国际英语资讯:IMF sees small monetary policy effects from Feds balance sheet unwinding
<p><span word="WASHINGTON">WASHINGTON</span>, <span word="July">July</span> 27-- <span word="The">The</span> <span word="International">International</span> <span word="Monetary">Monetary</span> <span word="Fund">Fund</span> (<span word="IMF">IMF</span>) <span word="said">said</span> <span word="on">on</span> <span word="Thursday">Thursday</span> <span word="that">that</span> <span word="the">the</span> <span word="monetary">monetary</span> <span word="policy">policy</span> <span word="effects">effects</span> <span word="of">of</span> <span word="U">U</span>.<span word="S">S</span>. <span word="Federal">Federal</span> <span word="Reserve">Reserve</span>'<span word="s">s</span> <span word="balance">balance</span> <span word="sheet">sheet</span> <span word="unwinding">unwinding</span> <span word="are">are</span> <span word="expected">expected</span> <span word="to">to</span> <span word="be">be</span> <span word="small">small</span>.</p><p>"<span word="Under">Under</span> <span word="the">the</span> <span word="announced">announced</span> <span word="plan">plan</span>, <span word="if">if</span> <span word="normalization">normalization</span> <span word="were">were</span> <span word="to">to</span> <span word="begin">begin</span> <span word="at">at</span> <span word="end">end</span>-2017, <span word="the">the</span> <span word="balance">balance</span> <span word="sheet">sheet</span> <span word="would">would</span> <span word="decline">decline</span> <span word="by">by</span> 318 <span word="billion">billion</span> <span word="U">U</span>.<span word="S">S</span>. <span word="dollars">dollars</span> <span word="in">in</span> 2018 <span word="and">and</span> <span word="by">by</span> 409 <span word="billion">billion</span> <span word="dollars">dollars</span> <span word="in">in</span> 2019," <span word="the">the</span> <span word="IMF">IMF</span> <span word="staff">staff</span> <span word="said">said</span> <span word="in">in</span> <span word="its">its</span> <span word="annual">annual</span> <span word="report">report</span> <span word="of">of</span> <span word="Article">Article</span> <span word="IV">IV</span> <span word="consultations">consultations</span> <span word="with">with</span> <span word="U">U</span>.<span word="S">S</span>. <span word="authorities">authorities</span> <span word="on">on</span> <span word="the">the</span> <span word="U">U</span>.<span word="S">S</span>. <span word="economy">economy</span>.</p><p>"<span word="Such">Such</span> <span word="a">a</span> <span word="reduction">reduction</span> <span word="could">could</span> <span word="have">have</span> <span word="a">a</span> <span word="monetary">monetary</span> <span word="policy">policy</span> <span word="impact">impact</span> <span word="equivalent">equivalent</span> <span word="to">to</span> <span word="a">a</span> 22 <span word="basis">basis</span> <span word="point">point</span> <span word="increase">increase</span> <span word="in">in</span> <span word="the">the</span> <span word="federal">federal</span> <span word="funds">funds</span> <span word="rate">rate</span> <span word="over">over</span> <span word="the">the</span> <span word="next">next</span> <span word="two">two</span> <span word="years">years</span>," <span word="the">the</span> <span word="report">report</span> <span word="said">said</span>.</p><p><span word="Given">Given</span> <span word="the">the</span> <span word="small">small</span> <span word="monetary">monetary</span> <span word="effects">effects</span>, <span word="the">the</span> <span word="IMF">IMF</span> <span word="believed">believed</span> "<span word="it">it</span> <span word="is">is</span> <span word="appropriate">appropriate</span> <span word="that">that</span> <span word="the">the</span> <span word="normalization">normalization</span> <span word="of">of</span> <span word="the">the</span> <span word="balance">balance</span> <span word="sheet">sheet</span> <span word="proceeds">proceeds</span> <span word="independently">independently</span> <span word="of">of</span> <span word="changes">changes</span> <span word="in">in</span> <span word="the">the</span> <span word="federal">federal</span> <span word="funds">funds</span> <span word="rate">rate</span> <span word="and">and</span> <span word="in">in</span> <span word="inflation">inflation</span> <span word="and">and</span> <span word="employment">employment</span> <span word="outcomes">outcomes</span>," <span word="unless">unless</span> <span word="the">the</span> <span word="U">U</span>.<span word="S">S</span>. <span word="economy">economy</span> <span word="is">is</span> <span word="hit">hit</span> <span word="by">by</span> <span word="a">a</span> <span word="significant">significant</span> <span word="negative">negative</span> <span word="shock">shock</span>.</p><p><span word="The">The</span> <span word="Fed">Fed</span> <span word="last">last</span> <span word="month">month</span> <span word="raised">raised</span> <span word="the">the</span> <span word="target">target</span> <span word="range">range</span> <span word="of">of</span> <span word="the">the</span> <span word="federal">federal</span> <span word="funds">funds</span> <span word="rate">rate</span> <span word="by">by</span> <span word="a">a</span> <span word="quarter">quarter</span> <span word="percentage">percentage</span> <span word="point">point</span> <span word="to">to</span> 1-1.25 <span word="percent">percent</span>, <span word="the">the</span> <span word="fourth">fourth</span> <span word="rate">rate</span> <span word="hike">hike</span> <span word="since">since</span> <span word="December">December</span> 2017, <span word="and">and</span> <span word="unveiled">unveiled</span> <span word="a">a</span> <span word="plan">plan</span> <span word="to">to</span> <span word="trim">trim</span> <span word="its">its</span> <span word="balance">balance</span> <span word="sheet">sheet</span> <span word="later">later</span> <span word="this">this</span> <span word="year">year</span>.</p><p><span word="The">The</span> <span word="Fed">Fed</span>'<span word="s">s</span> <span word="balance">balance</span> <span word="sheet">sheet</span> <span word="has">has</span> <span word="ballooned">ballooned</span> <span word="to">to</span> <span word="around">around</span> 4.5 <span word="trillion">trillion</span> <span word="U">U</span>.<span word="S">S</span>. <span word="dollars">dollars</span> <span word="following">following</span> <span word="three">three</span> <span word="rounds">rounds</span> <span word="of">of</span> <span word="quantitative">quantitative</span> <span word="easing">easing</span> <span word="programs">programs</span> <span word="to">to</span> <span word="withstand">withstand</span> <span word="the">the</span> <span word="impact">impact</span> <span word="of">of</span> <span word="the">the</span> 2008 <span word="global">global</span> <span word="financial">financial</span> <span word="crisis">crisis</span>.</p><p><span word="The">The</span> <span word="central">central</span> <span word="bank">bank</span> <span word="signaled">signaled</span> <span word="on">on</span> <span word="Wednesday">Wednesday</span> <span word="that">that</span> <span word="it">it</span> <span word="would">would</span> <span word="begin">begin</span> <span word="unwinding">unwinding</span> <span word="its">its</span> <span word="holdings">holdings</span> <span word="of">of</span> <span word="U">U</span>.<span word="S">S</span>. <span word="Treasury">Treasury</span> <span word="bonds">bonds</span> <span word="and">and</span> <span word="other">other</span> <span word="mortgage">mortgage</span>-<span word="backed">backed</span> <span word="securities">securities</span> "<span word="relatively">relatively</span> <span word="soon">soon</span>," <span word="possibly">possibly</span> <span word="at">at</span> <span word="its">its</span> <span word="next">next</span> <span word="policy">policy</span> <span word="meeting">meeting</span> <span word="on">on</span> <span word="Sept">Sept</span>. 19-20.</p>
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