如何在货币政策的过度紧缩与紧缩不足之间寻找平衡点?

How to Find a Balance Between Excessive Tightening and Insufficient Tightening of Monetary Policy?

过去一年美联储的紧缩性货币政策有效降低了通货膨胀,但是目前核心PCE仍居高位,要恢复价格稳定,还有相当长的路要走。考虑到超趋势经济增长与强劲的劳动力市场,限制性货币政策可能会持续一段时间。未来,美联储将谨慎决定是否继续加息,努力平衡货币政策过度紧缩风险与紧缩不足风险。

The Fed's tight monetary policy over the past year has been effective in reducing inflation,but with core PCE still high,there is still quite a way to go to restore price stability.Restrictive monetary policy is likely to continue for some time,given the super-trend economic growth and strong labor market.In the future,the Fed will be careful in deciding whether to continue to raise rates,trying to balance the risk of over-tightening monetary policy with the risk of insufficient tightening.