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2023-01-11

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Powell: The Fed's policy is effective and we have not gone wrong with our mission

鲍威尔表示，美联储不是，也不会是一个“气候政策制定者”。

Powell: The Fed's policy is effective and we have not gone wrong with our mission

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He vowed to limit the Federal Reserve's role on climate and not become a regulator in the climate field to protect the independence of the central bank.Powell said the Fed is not, and will not be, a \"climate policymaker.\" In terms of climate-related financial risks, the responsibility of the Federal Reserve is small, but important.Powell also stated that the Federal Reserve will not use its own monetary policy tools to make the U.S. economy greener. \"Without clear congressional legislation, it is not appropriate for us to use our monetary policy or regulatory tools to promote a green economy or achieve other climate-based goals.\"Powell pointed out that the Fed should focus on its own goals authorized by Capitol Hill, that is, to achieve price stability and full employment, and stick to the affairs familiar to the Fed. The Federal Reserve should not wander around solving social welfare issues that are not closely linked to its statutory goals and powers.Powell faces joint pressure from both Democrats and Republicans on the extent to which the Fed is concerned about climate change. In 2021, some Democratic lawmakers and left-leaning people opposed Powell's * as Federal Reserve chairman, citing that he was not doing enough to combat global warming. Meanwhile, the Federal Reserve under Powell has increasingly shifted its focus to financial risks from climate change, drawing criticism from Republicans.Powell believes that without direct political control, the Fed can make decisions regardless of short-term political factors, so as to take necessary measures.Powell also said that the independence of the Fed serves the public well, and the Fed must maintain this by achieving its goals and providing transparency to the public and Congress. Powell's speech comes at a time when the Federal Reserve faces multiple demands from the U.S. Congress to be more transparent in the selection process of local Fed presidents.Powell did not comment directly on FOMC monetary policy, nor did he talk about the U.S. economic situation.In his speech, he mentioned that price stability is the cornerstone of a healthy economy. The goal of restoring price stability requires a series of short-term unpopular actions, because the Federal Reserve needs rate hike to slow down the economy.In the subsequent question-and-answer session, Powell said the Fed has innovatively used tools during the recent crisis. The resilience of the financial system has been greatly enhanced. The Fed's tools are effective, and the Fed has done nothing wrong in fulfilling its duties. COVID-19 pandemic has exposed weaknesses in the non-bank financial sector. Powell said he prefers to focus on structural reform rather than increasing liquidity.Currently, there are still three weeks before the next FOMC meeting of the Federal Reserve. At its December meeting, the Fed slowed the pace of its rate hike, rate hike 50 basis points, and raised its Federal Funds rate to a range of 4.25%-4.5%. The market expects that at the next meeting, the Federal Reserve has a greater probability of continuing to slow down the pace of rate hike, with a rate hike of 25 basis points. Judging from the dot plot in December, Fed officials are poised to raise interest rates above 5% this year.</body></html>","source":"live_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Powell: The Fed's policy is effective and we have not gone wrong with our mission</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPowell: The Fed's policy is effective and we have not gone wrong with our mission\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2023-01-10 22:15\n\n</h4>\n</header>\n<article>\n<html><head></head><body>On Tuesday, January 10, Federal Reserve Chairman Jerome Powell made a brief comment on central bank independence at a forum in Stockholm.Powell said, \"The Fed's policy is effective and we have not gone wrong with our mission.\"<img src=\"https://static.tigerbbs.com/d66eba45e749a6387079cb79cd8aac54\" tg-width=\"792\" tg-height=\"444\" referrerpolicy=\"no-referrer\"/>Powell tried to give boundaries on how much the Fed would use its power to promote a green economy. He vowed to limit the Federal Reserve's role on climate and not become a regulator in the climate field to protect the independence of the central bank.Powell said the Fed is not, and will not be, a \"climate policymaker.