In line with prior forward guidance that the policy rate would be kept near zero for a “considerable” amount of time after the Fed stopped purchasing long-term assets in October, the FOMC declared that it can now afford to be “patient” in waiting for the right conditions to raise the rate. Add to that Fed Chair Janet Yellen’s declaration that at least a couple more FOMC meetings would need to take place before any such “lift-off” occurs, and the Fed seems to be telegraphing a protracted journey on the road to policy normalization.
美联储此前曾发布前瞻指引，表示在10月份结束长期资产购买操作后的“相当长”时间内保持近零利率。与此相应，FOMC宣布它现在可以“耐心”等待提高利率的合适条件。此外，美联储主席耶伦声称在任何利率“升空”发生前，FOMC至少还要开好几次会议，而美联储似乎也在暗示拖延政策正常化进程。