Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?
随机图片

孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?

更新时间: 浏览次数: 572

400电话:123456(点击咨询)
孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?各观看免费《今日汇总》
孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?各热线观看免费2025已更新(2025已更新)








孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?各区点热线观看免费《今日发布》
Random Image 孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?电话








7天观看免费人工电话为您、孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?各观看免费《今日汇总》2025已更新(今日/推荐)








孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?电话区域:








海口市(秀英区、美兰区、龙华区、琼山区)








香港特别行政区








延安市(甘泉县、富县、志丹县、吴起县、黄龙县、黄陵县、宝塔区、安塞区、宜川县、延川县、延长县、洛川县、子长市)








武汉市(汉阳区、江岸区、黄陂区、硚口区、蔡甸区、洪山区、新洲区、江夏区、青山区、汉南区、武昌区、江汉区、东西湖区)  滨州市(滨城区、邹平市、无棣县、沾化区、博兴县、阳信县、惠民县)








西安市(新城区、临潼区、鄠邑区、长安区、雁塔区、莲湖区、灞桥区、碑林区、阎良区、高陵区、未央区、蓝田县、周至县)








南充市(蓬安县、南部县、仪陇县、阆中市、西充县、高坪区、营山县、嘉陵区、顺庆区)








丽江市(永胜县、宁蒗彝族自治县、古城区、华坪县、玉龙纳西族自治县)海北藏族自治州(祁连县、门源回族自治县、刚察县、海晏县)








巴彦淖尔市(临河区、乌拉特中旗、磴口县、杭锦后旗、乌拉特后旗、五原县、乌拉特前旗)  宝鸡市(扶风县、麟游县、金台区、陇县、渭滨区、眉县、凤县、千阳县、凤翔区、陈仓区、岐山县、太白县)








柳州市(柳北区、融安县、柳江区、柳城县、城中区、鹿寨县、柳南区、鱼峰区、三江侗族自治县、融水苗族自治县)








抚顺市(清原满族自治县、顺城区、东洲区、新抚区、新宾满族自治县、抚顺县、望花区)








宜春市(樟树市、袁州区、铜鼓县、高安市、丰城市、奉新县、万载县、上高县、靖安县、宜丰县)








江门市(蓬江区、江海区、台山市、新会区、鹤山市、开平市、恩平市)








呼伦贝尔市(鄂温克族自治旗、牙克石市、根河市、莫力达瓦达斡尔族自治旗、扎赉诺尔区、陈巴尔虎旗、阿荣旗、额尔古纳市、新巴尔虎右旗、满洲里市、海拉尔区、鄂伦春自治旗、扎兰屯市、新巴尔虎左旗)








长沙市(浏阳市、望城区、芙蓉区、宁乡市、天心区、岳麓区、开福区、雨花区、长沙县)








宁夏回族自治区








宜昌市(宜都市、伍家岗区、五峰土家族自治县、夷陵区、点军区、远安县、长阳土家族自治县、当阳市、兴山县、猇亭区、西陵区、秭归县、枝江市)








庆阳市(华池县、正宁县、庆城县、环县、西峰区、镇原县、合水县、宁县)








枣庄市(峄城区、台儿庄区、山亭区、滕州市、薛城区、市中区)








潍坊市(高密市、临朐县、昌邑市、寒亭区、安丘市、奎文区、坊子区、诸城市、潍城区、青州市、昌乐县、寿光市)








九江市(浔阳区、武宁县、柴桑区、濂溪区、永修县、彭泽县、修水县、都昌县、德安县、共青城市、庐山市、瑞昌市、湖口县)








恩施土家族苗族自治州(恩施市、利川市、鹤峰县、来凤县、建始县、宣恩县、咸丰县、巴东县)








黑河市(逊克县、孙吴县、嫩江市、五大连池市、爱辉区、北安市)








崇左市(天等县、大新县、凭祥市、宁明县、江州区、龙州县、扶绥县)








绍兴市(柯桥区、越城区、上虞区、嵊州市、新昌县、诸暨市)








晋中市(祁县、介休市、灵石县、榆社县、平遥县、昔阳县、榆次区、左权县、寿阳县、太谷区、和顺县)








