Global central bankers said financial markets could suffer a bout of turbulence——again——when they begin to withdraw monetary stimulus.
全球央行行長表示，當他們撤回貨幣刺激時，金融市場可能會再次遭受動蕩。（彭博社）
Janet Yellen and William C. Dudley of the Federal Reserve, Mexico’s Agustin Carstens and Bank of England Governor Mark Carney were among those to use a Paris conference of policy makers yesterday to talk about potential fallout from the eventual shift from record-low interest rates used to revive growth since the global financial crisis in 2008.
美聯(lián)儲的珍妮·耶倫和杜德利，墨西哥央行的奧斯汀·卡斯騰斯以及英國央行行長卡尼均在巴黎舉行的央行行長會議上，談?wù)搹膭?chuàng)紀錄的低利率中最終撤退時可能帶來的影響。（彭博社）
Last week, the Fed announced the end of its bond buying program, which had been designed to keep long-term interest rates low, and upgraded its outlook for the U.S. labor market. The massive bond purchases have pushed the Fed's balance sheet up by more than $3 trillion to nearly $4.5 trillion.The Fed ended its bond buying program but its first increase in rates is not expected until mid-2015.
美聯(lián)儲此前宣布結(jié)束購買債券計劃，這一計劃用來長期保持低利率，美聯(lián)儲還提升了對美國勞動力市場的預期。大量的債券購買已經(jīng)將美聯(lián)儲的資產(chǎn)負債表從3萬多億美元提高到近4.5萬億美元。雖然美聯(lián)儲結(jié)束了債券購買計劃，但是其首次加息預計不會早于2015年中。（美國廣播公司）
“As employment, economic activity and inflation rates return to normal, monetary policy will eventually need to normalize too, although the speed and timing of this normalization will likely differ across countries based on differences in the pace of recovery in domestic conditions,”Yellen said.
耶倫表示，隨著就業(yè)、經(jīng)濟活動和通脹率回歸正常，貨幣政策最終也需要正常化。盡管正常化的速度和時機，根據(jù)各國復蘇的不同情況，可能在不同國家有所不同。（華爾街日報）
“The Federal Reserve will strive to clearly and transparently communicate its monetary policy strategy in order to minimize the likelihood of surprises that could disrupt financial markets,” Yellen said.
耶倫說，美聯(lián)儲將努力清晰、透明地傳達貨幣政策策略，從而使擾亂金融市場的可能性最小化。（華爾街日報）
The comments suggest central bankers are trying to prepare better for the global effects of any withdrawal than in 2013, when then-Chairman Ben S. Bernanke unexpectedly signaled the Fed could soon start reducing bond purchases. That pushed up yields and rattled investors worldwide in the so-called taper tantrum.
耶倫的講話還暗示，正在準備采取行動應(yīng)對如2013年撤出政策時所產(chǎn)生的全球效應(yīng)。當時美聯(lián)儲主席伯南克意外地表示美聯(lián)儲可能很快開始減少債券購買，這抬高了收益率，并使全球的投資者感到緊張。（彭博社）
She said that among the lessons learned from the crisis is that central banks need to be prepared to employ all available tools including unconventional policies such as bond buying to support economic growth and achieve optimal inflation rates.
耶倫說，從金融危機中學到的一個教訓是，央行需要準備采用所有可行的工具，包括非常規(guī)政策，如債券購買，以支持經(jīng)濟增長，并獲得最優(yōu)的通貨膨脹率。（美國廣播公司）
“In advanced economies, the current macroeconomic policy mix generally remains one of extraordinary monetary policy stimulus and somewhat contractionary fiscal policy,” Ms. Yellen said. “Considering the headwinds that continue to weigh on growth, employment and prices, this situation is hardly ideal.”
耶倫說，在發(fā)達經(jīng)濟體，目前的宏觀經(jīng)濟政策組合包括非常規(guī)的貨幣政策刺激和某種程度上相反的財政政策。考慮到繼續(xù)抑制增長、就業(yè)和物價的不利因素，這種情況很難說是理想的。（華爾街日報）
