The key challenge confronting the economy in the next two years will be faced by the Fed, which must control the inflationary pressures that could emerge as commercial banks respond to a healthier economy by increasing lending to businesses and households. The commercial banks have a great deal of liquidity, in the form of excess reserve deposits at the Fed, which could make inflationary lending a significant risk.
未来两年中经济的关键挑战将由美联储面对。美联储必须控制当商业银行以增加对企业和家庭的贷款应对更健康的经济时所产生的通胀压力。商业银行手握巨量流动性，目前已超额准备金形式存在美联储，这意味着通胀性借贷将是一个巨大的风险。