【宏观Spotlight】如M平方预期，美联储正式宣布新货币政策框架!

我们想让你知道的是
美联储于 8/28 正式推出新货币政策框架，除了允许通胀一段时间超过 2% 外，更强调经济復苏是当前的重点，在失业率远低于最大就业的情况下，将使用所有货币政策工具给予支持 !

我们在本周一发布快报，预告美联储可能在近期宣布新货币政策框架，果不其然，在 8 / 27（四）晚上 9 : 00 一年一度的全球央行年会上，Powell 发表谈话的同时，Fed 直接在官网发表长线货币政策框架的修正声明，声明稿修改三大重点如下：

1 ) 最大就业部分，FOMC 强调是一个广泛的目标，相较于过去使用"偏离（deviation）最大就业水准"，改为评估"离最大就业短缺（shortfall）还差多少"。

On maximum employment, the FOMC emphasized that maximum employment is a broad-based and inclusive goal and reports that its policy decision will be informed by its "assessments of the shortfalls of employment from its maximum level." The original document referred to "deviations from its maximum level."

2 ) 物价部分，美联储调整过去实现长线 2% 的通胀目标，改成一段时间内平均 2% 的通胀目标。并指出在通胀持续低于 2% 的时期，适当的货币政策会让通胀温和的超过 2%。

On price stability, the FOMC adjusted its strategy for achieving its longer-run inflation goal of 2 percent by noting that it "seeks to achieve inflation that averages 2 percent over time." To this end, the revised statement states that "following periods when inflation has been running persistently below 2 percent, appropriate monetary policy will likely aim to achieve inflation moderately above 2 percent for some time."

3 ) 货币政策策略的更新，承认了长线持续的低利率为政策带来的挑战......?