But the credibility needed to anchor expectations is difficult – sometimes even impossible – to achieve when two targets are being pursued simultaneously. The resulting uncertainty could trigger more volatility, especially in bond markets, potentially impeding economic recovery (for example, by pushing up long-term mortgage rates) or augmenting future inflation risk.
这一立场体现了美联储的双重使命——货币政策的目标是就业最大化与价格稳定兼容。但锚定预期所需要的信誉在同时追求这两大目标时很难——有时甚至不可能——获得。由此造成的不确定性可能引发更大的波动，特别是在债券市场，并可能阻碍经济复苏（比如通过推高长期按揭利率）或增加未来通胀风险。