低中性利率如何影响美联储利率正常化?

Neutral Interest Rates and Rate Normalization by the Federal Reserve

中性利率是美联储政策利率调节的准绳,目前美国中性利率处于历史性低位,其低迷原因在于生产率降低、人口老龄化、全球经济增长变慢及财税刺激作用尚待发挥等因素。中性利率低迷导致美联储加息空间与加息速度均受抑制。

A neutral rate of interest is a yardstick for the Federal Reserve as it adjusts its policy rates. Neutral interest rates have been at historic lows, reflecting the combined effects of decreased productivity, an aging population, slow growth in the global economy, and fiscal and tax stimulus. The Fed＇ s modest pace in pushing interest rates higher is a response to a sluggish economy amid neutral interest rates.