We have seen this movie before. As the American summer progresses, growth prospects are steadily downgraded and pressure builds on the US Federal Reserve to ease monetary policy further. By September, the doves win out and the Fed embarks on aggressive easing. That is what happened in 2010 and 2011. The only question is whether the Fed will move pre-emptively at its open market committee meeting this week or choose again to wait until autumn.
眼下的情況似曾相識。隨著夏天逐步臨近,美國經濟的增長前景不斷被調低,美聯儲(Fed)也承受著越來越大的、要求其進一步放松貨幣政策的壓力。到了9月份,鴿派會勝出,美聯儲會開始大舉放松貨幣政策。這就是2010年和2011年曾經發生過的情況。現在唯一的問題是,美聯儲是會在本周的聯邦公開市場委員會(FOMC)會議上搶先一步采取行動,還是會再次選擇等到秋天再說?
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