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2021-06-17

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Key points of Powell's press conference: No time has been given to reduce QE, and the current focus is not on rate hike

美联储主席鲍威尔周三在利率决议后的发布会上表示，通货膨胀可能在未来几个月继续居高不下，然后才会有所缓和。鲍威尔在讲话中并未给出缩减购债的时间，并重申从长远来看推高通胀的因素可能是暂时的。重申美联储可能会围绕减码QE的时间点表态更多。美联储的重心放在经济状态，而不是加息。

Key points of Powell's press conference: No time has been given to reduce QE, and the current focus is not on rate hike

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If inflation expectations are too high, it will be ready to adjust policies. In his speech, Powell did not give a time to tapering bond purchases and reiterated that the factors pushing up inflation may be temporary in the long run. He also stressed that it is too early to discuss rate hike, and rate hike is not the focus of the current meeting at all.</p><p>Here's a summary of the highlights from Powell's June press conference:</p><p>1. Decreasing QE: This is just a meeting about \"talking about FOMC discussions (decasting)\". Reiterate that the Federal Reserve may make more statements around the timing of reducing QE. Starting from the next FOMC monetary policy meeting, the Federal Reserve will make a judgment on \"substantial progress\". 2. Interest rate policy: The June meeting did not discuss whether rate hike was appropriate in a specific year. In terms of future interest rate action, the dot plot of interest rate expectations is not a good predictor. The Fed's focus is on the state of the economy, not rate hike. A higher neutral interest rate will provide more room for the Fed to cut interest rates, and be wary of those factors that push high neutral interest rates. 3. Reverse repurchase: Reverse repurchase tools are playing their due role. The Federal Reserve is providing a threshold to money market interest rates through the Reverse Repo Facility facility. 4. Policy framework: People misunderstand the new policy framework of the Federal Reserve. The new policy framework \"has no problems\", and the contents in the framework will not hinder the Fed from achieving its goals. A balance must be struck between full employment and maintaining price stability. 5. Overall economic situation: Some economic indicators continue to strengthen. Business investment has grown steadily. But there are still many risks to the outlook. 6. Inflation: Those inflationary factors come from areas related to recovery, and these drivers may be temporary. There is still uncertainty about the timing of inflation tending to ease. Indeed, inflation is expected to fall back. Inflation expectations have turned downward. The fall in lumber prices means that the upward pressure on inflation is temporary. 7. Labor market: After summer, it is expected that new jobs will be relatively strong. 8. Finance: The financial support in fiscal year 2022 will be inferior to that in fiscal year 2021. The Federal Reserve announced its interest rate decision in the early hours of Thursday morning Beijing time, keeping the benchmark interest rate unchanged, but adjusting the interest rates of some policy tools it uses to help control the benchmark interest rate. The Federal Reserve has significantly raised its inflation expectations for this year and moved forward the time frame for its next rate hike, with a dot plot showing a rate hike twice by the end of 2023, but not saying when it will begin cutting back on its aggressive bond-buying program.</p>","source":"sina_symbol","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>Key points of Powell's press conference: No time has been given to reduce QE, and the current focus is not on rate hike</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\">\nKey points of Powell's press conference: No time has been given to reduce QE, and the current focus is not on rate hike\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新浪财经综合</strong><span class=\"h-time small\">2021-06-17 03:57</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/c9cde3441640270ea6042f245233c9e8\" tg-width=\"550\" tg-height=\"297\" referrerpolicy=\"no-referrer\">Federal Reserve Chairman Jerome Powell said at a briefing after the interest rate decision on Wednesday that inflation is likely to remain high in the coming months before it eases. If inflation expectations are too high, it will be ready to adjust policies. In his speech, Powell did not give a time to tapering bond purchases and reiterated that the factors pushing up inflation may be temporary in the long run. He also stressed that it is too early to discuss rate hike, and rate hike is not the focus of the current meeting at all.