如果美联储进一步加息并导致美元汇率走强,那么新兴市场的外汇储备势必继续减少。其结果可能引发美国国债中长期利率大幅跳升,反而影响美国经济复苏当地时间2015年12月16日,美国联邦公开市场委员会(FOMC)宣布调高联邦基金利率25个基点,从而终结了实施近七年的美元零利率政策。这是继2014年分步退出购债计划之后,美联储推进货币政策正常化的又一重大步骤。自2013年中美联储释放退出量化宽松货币政策(QE)的预期以来,新 If the Federal Reserve to raise interest rates further and lead to a stronger dollar, then emerging markets will continue to decline in foreign exchange reserves. As a result, the long-term interest rates of US treasury bonds may sharply rise, which will affect the U.S. economic recovery. On December 16, 2015, the U.S. Federal Open Market Committee (FOMC) announced that it will raise the federal funds rate by 25 basis points, Seven-year US dollar zero interest rate policy. This is yet another major step toward normalization of the monetary policy by the Federal Reserve following the step-by-step exit of the debt-purchasing plan in 2014. Since the Fed de-rate its quest for quantitative easing (QE) in 2013, the new