前言

北京本领凌晨4点，鲍威尔在达拉斯的演讲中暗意“经济并莫得发出任何咱们需要急于裁汰利率的信号”，这是他在通胀数据公布后初次提供对将来货币策略的率领/相易，天然在演讲稿中鲍威尔依然强调劳动和通胀的风险趋于均衡，但在说起通胀时强调了2%的标的莫得被达到（not there yet），何况竭力于“完成这项事业”（committed to finishing the job）。

笔者的不雅感是，比较于9月/11月议息会议时的表态和姿态，鲍威尔幽微地把风险均衡从劳动风险再度拨回了中间态。此前市集参与者并未把2%列为严格的需要被达到的通胀数字标的，但鲍威尔的表态看起来这是一项必须完成的任务，这不祥与来岁5年一度的联储框架审查压力关联。

另外，这种姿态变化昭着不是大选的胜出者思要看到的……

演讲全文

Good afternoon. Thank you to the World Affairs Council， the Federal Reserve Bank of Dallas， and the Dallas Regional Chamber for the kind invitation to be with you today. I will start with some brief comments on the economy and monetary policy.

全球下昼好。感辞宇宙事务委员会、达拉斯联邦储备银行和达拉斯地区商会的盛意邀请。率先，我将简要谈谈经济和货币策略。

Looking back， the U.S. economy has weathered a global pandemic and its aftermath and is now back to a good place. The economy has made significant progress toward our dual-mandate goals of maximum employment and stable prices. The labor market remains in solid condition. Inflation has eased substantially from its peak， and we believe it is on a sustainable path to our 2 percent goal. We are committed to maintaining our economy's strength by returning inflation to our goal while supporting maximum employment.

追溯当年，好意思国经济接纳住了Covid过甚成果的西宾，现时已收复到考究的状态。经济在终了充分劳动和物价清静的双重事业方面取得了紧要进展。劳能源市集依然踏实。通胀率已从岑岭大幅回落，咱们笃信，通胀率正朝着2%的标的抓续迈进。咱们竭力于通过使通胀率回到咱们的标的，同期支抓充分劳动，来保抓咱们的经济刚劲。

Recent Economic Data 近期经济数据

Economic growth 经济增长

The recent performance of our economy has been remarkably good， by far the best of any major economy in the world. Economic output grew by more than 3 percent last year and is expanding at a stout 2.5 percent rate so far this year. Growth in consumer spending has remained strong， supported by increases in disposable income and solid household balance sheets. Business investment in equipment and intangibles has accelerated over the past year. In contrast， activity in the housing sector has been weak.

我国经济近期的融会十分出色，是迄今为止宇宙主要经济体中融会最佳的。昨年，经济产出增长了3%以上，本年到现时为止，经济增长速率达到了2.5%。在可诳骗收入增多和家庭钞票欠债表持重的撑抓下，耗尽开销增长依然刚劲。当年一年，企业在建树和无形钞票方面的投资也在加快。与此相背，住房部门的动作却十分疲软。

Improving supply conditions have supported this strong performance of the economy. The labor force has expanded rapidly， and productivity has grown faster over the past five years than its pace in the two decades before the pandemic， increasing the productive capacity of the economy and allowing rapid economic growth without overheating.

供应条件的改善为经济的刚劲融会提供了支抓。劳能源戎行连忙扩大，当年五年的坐褥率增长速率卓越了Covid以前二十年的速率，普及了经济的坐褥材干，使经济在不外热的情况下快速增长。

The labor market 劳能源市集

The labor market remains in solid condition， having cooled off from the significantly overheated conditions of a couple of years ago， and is now by many metrics back to more normal levels that are consistent with our employment mandate. The number of job openings is now just slightly above the number of unemployed Americans seeking work. The rate at which workers quit their jobs is below the pre-pandemic pace， after touching historic highs two years ago. Wages are still increasing， but at a more sustainable pace. Hiring has slowed from earlier in the year. The most recent jobs report for October reflected significant effects from hurricanes and labor strikes， making it difficult to get a clear signal. Finally， at 4.1 percent， the unemployment rate is notably higher than a year ago but has flattened out in recent months and remains historically low.

劳能源市集的现象依然持重，照旧从几年前彰着过热的现象中冷却下来，从很多目标来看，当今照旧收复到与咱们的劳动任务相一致的纠泛泛水平。现时，职位空白数目仅略高于好意思国幽闲求职东谈主数。工东谈主的离职率在两年前达到历史高点后，当今已低于疫情前的水平。工资仍在增长，且速率更可抓续。与岁首比较，招聘速率有所放缓。10月份的最新劳动文告反应了飓风和歇工的紧要影响，因此很难获取明确的信号。终末，幽闲率为 4.1%，彰着高于一年前，杠杆炒股但最近几个月已趋于安详，仍处于历史低位。