\" In terms of climate-related financial risks, the responsibility of the Federal Reserve is small, but important.Powell also stated that the Federal Reserve will not use its own monetary policy tools to make the U.S. economy greener. \"Without clear congressional legislation, it is not appropriate for us to use our monetary policy or regulatory tools to promote a green economy or achieve other climate-based goals.\"Powell pointed out that the Fed should focus on its own goals authorized by Capitol Hill, that is, to achieve price stability and full employment, and stick to the affairs familiar to the Fed. The Federal Reserve should not wander around solving social welfare issues that are not closely linked to its statutory goals and powers.Powell faces joint pressure from both Democrats and Republicans on the extent to which the Fed is concerned about climate change. In 2021, some Democratic lawmakers and left-leaning people opposed Powell's * as Federal Reserve chairman, citing that he was not doing enough to combat global warming. Meanwhile, the Federal Reserve under Powell has increasingly shifted its focus to financial risks from climate change, drawing criticism from Republicans.Powell believes that without direct political control, the Fed can make decisions regardless of short-term political factors, so as to take necessary measures.Powell also said that the independence of the Fed serves the public well, and the Fed must maintain this by achieving its goals and providing transparency to the public and Congress. Powell's speech comes at a time when the Federal Reserve faces multiple demands from the U.S. Congress to be more transparent in the selection process of local Fed presidents.Powell did not comment directly on FOMC monetary policy, nor did he talk about the U.S. economic situation.In his speech, he mentioned that price stability is the cornerstone of a healthy economy. The goal of restoring price stability requires a series of short-term unpopular actions, because the Federal Reserve needs rate hike to slow down the economy.In the subsequent question-and-answer session, Powell said the Fed has innovatively used tools during the recent crisis. The resilience of the financial system has been greatly enhanced. The Fed's tools are effective, and the Fed has done nothing wrong in fulfilling its duties. COVID-19 pandemic has exposed weaknesses in the non-bank financial sector. Powell said he prefers to focus on structural reform rather than increasing liquidity.Currently, there are still three weeks before the next FOMC meeting of the Federal Reserve. At its December meeting, the Fed slowed the pace of its rate hike, rate hike 50 basis points, and raised its Federal Funds rate to a range of 4.25%-4.5%. The market expects that at the next meeting, the Federal Reserve has a greater probability of continuing to slow down the pace of rate hike, with a rate hike of 25 basis points. Judging from the dot plot in December, Fed officials are poised to raise interest rates above 5% this year.</body></html>\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3679519\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/909f0c076f3fff78497a5c9be00e5429","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3679519","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1118702062","content_text":"1月10日周二，美联储主席鲍威尔在斯德哥尔摩的一个论坛上就央行独立性发表简短评论。鲍威尔表示”美联储的政策是有效的，我们的任务没有出错。“鲍威尔试图就美联储将在多大程度上利用其权力促进绿色经济给出界限。他誓言限制美联储在气候方面的作用，不会成为气候领域的监管机构，以保护央行的独立性。鲍威尔表示，美联储不是，也不会是一个“气候政策制定者”。在气候相关的金融风险方面，美联储的职责小，但是重要。鲍威尔还表态，美联储不会动用自身的货币政策工具，来促进美国经济变得更加绿色。“如果没有明确的国会立法，我们使用我们的货币政策或监管工具来促进绿色经济或实现其他基于气候的目标是不合适的。”鲍威尔指出，美联储应当侧重于国会山授权的自身目标，也即实现物价稳定和充分就业，坚持美联储所熟悉的事务。美联储不应四处游荡，解决与其法定目标和权力没有紧密联系的社会福利问题。就美联储关注气候变化的程度方面，鲍威尔面临着来自民主党和共和党的共同压力。2021年，一些民主党议员们和左倾人士反对鲍威尔连任美联储主席，理由是他在应对全球变暖方面做得不够。与此同时，鲍威尔领导下的美联储越来越多地将关注点转向气候变化带来的金融风险，这招致共和党的批评。鲍威尔认为，在没有直接的政治控制下，美联储的决策可以不考虑短期政治因素，从而采取必要的措施。鲍威尔还说，美联储的独立性为公众服务的很好，美联储必须通过实现其目标和向公众和国会提供透明度，来保持住这一点。鲍威尔该讲话，正值美联储面临美国国会的多项要求，要求其在地方联储主席的遴选过程中更加透明。鲍威尔并未直接置评FOMC货币政策，也没有谈及美国经济形势。他在讲话中提到，物价稳定性是一个健康经济体的基石。恢复物价稳定性这个目标需要采取一系列短期内并不受人欢迎的行动，因为美联储需要加息来放缓经济。在随后的问答环节上，鲍威尔表示，美联储在最近危机中创新性地使用了工具。金融系统的韧性大大地增强了。美联储的工具是有效的，美联储在履行职责方面没有做错什么。新冠疫情暴露出非银金融领域的弱点。鲍威尔称其本人倾向于重视结构性改革，而非加大流动性。当前，距离美联储下次FOMC会议还有三周时间。在12月的会议上，美联储放缓了加息步伐，加息50基点，将联邦基金利率上调至4.25%-4.5%的范围。市场预期，在接下来的会议上，美联储有更大概率继续放缓加息步伐，加息25个基点。从12月的点阵图来看，今年美联储官员们势将利率提高到5%以上。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":417,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}