河池市(都安瑶族自治县、凤山县、罗城仫佬族自治县、宜州区、金城江区、巴马瑶族自治县、南丹县、大化瑶族自治县、天峨县、东兰县、环江毛南族自治县)








肇庆市(端州区、四会市、怀集县、高要区、鼎湖区、广宁县、封开县、德庆县)
400电话:123456(点击咨询)
孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?各观看免费《今日汇总》《今日发布》
孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?各观看免费《今日汇总》(2025已更新)








孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?各观看免费《今日汇总》【2025已更新列表】
孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?电话








7天观看免费人工电话为您、孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?中心2025已更新(今日/推荐)








孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?电话区域:








海东市(民和回族土族自治县、化隆回族自治县、互助土族自治县、乐都区、循化撒拉族自治县、平安区)








安顺市(平坝区、西秀区、紫云苗族布依族自治县、镇宁布依族苗族自治县、关岭布依族苗族自治县、普定县)








茂名市(高州市、信宜市、电白区、化州市、茂南区)








商丘市(梁园区、虞城县、睢县、宁陵县、睢阳区、柘城县、永城市、民权县、夏邑县)  广元市(利州区、剑阁县、青川县、朝天区、昭化区、旺苍县、苍溪县)








清远市(连州市、清城区、清新区、英德市、连南瑶族自治县、阳山县、佛冈县、连山壮族瑶族自治县)








台州市(临海市、路桥区、椒江区、黄岩区、三门县、天台县、玉环市、温岭市、仙居县)








延边朝鲜族自治州(安图县、汪清县、敦化市、延吉市、图们市、珲春市、龙井市、和龙市)深圳市(坪山区、福田区、宝安区、南山区、盐田区、龙岗区、罗湖区、龙华区、光明区)








邯郸市(涉县、邯山区、馆陶县、复兴区、武安市、临漳县、永年区、邱县、成安县、曲周县、鸡泽县、广平县、大名县、魏县、肥乡区、峰峰矿区、磁县、丛台区)  湛江市(徐闻县、麻章区、吴川市、廉江市、雷州市、遂溪县、赤坎区、坡头区、霞山区)








连云港市(海州区、赣榆区、灌南县、连云区、灌云县、东海县)








海西蒙古族藏族自治州(德令哈市、天峻县、都兰县、乌兰县、茫崖市、格尔木市)








泸州市(泸县、江阳区、合江县、古蔺县、纳溪区、叙永县、龙马潭区)海南藏族自治州(贵德县、贵南县、共和县、同德县、兴海县)








湘西土家族苗族自治州(永顺县、泸溪县、花垣县、古丈县、凤凰县、吉首市、保靖县、龙山县)








汕尾市(城区、陆丰市、陆河县、海丰县)








湘潭市(雨湖区、韶山市、湘乡市、湘潭县、岳塘区)








甘南藏族自治州(舟曲县、碌曲县、临潭县、卓尼县、迭部县、玛曲县、合作市、夏河县)








天津市(和平区、津南区、东丽区、南开区、静海区、宁河区、红桥区、北辰区、宝坻区、蓟州区、河东区、河北区、滨海新区、河西区、武清区、西青区)








鹰潭市(余江区、月湖区、贵溪市)








塔城地区(托里县、沙湾市、和布克赛尔蒙古自治县、乌苏市、塔城市、裕民县、额敏县)








红河哈尼族彝族自治州(弥勒市、个旧市、石屏县、红河县、泸西县、蒙自市、河口瑶族自治县、屏边苗族自治县、开远市、元阳县、金平苗族瑶族傣族自治县、绿春县、建水县)








宜宾市(长宁县、南溪区、珙县、筠连县、江安县、屏山县、高县、翠屏区、兴文县、叙州区)








黄南藏族自治州(河南蒙古族自治县、泽库县、尖扎县、同仁市)








威海市(文登区、环翠区、乳山市、荣成市)








益阳市(桃江县、资阳区、安化县、南县、赫山区、沅江市)








牡丹江市(西安区、绥芬河市、海林市、阳明区、东宁市、东安区、穆棱市、宁安市、爱民区、林口县)








云浮市(新兴县、云城区、罗定市、郁南县、云安区)








