The Fed clearly has a responsibility to consider how its policy decisions affect the global financial system. Excessive currency volatility is not in America’s interest, not least because large exchange-rate depreciations in emerging markets would amplify the effects of globalization on US jobs, wages, and inflation, particularly as weaker foreign currencies make outsourcing a more economically viable solution.
美联储有责任考虑其政策决定如何影响全球金融体系。过度货币波动不符合美国的利益，因为新兴市场的大规模汇率贬值将放大全球化对美国就业、工资和通胀的影响，特别是当外币贬值使外包在经济上更加划算时。