摘要

(資料圖片僅供參考)

聯儲宣布加息75bp，符合預期。

重申回歸2%的通脹目標將使自身保持限制性緊縮的政策立場。

對未來兩次會議削減加息幅度持開放態度，并寫進聲明，在發布會以前被市場解讀為鴿派信號。

發布會開啟后，鮑威爾落下不少重話，風險資產多頭丟盔卸甲。

本次會議無經濟預測和點陣圖，但視為聯儲進入政策緊縮二階段的分水嶺會議。

終端利率可能在12月迎來小幅的提升，加息的節奏雖然放緩，但高利率的久期被拉長（Higher for Longer）——直到聯儲對通脹下行的幅度與速度感到滿意，又或者經濟增長陷入難以容忍的衰退。

聲明新增內容

The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.

委員會預計不斷提高政策利率的目標區間將是適當的，以達到足夠的限制性的貨幣政策立場，使通貨膨脹在一段時間內恢復到2%。

在確定未來提高利率的速度時，委員會將考慮到貨幣政策持續累積的緊縮，貨幣政策影響經濟活動和通貨膨脹的滯后性，以及經濟和金融發展。

附：這段表態可視為聯儲對未來放緩加息幅度開了個口子。

本次會議決定為全票通過。未體現出內部分歧。

附：通常聯儲在政策轉向時會出現票委意見不一致導致的票型不一致的情況。

經濟預測與點陣圖

僅季末會議提供點陣圖和經濟預測。讓我們期待下一次會議。

發布會亮點

本次議息會議的發布會有很多亮點，比如表情包：

圖：鮑威爾回答“美聯儲通訊社”記者Nick提問時的表情

圖：提到“暫停加息的想法為時過早”的時候，鮑威爾的肢體語言非常堅定。

亮點問題1：有關緊縮政策的三要素。

答：how fast（多快），how high（多高）和how long（多久）。

目前聯儲對加息節奏有所松口，但是對終端利率的高點以及高利率持續的久期問題表態依然偏鷹派。換句話說，在未來較長的一段時間內，市場需要容忍更高的利率環境。

同時，鮑威爾直言目前諸位的目光不應該放在加息的速率（fast）上了，第二和第三個問題更重要。確實12月和1月的會議上會開始討論加息節奏的放緩。

“I"m pleased that we have moved as fast as I have. I don"t think we"ve overtightened.”

亮點問題2：有關聲明提及貨幣政策的遲滯性。

答：壓垮市場的一段話來了……

Let me say this, it is?very premature to be thinking about pausing. When they hear lags, they think about a pause. It"s very premature in my view to be thinking about or talking about pausing our rate hike.

想著暫停加息為時過早！直接打臉之前的“轉向論”。

亮點問題3：有關市場和媒體最近關注比較多的“風險管理”（Risk Management）

答：風險管理的視角下現在聯儲考慮的是緊得不夠和松得過早，而不是緊過頭和松太晚！

From a risk management standpoint we want to make sure that we don"t make the mistake of?either failing to tighten enoughor?loosening policy too soon.

亮點問題4：有關就業市場與薪資通脹

答：沒有出現薪資通脹螺旋，但是一旦出現了，你就麻煩了。目前就業市場依然強勁，恢復供需平衡仍有很長的路要走。

I also don"t think we see a wage price spiral. But, again, it"s not something you can -- once you see it, you"re in trouble. We don"t want to see it. We want wages to go up. We want them to go up at a level that"s sustainable and consistent with 2% inflation.

亮點問題5：有關海外風險是否會對貨幣政策構成影響？

答：依然著力于通脹，說明聯儲目前并不怎么在意全球目標，而是優先考慮本土目標，本土目標中，通脹又是最高優先級。

The world"s not going to be better off if we fail to do that. That"s a task we need to do.?Price stability in the United States is a good thing for the global economy over a long period of time.

亮點問題6：加息過頭會怎么樣？

答：鮑威爾給出了一個非常明確的答復，即他不擔心在緊縮上做過頭，理由很簡單，加得越多以后降起來也毫無壓力。

Again, if we overtighten and we don"t want to -- we want to get this exactly right.?But if we overtighten, then?we have the ability with our tools, which are powerful,?as we showed at the beginning of the pandemic episode.We can support economic activities strongly if that happens, if that"s necessary.

亮點問題7：你如何看待市場對你表態的反應？你樂見于大家往好處想嗎？

答：直接潑冷水——我們還有很長的路要走。12月的SEP中點陣圖可能會指向更高。我們目前非常堅定地認為必須控制通脹回歸目標，我們不想犯下做得不夠多或者半途而廢過早撤回強力緊縮政策的錯誤。

So I would also say?it"s premature to discuss pausing. It"s?not something that we"re thinking about. That"s really?not a conversation to be had now. We?have a ways to go.

The last thing I"ll say is that I?would want people to understand our commitment to getting this doneand to not making the mistake of?not doing enoughor the?mistake of withdrawing our strong policy and doing that too soon.

亮點問題8：軟著陸的路是不是越走越窄了？

答：是的……但還是有可能軟著陸的，但是很難。隨著利率越高且持續高位，路變得越來越窄。

貝弗里奇曲線有異變，就業市場還是非常強，我們仍需觀察。通脹也一直下不來。

we would have expected goods inflation to come down by now, long since by now.?It really hasn"t. Although -- actually it has come down,?but not to the extent we had hoped. At the same time now you see?services inflation, core services inflation moving up. I think the?inflation picture has become more and more challenging over the course of this year, without question.

That means that?we have to have policy be more restrictive, and that narrows the path of a soft landing.?I would say. Thanks very much.

本文來源：智堡Wisburg，原文標題：《2022年11月美聯儲FOMC議息會議筆記：開啟緊縮的二階段》

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關鍵詞： 貨幣政策 經濟預測 為時過早