</p><p>Here's a summary of the highlights from Powell's June press conference:</p><p>1. Decreasing QE: This is just a meeting about \"talking about FOMC discussions (decasting)\". Reiterate that the Federal Reserve may make more statements around the timing of reducing QE. Starting from the next FOMC monetary policy meeting, the Federal Reserve will make a judgment on \"substantial progress\". 2. Interest rate policy: The June meeting did not discuss whether rate hike was appropriate in a specific year. In terms of future interest rate action, the dot plot of interest rate expectations is not a good predictor. The Fed's focus is on the state of the economy, not rate hike. A higher neutral interest rate will provide more room for the Fed to cut interest rates, and be wary of those factors that push high neutral interest rates. 3. Reverse repurchase: Reverse repurchase tools are playing their due role. The Federal Reserve is providing a threshold to money market interest rates through the Reverse Repo Facility facility. 4. Policy framework: People misunderstand the new policy framework of the Federal Reserve. The new policy framework \"has no problems\", and the contents in the framework will not hinder the Fed from achieving its goals. A balance must be struck between full employment and maintaining price stability. 5. Overall economic situation: Some economic indicators continue to strengthen. Business investment has grown steadily. But there are still many risks to the outlook. 6. Inflation: Those inflationary factors come from areas related to recovery, and these drivers may be temporary. There is still uncertainty about the timing of inflation tending to ease. Indeed, inflation is expected to fall back. Inflation expectations have turned downward. The fall in lumber prices means that the upward pressure on inflation is temporary. 7. Labor market: After summer, it is expected that new jobs will be relatively strong. 8. Finance: The financial support in fiscal year 2022 will be inferior to that in fiscal year 2021. The Federal Reserve announced its interest rate decision in the early hours of Thursday morning Beijing time, keeping the benchmark interest rate unchanged, but adjusting the interest rates of some policy tools it uses to help control the benchmark interest rate. The Federal Reserve has significantly raised its inflation expectations for this year and moved forward the time frame for its next rate hike, with a dot plot showing a rate hike twice by the end of 2023, but not saying when it will begin cutting back on its aggressive bond-buying program.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-06-17/doc-ikqciyzk0042058.shtml\">新浪财经综合</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/d92849ddf94d54bf9e6af60671fe1ef1","relate_stocks":{"161125":"标普500","513500":"标普500ETF","SDS":"两倍做空标普500 ETF-ProShares","QID":"两倍做空纳斯达克指数ETF-ProShares","OEF":"标普100指数ETF-iShares","DXD":"两倍做空道琼30指数ETF-ProShares","DDM":"2倍做多道指ETF-ProShares",".SPX":"S&P 500 Index","DOG":"道指ETF-ProShares做空","UDOW":"三倍做多道指30ETF-ProShares","SQQQ":"纳指三倍做空ETF","IVV":"标普500ETF-iShares","UPRO":"三倍做多标普500ETF-ProShares","PSQ":"做空纳斯达克100指数ETF-ProShares","QQQ":"纳指100ETF","SH":"做空标普500-Proshares","SPXU":"三倍做空标普500ETF-ProShares",".IXIC":"NASDAQ Composite","SSO":"2倍做多标普500ETF-ProShares",".DJI":"道琼斯","TQQQ":"纳指三倍做多ETF","OEX":"标普100","QLD":"2倍做多纳斯达克100指数ETF-ProShares","SDOW":"三倍做空道指30ETF-ProShares","SPY":"标普500ETF","DJX":"1/100道琼斯"},"source_url":"https://cj.sina.cn/article/normal_detail?url=https://finance.sina.com.cn/stock/usstock/c/2021-06-17/doc-ikqciyzk0042058.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2144184627","content_text":"美联储主席鲍威尔周三在利率决议后的发布会上表示，通货膨胀可能在未来几个月继续居高不下，然后才会有所缓和。如果通胀预期过高，将准备调整政策。鲍威尔在讲话中并未给出缩减购债的时间，并重申从长远来看推高通胀的因素可能是暂时的。他还强调，现在讨论加息还为时过早，加息根本不是现在会议的焦点。\n以下是鲍威尔6月新闻发布会的要点总结：\n\n  1、减码QE：这仅仅是一次关于“谈论FOMC讨论（减码）”的会议。重申美联储可能会围绕减码QE的时间点表态更多。自下一次FOMC货币政策会议开始，美联储将针对“实质性进展”做出判断。 \n\n\n  2、利率政策：6月份会议未曾讨论在特定年份加息是否适宜。就未来利率行动而言，利率预期点阵图并非一个很好的预测指标。美联储的重心放在经济状态，而不是加息。更高的中性利率将为美联储降息提供更多空间，对那些推高中性利率的因素保持警惕。 \n\n\n  3、逆回购：逆回购工具正在发挥应有的作用。美联储正通过逆回购便利工具向货币市场利率提供门槛。 \n\n\n  4、政策框架：人们误解了美联储的新版政策框架，新版政策框架“并不存在问题”，框架中的内容也不会妨碍美联储实现目标。必须在充分就业与维持物价稳定之间取得平衡。 \n\n\n  5、整体经济形势：若干经济指标继续走强。商业投资稳健地增长。但前景仍然面临诸多风险。 \n\n\n  6、通胀：那些通胀因素来自与复苏相关的领域，这些驱动因素可能是暂时的。通胀趋于缓和的时间点还存在不确定性。的确预计通胀将会回落。通胀预期已经转而下滑。木材价格回落，意味着通胀上行压力是暂时性的。 \n\n\n  7、劳动力市场：夏季过后，预计新增就业岗位将会比较强劲。8、财政：2022财年的财政支持力度将逊色于2021财年。 \n\n美联储北京时间周四凌晨公布利率决议，维持基准利率不变，但调整了其用来帮助控制基准利率的一些政策工具的利率。美联储大幅提高了今年的通胀预期，并提前了下一次加息的时间框架，点阵图显示到2023年底将加息两次，但没有表示何时开始削减其激进的债券购买计划。","news_type":1,"symbols_score_info":{"161125":0.9,"513500":0.9,"SSO":0.9,"PSQ":0.9,"QID":0.9,"IVV":0.9,"OEF":0.9,"QQQ":0.9,"UPRO":0.9,".SPX":0.9,"SPY":0.9,".IXIC":0.9,"ESmain":0.9,"TQQQ":0.9,"MNQmain":0.9,"UDOW":0.9,"OEX":0.9,"DDM":0.9,"SDS":0.9,"SH":0.9,".DJI":0.9,"QLD":0.9,"NQmain":0.9,"SQQQ":0.9,"DJX":0.9,"DOG":0.9,"SPXU":0.9,"SDOW":0.9,"DXD":0.9}},"isVote":1,"tweetType":1,"viewCount":1844,"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":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}