The US Federal Reserve yesterday said the world’s largest economy is still expanding at a moderate pace,suggesting a slowing of

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问题 The US Federal Reserve yesterday said the world’s largest economy is still expanding at a moderate pace,suggesting a slowing of asset purchase in December or January is still a possibility.The rate—setting Federal Open Market Committee made no changes to policy at its Oc.tober meeting,keeping its asset purchases steady at  $85 bn a month,but the statement implied it did not see a lot of damage the Fed will not“taper”its asset purchases until March.the statement implied it could still slow the programme earlier than that—perhaps as its December meeting—if the economic data justified it.
    The Fed surprised markets in September by choosing to keep purchases on hold.That prompted a global rally in risky assets and big fall in market interest rates,which had risen after Fed commu.nications in June and July suggested it was close to a taper.Combined with the efiects of the shut.down—which has scrambled the economic data for October—markets have assumed the September decision meant the  Fed was  automaticallY on hold  for some  months.But October’s statement suggests that is not necessarily correct.

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答案美联储昨日表示,全球最大经济体仍在以温和速度扩张,这表明,美联储仍有可能在今年12月或明年1月放慢资产购买步伐。在10月的政策会议上,负责设定利率的联邦公开市场委员会没有对政策进行任何调整,每月资产购买规模仍稳定在850亿美元,但会后声明暗示,美联储认为10月早些时候的政府关门事件没有造成太大损害。尽管市场最近认为,在明年3月之前,美联储不会缩减资产购买,但声明暗示,如果经济数据支持的话,美联储仍可能更早放慢资产购买计划,最早可能在12月的会议上。 今年9月,美联储选择维持其资产购买计划,这令市场感到意外。此举推动全球风险资产价格上扬并导致市场利率大幅下滑。此前美联储在6月和7月的声明中均暗示接近缩减资产购买,导致市场利率上涨。再加上政府关门的影响(这打乱了10月的经济数据),市场最近认为,9月的决定意味着美联储将在数月内自动暂停行动。但10月的声明暗示,这种理解不一定正确。

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