商业周刊:美联储两位主席的奇案

The Strange Case of Dr. Yellen and Chairman Jay

耶伦博士和杰罗姆主席的奇案

The two Fed chiefs have turned out to be remarkably¹ similar policymakers

事实证明，美联储的两位领导人是非常相似的决策者。

Federal Reserve Chairman Jerome Powell has just finished his first year on the job—marking the fifth year of what could be called the Yellen-Powell Fed.

美国联邦储备委员会主席杰罗姆·鲍威尔刚刚完成他任职的第一年工作，也就是所谓的耶伦—鲍威尔时代的美联储第五年。

Together with predecessor² Janet Yellen, Powell has presided over the slowest rate-hiking cycle the U.S. has ever seen.

鲍威尔与美联储前主席珍妮特·耶伦共同负责实施了美国有史以来最缓慢的加息周期。

Their patience might just deliver that most elusive³ of goals of central bankers: bringing a hot economy into a "soft landing," tamping⁴ down nascent⁵ inflation while avoiding a recession.

他们的耐心也许只兑现了央行官员们最难以实现的目标：将经济热潮带入“软着陆”，在避免经济衰退的同时遏制新生的通货膨胀。

Inheriting a Fed that still had key interest rates near zero, Yellen began to raise them when economic data was strengthening—then paused and pledged restraint at the first sign of trouble.

继美联储仍将关键利率维持在接近零的水平后，耶伦在经济数据加强时开始提高利率，然后暂停，并承诺在发现问题的第一个迹象时进行控制。

Powell has largely followed her lead. So far, so good.

鲍威尔基本上是在遵从耶伦的路线，到目前为止，一切正常。

Inflation is hovering⁶ at about the Fed's 2 percent goal, and 13 million Americans have joined the job market since Yellen took office in February 2014.

通货膨涨在美联储2%的目标附近徘徊，自耶伦2014年2月上任以来，已有1300万美国人加入到就业市场中。

The central bank has coaxed⁷ interest rates up to between 2.25 percent and 2.5 percent.

央行已将利率调至2.25%至2.5%之间。

And it's manage do shrink the massive balance sheet of bonds it built up after the financial crisis without sending markets into a tailspin.

其管理确实减少了金融危机之后建立起来的巨额债券资产负债状况，没有让市场陷入混乱。

Yet the strategy has taken fire from both sides.

然而，这一策略却遭到了两方面的抨击。

Yellen was regularly warned that raising interest rates too slowly risked spurring runaway⁸ increases in consumer prices.

有人经常警告耶伦，加息过慢可能会刺激消费者价格上涨失控。

Throughout 2018, President Trump⁹ lambasted Powell for tightening¹⁰ too much. Many on Wall Street complained, too.

2018年一整年，总统特朗普都在抨击鲍威尔实施的政策太过紧缩，华尔街也有许多人怨声载道。

The Fed changed tack¹¹ in January, signaling a pause to rate increases and a willingness to reconsider the plan to allow asset holdings to steadily¹² mature without reinvesting them.

美联储在一月份改变了策略，暗示将暂停利率上调，并表示出重新考虑该计划的意愿，使资产持有稳步到期而不进行再投资。

It was responding in part to slower global growth—not unlike the Yellen Fed's yearlong pause when growth showed cracks in 2016.

这样做部分原因在于全球经济增长放缓，这与耶伦任职美联储主席期间于2016年经济增长出现问题时，实施长达一年的停置并无不同。

The complaint du jour has also shifted. Monetary¹³ policy commentators¹⁴ are now scandalized that Powell capitulated.

各种抱怨之声也在发生变化。现在，货币政策评论员们都对鲍威尔的妥协表示深恶痛绝。

1 remarkably   

ad.不同寻常地，相当地

参考例句：

• I thought she was remarkably restrained in the circumstances. 我认为她在那种情况下非常克制。
• He made a remarkably swift recovery. 他康复得相当快。

2 predecessor   

n.前辈，前任

参考例句：

• It will share the fate of its predecessor.它将遭受与前者同样的命运。
• The new ambassador is more mature than his predecessor.新大使比他的前任更成熟一些。

3 elusive   

adj.难以表达(捉摸)的；令人困惑的；逃避的

参考例句：

• Try to catch the elusive charm of the original in translation.翻译时设法把握住原文中难以捉摸的风韵。
• Interpol have searched all the corners of the earth for the elusive hijackers.国际刑警组织已在世界各地搜查在逃的飞机劫持者。

4 tamping   

n.填塞物，捣紧v.捣固( tamp的现在分词 )；填充；（用炮泥）封炮眼口；夯实

参考例句：

• The foundation becomes solid after tamping. 打夯以后，地基就瓷实了。 来自《现代汉英综合大词典》
• Practical construction shows that equal energy, equal deformation tamping a. 等能量、等变形夯扩挤密矸石桩是一种地基加固新技术。 来自互联网

5 nascent   

adj.初生的，发生中的

参考例句：

• That slim book showed the Chinese intelligentsia and the nascent working class.那本小册子讲述了中国的知识界和新兴的工人阶级。
• Despite a nascent democracy movement,there's little traction for direct suffrage.尽管有过一次新生的民主运动，但几乎不会带来直接选举。

6 hovering   

鸟( hover的现在分词 )； 靠近（某事物）； （人）徘徊； 犹豫

参考例句：

• The helicopter was hovering about 100 metres above the pad. 直升机在离发射台一百米的上空盘旋。
• I'm hovering between the concert and the play tonight. 我犹豫不决今晚是听音乐会还是看戏。

7 coaxed   

v.哄，用好话劝说( coax的过去式和过去分词 )；巧言骗取；哄劝，劝诱

参考例句：

• She coaxed the horse into coming a little closer. 她哄着那匹马让它再靠近了一点。
• I coaxed my sister into taking me to the theatre. 我用好话哄姐姐带我去看戏。 来自《现代汉英综合大词典》

8 runaway   

n.逃走的人，逃亡，亡命者；adj.逃亡的，逃走的

参考例句：

• The police have not found the runaway to date.警察迄今没抓到逃犯。
• He was praised for bringing up the runaway horse.他勒住了脱缰之马受到了表扬。

9 trump   

n.王牌，法宝；v.打出王牌，吹喇叭

参考例句：

• He was never able to trump up the courage to have a showdown.他始终鼓不起勇气摊牌。
• The coach saved his star player for a trump card.教练保留他的明星选手，作为他的王牌。

10 tightening   

上紧，固定，紧密

参考例句：

• Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
• It needs tightening up a little. 它还需要再收紧些。

11 tack   

n.大头钉；假缝，粗缝

参考例句：

• He is hammering a tack into the wall to hang a picture.他正往墙上钉一枚平头钉用来挂画。
• We are going to tack the map on the wall.我们打算把这张地图钉在墙上。

12 steadily   

adv.稳定地；不变地；持续地

参考例句：

• The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
• Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。

13 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。

14 commentators   

n.评论员( commentator的名词复数 )；时事评论员；注释者；实况广播员

参考例句：

• Sports commentators repeat the same phrases ad nauseam. 体育解说员翻来覆去说着同样的词语，真叫人腻烦。
• Television sports commentators repeat the same phrases ad nauseam. 电视体育解说员说来说去就是那么几句话，令人厌烦。 来自《简明英汉词典》