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美联储1月起减购政府债券

The U.S. Federal Reserve will start scaling back its monthly bond-buying program as early as next month. But the reduction will be gradual. The Federal Reserve has been buying $85 billion a month in government bonds in an effort to keep interest rates low and boost economic growth. As Mil Arcega reports, outgoing chairman Ben Bernanke says the stimulus¹ is working.

美国联邦储备委员会计划从下个月开始缩减债券购买计划。不过这种缩减将是逐步的。美联储一直以来每个月购买850亿美元的政府债券，以保持低利率和推动经济增长。即将离职的美联储主席伯南克说，刺激计划取得了成效。

Ever since the U.S. central bank introduced the latest round of monetary² stimulus 12 months ago, long-term interest rates have remained near zero and unemployment has fallen a full percentage point. As a result, the Federal Reserve says it's time to begin reducing its bond purchases by $10 billion starting in January.

自美联储12个月前推出最新一轮量化宽松货币政策以来，长期利率一直保持在接近0的水平，失业率下降了整整一个百分点。因此，美联储表示，现在是时候了，从明年1月开始，每月将减少购买100亿美元债券。

Fed Chairman Ben Bernanke says the decision reflects the committee’s confidence in the U.S. recovery.

美联储主席伯南克说，这个决定反映了美联储对美国经济复苏的信心。

“Notably despite significant fiscal³ headwinds, the economy has been expanding at a moderate pace, and we expect that growth will pick up somewhat in coming quarters," said Bernanke.

伯南克说：“虽然仍旧存在很多财政困难，但经济明显在温和增长，我们预期今后几个季度增长速度会有所提高。”

Although inflation remains⁴ well below levels that would suggest growth, the Fed says the economy is likely to expand at an annualized rate of about 3 percent - with unemployment falling to about 6.5 percent by the end of 2014.

美联储说，目前通胀率还远低于预示经济增长的水平，不过，随着失业率到2014年底降至大约百分之6.4，年经济增长率可能达到百分之3左右。

Bernanke says further reductions in bond purchases will take place in measured steps, depending on economic conditions.

伯南克指出，美联储将根据经济增长情况采取谨慎举措，进一步缩减购买债券规模。

“If the economy slows for some reason or we are disappointed in the outcomes, we could skip a meeting or two. On the other side, if things really pick up, then of course we could go a bit faster. But my expectation is for similar moderate steps going forward throughout most of 2014," he said.

伯南克说： “如果经济因某种原因放缓或我们对结果不满意，美联储可能会有一两次会议不采取行动。从另外一方面说，如果境况改善，我们当然会走得快一些。不过我的预测是，2014年大部分时间我们都会采取类似的温和行动。”

Stocks surged on Wall Street following the announcement. Even though many investors⁵ were expecting the Fed’s bond purchases to remain at current levels until March, economist⁶ Uri Dadush said the impact of the so-called “taper” was anticipated the moment Bernanke hinted at the possibility in May.

美联储宣布减购决定后，华尔街股市大幅飙升。尽管很多投资者预期美联储目前的购债规模将保持到明年3月，但经济学家达杜什认为，伯南克今年5月暗示有可能“减购”的时候，人们就开始预期此举的影响了。

“In a sense, the effect of tapering⁷ has already occurred, you know because [REPORTER: it’s already been factored into the markets?]. What I’m saying is that the moment Mr. Bernanke made his speech, mortgage rates went up by a hundred basis points," said Dadush.

卡内基国际和平基金会经济学家达杜什说： “从某种意义上来说，减购的影响已经出现了。我的意思是，在伯南克发表谈话那一刻，房屋抵押贷款利率就上升了100个基准点。”

Despite the improved outlook, Bernanke warns the economy still needs the Fed's support. Bernanke, who is set to step down in January, says his replacement⁸ is committed to keeping interest rates near record lows until unemployment falls well below 6.5 percent.

尽管前景看好，但伯南克警告说，美国经济仍旧需要美联储的支持。明年1月即将离职的伯南克表示，他的继任者会继续将利率保持在接近历史最低点，直至失业率降到百分之6.5以下。