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  来源:金十

  美联储主席鲍威尔警告称,美联储在迅速缓冲经济受特朗普贸易战影响方面的灵活性可能会降低,这导致美国股市周三下跌。

  鲍威尔说,他认为“很有可能”在短期内,消费者将面临更高的价格,经济将因关税而面临更高的失业率。

  他说,这将给美联储带来“挑战性局面”,因为美联储为应对通胀压力而采取的任何利率措施都可能加剧失业,反之亦然。

  鲍威尔在芝加哥经济俱乐部(EconomicClubofChicago)主持的这次讨论中说:“就该做什么而言,这对央行来说是一个困难的地方。”

  在某些方面,美联储的问题就像一个足球守门员,在对手罚点球时,他必须决定是向右俯冲,关注通胀,还是向左俯冲,解决增长疲软的问题。

  鲍威尔说:“毫无疑问,我们将做出一个非常困难的判断。”

  在这种情况下决定如何设定利率时,美联储将权衡通胀率距离2%的目标有多远、劳动力市场有多疲软以及这两个变量的改善需要多长时间。

  鲍威尔还暗示,如果通胀目标和劳动力市场目标发生冲突,美联储可能优先考虑通胀目标,而不是劳动力市场目标。

  他说,美联储将努力平衡这两个目标,“牢记如果没有物价稳定,我们就无法实现有利于所有美国人的长期强劲的劳动力市场状况”。

  他还说,美联储的重点将是确保关税造成的任何一次性价格上涨不会助长更持久的价格上涨。

  2022年,美联储以40年来最快的速度加息,以防止物价大幅上涨——官员们最初误认为当时的高物价是“过渡性的”,或者说可能会自行消退。许多经济学家认为,到去年年底,美联储有望在不出现经济衰退的情况下成功降低通胀。今年年初,通胀率已从三年前超过7%的峰值降至2.5%。

  鲍威尔表示,对于现在正面临关税给全球供应链带来的新冲击的政策制定者来说,疫情后的经验是最重要的。

  鲍威尔指出,汽车制造商及其组装链就是关税可能“严重扰乱”经济活动的一个例子。

  鲍威尔说:“你会担心这一过程需要几年时间,通胀过程可能会延长。当你想到供应中断时,这种事情可能需要时间来解决,它可能导致原本一次性的通胀冲击被延长,也许会更加持久。”

  其结果是,美联储在看到失业率上升之前,可能会暂缓降息,因为降息可以刺激购买对利率敏感的商品,从而刺激需求。

  鲍威尔指出,不可预测的贸易政策公告使经济前景充满变数。鲍威尔说:“正如伟大的芝加哥人费利克斯-布勒(FerrisBueller)曾经指出的,‘生活变化相当快’。就目前而言,我们完全可以等待情况更加明朗后再考虑调整我们的政策立场。”

  他还表示,他认为美联储没有必要干预上周剧烈波动的市场。他说:“市场正在发挥作用,但条件是市场正处于这样一个充满挑战的环境中。”

  鲍威尔的大多数同事都概述了类似的观点,即美联储应等待潜在的权衡结果实现后再采取行动。

  克利夫兰联储主席哈玛克(BethHammack)周三表示:“我宁愿缓慢地朝着正确的方向前进,也不愿快速地朝着错误的方向前进。”

  美联储理事沃勒(ChristopherWaller)在周一的一次谈话中提出了不同的观点。他说,他判断关税对价格的影响很可能是暂时的,因为随之而来的经济放缓将使经济更难维持高通胀,在大幅提高关税的政策仍在实施并有可能导致经济衰退的情况下,“我预计会赞成降息”,“降息的速度和幅度会比我之前想象的更快”。

  2008年至2023年担任圣路易斯联储主席的詹姆斯-布拉德(JamesBullard)说,如果经济陷入衰退,只要消费者和企业对未来通胀的预期保持稳定,美联储就不必太担心通胀问题。

  现任普渡大学商学院院长的布拉德说:“主要问题仍然是,他们能否坦率地说通胀率正在下降到2%?要降低利率,他们需要通胀数据的帮助。他们需要能够说,根据某种计算,通胀仍在下降。”

  以上内容来自《华尔街日报》著名记者、有“美联储传声筒”之称的NickTimiraos

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