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为美国经济精准把脉的美联储,通过其货币政策决策机构联邦公开市场委员会每年在华盛顿召开的8次议息会议,决定货币政策的调整方向。其利率决策的依据为美国经济走势。其政策目标是保持物价稳定和促进就业。在其预期未来经济可能趋于疲软、物价存在下行压力时,多采取降息等更宽松的货币政策;反之则采取加息等政策收紧银根。2006年6月29日,联邦公开市场委员会宣布提高联邦基金目标利率至5.25%。从2007年开始,联邦基金目标利率持续下降,至2008年12月16日降至为零。为刺激经济恢复,美国货币政策进入量化宽松期,通过非常规手段向市场注入更多流动性。2015年12月16日,美联储主席珍妮特·耶伦在为期两天的货币政策例会后发表声明,宣布将基准联邦基金利率上调0.25个百分点至0.25%-0.5%。耶伦表示,美联储启动加息,标志着为助理美国经济从金融危机和经济衰退中恢复,美联储所采取的接近于零的、不同寻常的利率政策的结束。作为美联储9年多以来首次加息,这既表明美国进入加息周期,也意味着美国货币政策结束量化宽松后回归常态化的政策周期。美联储加息之举对全球金融市场尤其是新兴市场国家的影响不容小觑。鉴于全球各经济体走势不一,因此不可避免地会出现货币政策的分化。
The Federal Reserve, which is the pinnacle of the U.S. economy, decided on the direction of the monetary policy adjustment through its 8 meeting on a yearly basis held by the Federal Open Market Committee, its monetary policy and decision-making body. The basis for its interest rate decision is the U.S. economic trend. Its policy goal is to maintain price stability and promote employment. In its expected future economy may tend to be weak, downward pressure on prices, take more to cut interest rates and other more relaxed monetary policy; the other to take rate hikes and other policies to tighten monetary conditions. On June 29, 2006, the Federal Open Market Committee announced that it raised the federal funds target rate to 5.25%. From 2007 onwards, the federal funds target interest rate continued to decline, to December 16, 2008 dropped to zero. To stimulate economic recovery, the U.S. monetary policy has entered a period of quantitative easing and injected more liquidity into the market through unconventional means. On December 16, 2015, Federal Reserve Chairman Janet Yellen made a statement after a two-day regular meeting of monetary policy announcements that he raised the benchmark federal funds rate by 0.25 percentage points to 0.25% -0.5%. Yellen said the Fed’s rate hike started to mark the end of an almost-unusual, unusually-interest-rate policy adopted by the Federal Reserve to assist the U.S. economy recover from the financial crisis and recession. As the first rate hike by the Federal Reserve in more than nine years, it not only shows that the United States has entered a period of rate hike, but also means that the policy cycle of the normalization of U.S. monetary policy after its quantitative easing has ended. The impact of the Fed’s rate hike on global financial markets, especially emerging market countries, should not be underestimated. In view of the trend of different economies in the world, the differentiation of monetary policy will inevitably occur.