徐州市(睢宁县、贾汪区、丰县、新沂市、铜山区、沛县、泉山区、云龙区、鼓楼区、邳州市)








济南市(钢城区、长清区、历城区、天桥区、商河县、历下区、平阴县、槐荫区、莱芜区、章丘区、济阳区、市中区)

  关于特朗普是否会(尝试)解雇鲍威尔,这个问题现在已经摆在了明面上。但说实话,我真没太搞懂他的动机。

  我们先把“特朗普到底有没有权力罢免鲍威尔”这个核心法律问题暂时放一边。4月1日,TracyAlloway和我一起发布了一期播客节目,邀请到哥伦比亚大学的LevMenand作为嘉宾,那期节目的标题是《未受华尔街关注的美联储的独立性风险正在上升》。现在嘛,可以确定地说,华尔街确实开始关注这个问题了!当时节目的基本观点是,如果特朗普罢免联邦贸易委员会(以及其他类似机构)中民主党委员的尝试得到法律容许,那么理论上,美联储主席以及其他理事的职位也处在类似的不稳定状态中。

  我们先来说经济层面。很明显,特朗普想让鲍威尔下台,而且是越快越好。他在自己的TruthSocial账号上已经明确表达过这一点。上周五,白宫首席经济智囊凯文·哈塞特也证实,特朗普确实有意撤掉鲍威尔。不过,特朗普是否真的会动手(撇开法律问题不谈)还不确定。据记者ColbySmith、JonathanSwan和MaggieHaberman的报道,特朗普的顾问团队已经在一定程度上说服了他:如果他真的解雇鲍威尔,可能会引发金融市场更大的恐慌。所以眼下来看,他还没有下这个决心。

  这里值得指出的一点是,金融市场的剧烈波动往往会让实体经济付出真金白银。举个相对微观的例子:上周,汽车租赁初创公司Turo宣布裁员15%,原因是IPO窗口彻底关闭了。股市下跌最终会带来裁员,这就是现实。

  好吧,我们暂且不谈金融市场的动荡。总统当然希望利率更低——从各方面来看这都说得通。利率降低会让车贷和房贷利率、企业融资成本更低,哪位总统不想要这样的经济环境?

  但我们设想一下:如果特朗普真的解雇鲍威尔,换上一位听命于他、上任就大幅降息的人——这对特朗普到底能起到什么作用?

  恐怕现在对特朗普(当然对所有参与美国经济的人也是如此)最令人不安的图表之一是:自“解放日”以来,美国股市出现明显的避险抛盘,而长期国债收益率节节攀升。

  上面这张图大家可能已经看过很多次了,但关于“10年期收益率”,还是值得提醒一下。这个数据大体上是反映市场对未来10年美联储将如何调整隔夜利率以实现2%通胀目标的预期。

  记住,美联储的政策利率主要影响的是短期借贷成本。所谓“长期”其实是无数个“短期”叠加而成。市场当前的信号是,假如其他因素不变,在“解放日”之后,联邦基金利率未来10年会升到比之前预期更高的水平。

  当然,私营部门的借贷成本通常是以美国国债收益率曲线上的不同期限点位作为基准。我们以房贷为例,它是普通美国人与利率之间最直接的连接方式之一。房贷利率通常是在10年期美债收益率基础上再加一个利差,所以自“解放日”以来,随着10年期收益率上涨,房贷利率也随之上升。其他金融工具则可能挂钩曲线上的不同期限。

  这里的关键点在于:即便美联储现在选择激进降息,也无法保证那些真正影响实体经济的利率就会同步下降。因此,即便采取行动,在短期内也未必能对实体经济产生实质性拉动。

  就理论而言,美联储确实有一套可以“机械性”压低所有利率的工具,即所谓的“收益率曲线控制”。美联储可以直接进入市场,依靠其几乎无上限的资产负债表,宣布买入所有收益率高于3%的美债。这么做的确可以让市场利率压下来。

  但问题是,现在市场“集体智慧”给出的信号是:为了兑现美联储在通胀方面的承诺,3%的利率还远远不够,至少要平均达到4.3822%。所以,如果美联储真的这么做,市场将会解读为它放弃了控制通胀的承诺,从而导致美元显著贬值。

