In deciding when to normalize interest rates, the Fed has placed considerable weight on the weakness of inflation, and its global underpinnings. But while it is true that some global developments – especially falling commodity prices, and perhaps also slowing emerging-economy growth and rising financial volatility – may push down inflation, dollar appreciation will not, at least not in any meaningful way.
在决定何时实现利率正常化时，美联储着重考虑了通货膨胀的颓势及其全球成因。的确，一些全球发展趋势——特别是大宗商品价格下跌，也许还有新兴经济体增长放缓和金融波动增加——可能在遏制通胀，但美元贬值不会，至少不会有效遏制通胀。因此，强势美元不是推迟美国利率正常化的合理理由。