The Fed is taking very different approaches to the specification of the two quantitative thresholds: unemployment will be based on historical data, while inflation will be based on the Fed’s own projections. This subtle difference has interesting operational effects.
美联储将采取截然不同的方法界定两项量化阈值：失业率的确定将依据历史数据，而通胀则将依据美联储自己的预测。上述微妙差异将产生有趣的操作效果。最重要的是，美联储将优先顾及失业而非通胀目标。我将美联储双重使命的上述调整命名为“反沃尔克时刻”，几个月来这种趋势已经越来越显著。