Inflation 通货扩张

The labor market has cooled to the point where it is no longer a source of significant inflationary pressures. This cooling and the substantial improvement in broader supply conditions have brought inflation down significantly over the past two years from its mid-2022 peak above 7 percent. Progress on inflation has been broad based. Estimates based on the consumer price index and other data released this week indicate that total PCE prices rose 2.3 percent over the 12 months ending in October and that， excluding the volatile food and energy categories， core PCE prices rose 2.8 percent. Core measures of goods and services inflation， excluding housing， fell rapidly over the past two years and have returned to rates closer to those consistent with our goals. We expect that these rates will continue to fluctuate in their recent ranges. We are watching carefully to be sure that they do， however， just as we are closely tracking the gradual decline in housing services inflation， which has yet to fully normalize. Inflation is running much closer to our 2 percent longer-run goal， but it is not there yet. We are committed to finishing the job. With labor market conditions in rough balance and inflation expectations well anchored， I expect inflation to continue to come down toward our 2 percent objective， albeit on a sometimes-bumpy path.

劳能源市集照旧降温，不再是紧要通胀压力的开首。这种降温以及更凡俗的供应条件的大幅改善，使通胀率在当年两年中从2022年中期卓越7%的峰值大幅回落。通胀方面的进展具有凡俗的基础。笔据本周公布的耗尽者价钱指数（CPI）和其他数据进行的估算标明，在铁心10月份的12个月中，PCE总价钱高涨了2.3%，撤除波动较大的食物和能源类别，中枢PCE价钱高涨了2.8%。不包括住房在内的中枢商品和服务通胀率在当年两年中连忙着落，现时已收复到更接近咱们标的的水平。咱们瞻望，通胀率将赓续在其最近的读数范围内波动。不外，咱们正在仔细不雅察，以确保它们如实如斯，正如咱们正在密切追踪住房服务通胀率的逐步着落同样，这一通胀率尚未总共泛泛化。通胀率正逐步接近咱们2%的弥远标的，但还莫得达到。咱们竭力于完成这项事业。跟着劳能源市集现象的基本均衡和通胀预期的考究锚定，我瞻望通胀率将赓续向2%的标的回落，尽管谈路无意会七高八低。

Monetary Policy 货币策略

Given progress toward our inflation goal and the cooling of labor market conditions， last week my Federal Open Market Committee colleagues and I took another step in reducing the degree of policy restraint by lowering our policy interest rate 1/4 percentage point.

鉴于咱们在终了通胀标的方面取得的进展以及劳能源市集现象的降温，上周我和联邦公开市集委员会的共事们在裁汰策略经管（紧缩）进度方面又迈出了一步，将策略利率下调了25个基点。

We are confident that with an appropriate recalibration of our policy stance， strength in the economy and the labor market can be maintained， with inflation moving sustainably down to 2 percent. We see the risks to achieving our employment and inflation goals as being roughly in balance， and we are attentive to the risks to both sides. We know that reducing policy restraint too quickly could hinder progress on inflation. At the same time， reducing policy restraint too slowly could unduly weaken economic activity and employment.

咱们笃信，惟一恰当篡改咱们的策略态度，经济和劳能源市集就能保抓刚劲，通胀率也能抓续着落到2%。咱们觉得，终了劳动标的和通胀标的所濒临的风险大体均衡，咱们会缓和这两方面的风险。咱们知谈，过快地减少策略经管可能会不容通胀方面的进展。与此同期，过慢地减少策略经管也会不恰当地缩小经济动作和劳动。

We are moving policy over time to a more neutral setting. But the path for getting there is not preset. In considering additional adjustments to the target range for the federal funds rate， we will carefully assess incoming data， the evolving outlook， and the balance of risks. The economy is not sending any signals that we need to be in a hurry to lower rates. The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully. Ultimately， the path of the policy rate will depend on how the incoming data and the economic outlook evolve.

跟着本领的推移，咱们正在将策略转向愈加中性的设定。但终了这一标的的旅途并不是预设的。在讨论对子邦基金利率标的区间进行迥殊篡改时，咱们将仔细评估收到的数据、不停变化的远景以及风险均衡。经济并莫得发出任何咱们需要急于裁汰利率的信号。咱们现时看到的经济刚劲近况使咱们有材干严慎地作念出决定。最终，策略利率的走向将取决于新数据和经济远景的演变。

We remain resolute in our commitment to the dual mandate given to us by Congress: maximum employment and price stability. Our aim has been to return inflation to our objective without the kind of painful rise in unemployment that has often accompanied past efforts to bring down high inflation. That would be a highly desirable result for the communities， families， and businesses we serve. While the task is not complete， we have made a good deal of progress toward that outcome.

咱们仍然矍铄地竭力于完成国会赋予咱们的双重事业：充分劳动和清静物价。咱们的标的是使通胀率回到咱们的标的，而不会像当年为裁汰高通胀率所作念的起劲那样，伴跟着幽闲率的上升而厄运不胜。关于咱们所服务的社区、家庭和企业来说，这将是一个十分理思的末端。天然任务尚未完成，但咱们照旧在终了这一标的方面取得了很猛进展。

Thank you， and I look forward to our discussion.

谢谢，我期待着咱们的盘问

著述开首：智堡投研，原文标题：《鲍威尔：不急于降息》

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