  这背后的逻辑其实很简单。当前,美联储对持有美元的人做出的“承诺”是:你用美元购买的商品和服务每年最多只涨价2%。这听起来很抽象,但值得停下来仔细想一想。人们总说美元不再“锚定”任何东西,其实并不准确。美元现在“锚定”的是一篮子商品。长期以来,由于美国政策制定者做得相当不错,这一篮子商品的价格每年只略微上涨。一些人甚至觉得2%的通胀已经太高,但不管怎样,这就是当前美元持有者与联储之间的“隐性契约”。如果美联储突然在实际行动中(哪怕是间接地)承认,这一篮子商品未来每年的涨价幅度将高于2%,那么美元将会显著贬值。

  学者BrunoHöfig、IderleyColombini和LeonardoPaesMüller曾写道,从历史演变来看,美国货币政策的框架已从“金本位”演变成他们所说的“价格指数本位”。过去,美元可以兑换黄金;现在,它“兑换”的是由CPI或PCE这类价格指数所衡量的一篮子商品与服务。

  你可能会说,这其实也没什么新鲜的。毕竟过去几年我们已经看到,美联储在实现通胀目标方面严重偏离了轨道。难道央行不是早就“违约”了吗?

  换个比喻来解释也许更直观。我个人特别讨厌那种约饭迟到的人,真的会让我抓狂。但迟到的原因其实有很多种。如果是因为地铁坏了,那我也不能怪他们。如果是地铁坐错了方向,那我可能会觉得这人有点不靠谱,但也不至于立刻翻脸。不过,如果他迟到的原因只是因为“觉得守时不重要”,那就说明他根本不尊重你,而你可能也不想再当他朋友了。

  2022年,美元对一篮子商品和服务的购买力大幅下滑,但对一篮子其他货币却显著升值。市场给出的判断是——要么地铁坏了,要么美联储搭错了车。那是一个非常混乱的时期,美联储低估了供应链受冲击的规模和财政扩张的影响。但说到底,全球几乎所有央行都犯了同样的错,所以你知道,不会因为这事就“跟美联储分手”。况且,美联储非常重视沟通,甚至可以说有点“话痨”。你能实时知道他们在想什么,美联储并没有“已读不回”。

  但如果今天只是因为“总统想要”就随意压低利率,从而让通胀重新抬头,那就是另一回事了。这相当于对全球美元持有者发出了一个信息:美联储并不把“准时赴约”当回事。

  周一和MartinWolf一起录播客时提到一个观点:即便是在1971年之前,美国其实也不算是真正意义上的金本位。我认为这个说法是对的。美国实行的,更像是一种“承诺以黄金兑换美元”的本位制度。中间还有一个重要的环节,那就是建立在法治、规范基础上的承诺——你拿着美元来,美国政府会兑现它,给你黄金。今天的“价格指数本位”其实也是一样。并没有哪条法律写明“美元每年最多只能贬值2%”,但持有美元的人相信美联储是一个严肃、守诺的机构。如果美联储变成一个对总统唯命是从的机构,那这一信任基础将遭到根本性破坏。

  “特朗普2.0政府”的种种作为其实是对政治规范和制度架构的系统性挑战。在遣返移民等问题上,美国正在面临宪政结构和三权分立理念的严重危机。这或许会对美国体制造成长期伤害,但在短期内,政府的确能“赢”一把:特朗普想让一些人离开美国,他们就真的被送走了。

  但要是换成美联储这样的机构,连这种“短期胜利”都很难看到,经济变好根本无从谈起。

 新闻结尾 孕妇光着大肚子在床上生产_竟然要让别人玩一个月的,这是什么样的惩罚?的相关文章
何猷君奚梦瑶与家人在潍坊放风筝
网友拍到大爷在悬崖峭壁上耕作
王楚钦输球后苦笑看向王皓
邓超陈赫鹿晗工作室都卡点发了
郭晶晶受聘为北京景山学校体育校长
中国政府援缅卫生防疫队抵达仰光
  • 友情链接:
  • 网友拍到大爷在悬崖峭壁上耕作 快删除手机里的这些APP 普京称停火将能检验乌克兰诚意 刘雨昕直播叽里咕噜说啥呢 普京宣布临时停火30小时

    查看更多评价 ∨