近年每当美国经济出现转弱的迹象,便出现呼吁推出更多量化宽松(QE)措施的声音,投资者也总希望中央银行能够在经济下行风险增加时“做点什么”。一来,货币政策的制定相对迅速,无需美国国会审议;二来,宽松的货币政策有助刺激市场的风险胃纳,在某种程度上推高资产价格。一旦通胀压力舒缓,天平便更进 In recent years, whenever the U.S. economy shows signs of weakening, there has been a call for more quantitative easing (QE). Investors also always hope that the central bank will “do something” when the economic downturn risks rise. As a result, monetary policy has been formulated relatively quickly without the need for a review by the United States Congress. Second, a loose monetary policy can help boost the risk appetite of the market and push asset prices to some extent. Once inflationary pressure relief, balance will be more