数中，股票和其他资产市场在其105个独立输入项中只占10个，相比之下，信贷市场的权重更大。

But stocks reflect these other metrics.

但股票能反映其他指标。

This is especially true at times of stress.

在困难时期尤其如此。

Share prices have fallen this year as indices of financial conditions have tightened⁴, and they have risen when these indices have eased.

今年，随着金融形势指数收紧，股价有所下跌，而当指数宽松时，股价又有所上涨。

Concerns about inflation only add to the market’s importance.

对通胀的担忧只会更加凸显股市的重要性。

When share prices rise, consumers, feeling flush, tend to spend more money and companies, feeling confident, tend to hire more workers.

当股价上涨时，消费者感到富裕，往往会花更多的钱，而公司会感到自信，往往会雇佣更多员工。

A paper in 2019 by Gabriel Chodorow-Reich of Harvard University and colleagues concluded that each dollar of increased stockmarket wealth lifted consumer spending by about three cents annually⁵, while also boosting employment and wages.

哈佛大学的加布里埃尔·乔多罗-瑞奇及其同事在2019年的一篇论文中得出结论，股市市值每上涨一美元，就会使消费者的支出每年增加约3美分，同时促进就业和工资上涨。

For a central bank fighting inflation, a large rise in share prices would therefore cut against its efforts.

因此，对于抗击通胀的美联储来说，股价大幅上涨会让其事倍功半。

This makes for borderline hypocrisy⁶ in Fedspeak.

这使得美联储的言论近乎虚伪。

Sober central bankers can explain that they want “appropriate firming of monetary⁷ policy and associated tighter financial conditions” to help rectify⁸ the supply-and-demand imbalances that are fuelling inflation (as the Fed did indeed say in the minutes of its rate-setting meeting in June).

清醒的央行官员可以解释说，他们希望“适当紧缩的货币政策和相关的收紧的金融形势”能够帮助扭转推高通胀的供需失衡(正如美联储在6月份的议息会议纪要中所说的那样)。

Yet it would be beyond the pale for them to declare that they want “appropriate firming of monetary policy and associated weakness in the stockmarket”—even if their meanings are closely aligned⁹.

但是，如果他们宣称想要“适当紧缩的货币政策和相关的疲软的股市”就过分了，即使这两种说法几乎是一个意思。

In a market crash that impairs¹⁰ the financial system, the Fed put would come back into focus.

如果损害金融体系的市场崩盘爆发，美联储看跌期权将重新成为焦点。

For now, though, the sell-off has been mostly orderly.

不过，就目前而言，抛售基本上是有序进行的。

A sustained rebound¹¹ in stocks would be unwelcome for the Fed, and might well tilt¹² it towards more hawkishness¹³.

股市持续反弹不会受美联储待见，还有可能会促使美联储更加鹰派。

Investors¹⁴ accustomed to viewing the central bank as a friendly force must instead confront the harsh reality of a Fed call.

习惯于将美联储视为友军的投资者，不得不面对美联储看涨期权的残酷现实。

1 gauging   

n.测量[试]，测定，计量v.（用仪器）测量( gauge的现在分词 )；估计；计量；划分

参考例句：

• The method is especially attractive for gauging natural streams. 该方法对于测量天然的流注具有特殊的吸引力。 来自辞典例句
• Incommunicative as he was, some time elapsed before I had an opportunity of gauging his mind. 由于他不爱说话，我过了一些时候才有机会探测他的心灵。 来自辞典例句

2 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

3 inputs   

n.输入( input的名词复数 )；投入；输入端；输入的数据v.把…输入电脑( input的第三人称单数 )

参考例句：

• Uncheck the inputs checked for optimization in the previous stage. 不测试那些已经测试过的优化了的以前步骤的inputs.（变量参数）。 来自互联网
• Just in case, save in a file the inputs obtained at the previous stage. 以防万一，保存以前步骤获得的inputs（变量参数值）到一个文件中去。 来自互联网

4 tightened   

收紧( tighten的过去式和过去分词 )； （使）变紧； （使）绷紧； 加紧

参考例句：

• The rope holding the boat suddenly tightened and broke. 系船的绳子突然绷断了。
• His index finger tightened on the trigger but then relaxed again. 他的食指扣住扳机，然后又松开了。

5 annually   

adv.一年一次，每年

参考例句：

• Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。
• They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。

6 hypocrisy   

n.伪善，虚伪

参考例句：

• He railed against hypocrisy and greed.他痛斥伪善和贪婪的行为。
• He accused newspapers of hypocrisy in their treatment of the story.他指责了报纸在报道该新闻时的虚伪。

7 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

8 rectify   

v.订正，矫正，改正

参考例句：

• The matter will rectify itself in a few days.那件事过几天就会变好。
• You can rectify this fault if you insert a slash.插人一条斜线便可以纠正此错误。

9 aligned   

adj.对齐的，均衡的

参考例句：

• Make sure the shelf is aligned with the top of the cupboard.务必使搁架与橱柜顶端对齐。

10 impairs   

v.损害，削弱( impair的第三人称单数 )

参考例句：

• Smoking impairs our health. 吸烟会损害我们的健康。 来自《简明英汉词典》
• Almost anything that impairs liver function can cause hepatitis. 任何有损于肝功能的因素，几乎都会引起肝炎。 来自辞典例句

11 rebound   

v.弹回；n.弹回，跳回

参考例句：

• The vibrations accompanying the rebound are the earth quake.伴随这种回弹的振动就是地震。
• Our evil example will rebound upon ourselves.我们的坏榜样会回到我们自己头上的。

12 tilt   

v.(使)倾侧；(使)倾斜；n.倾侧；倾斜

参考例句：

• She wore her hat at a tilt over her left eye.她歪戴着帽子遮住左眼。
• The table is at a slight tilt.这张桌子没放平，有点儿歪.

13 hawkishness   

参考例句：

• That hawkishness is part of the reason for the euro's rise. 这种制止通胀的态度是欧元上升的一部分原因。

14 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会