美联储货币政策回归常态的努力为何挫败?——引发美联储降息的深层原因分析

Why did the U.S. Federal Reserve fail to normalize the monetary policies?——A review of the deep reasons about the U.S. Federal Reserve to low the interest rate

尽管美联储曾信誓旦旦地宣称让货币政策回归常态,当前的美国经济也运行稳健,然而,美联储还是急不可耐地举起降息大旗,原因是多方面的:美联储迫于特朗普政府的政治压力;美国面临的结构性经济问题需要宽松的货币政策环境;维持越吹越大的资产泡沫必须持续放宽货币政策;美国政府的天量债务要求降息以减轻利息负担。美联储持续的货币政策宽松也带来不少的后遗症,例如,形成"债务依赖",资产泡沫破灭风险加大,社会贫富差距扩大,进而导致民粹主义等极右势力抬头,给全球经济发展带来不可测前景。

Although the U.S. Federal Reserve swear to normalize its monetary policy, and the U.S.economy by far is robust, but the Fed is eager to low the interest rate. There are various reasons: the Fed was affected by the Trump government;the structural problems of U.S. economy need easing monetary policy environment;to maintain the bigger asset bubbles needs more and more liquidity;the huge amount of liabilities of the U.S. government need to low the interest rate to reduce the interest burdens. Meanwhile there are also some hangovers from easing monetary policies such as liabilities dependence syndrome, the wider gap of the wealthy, the popular populisms, and bring the uncertainties of the global economy.