美聯(lián)儲提高貼現(xiàn)率 啟動“退出戰(zhàn)略”

The dollar leapt to nine-month highs yesterday after the US Federal Reserve took a big step towards unwinding its massive programme to stimulate the economy.

在美聯(lián)儲朝著退出大規(guī)模經(jīng)濟(jì)刺激計劃邁出了一大步后，美元昨日飆升至9個月高位。

Markets were caught off-guard by the Fed's announcement late on Thursday that it had raised its discount rate – the level at which commercial banks tap the central bank for emergency funding. While the move had been well-flagged, its timing was a surprise and refocused investors on worries about how economies and companies will cope as central banks around the globe start to withdraw support for credit markets and tighten monetary policy, leading to higher interest rates.

美聯(lián)儲昨日宣布提高貼現(xiàn)率，讓市場措手不及。貼現(xiàn)率是商業(yè)銀行從美聯(lián)儲緊急貸款的利率。雖然美聯(lián)儲之前說明會采取此舉，但其出臺時機(jī)仍出人意料，令投資者重新?lián)鷳n：隨著全球央行開始收回對信貸市場的支持，收緊貨幣政策，提高利率，經(jīng)濟(jì)體和企業(yè)將如何應(yīng)付。

In a sign of the Fed's increasing confidence in the strength of the US economic recovery, the discount rate was raised by a quarter of a percentage point to 0.75 per cent – above the benchmark Fed funds rate, its intended target rate for banks to lend to each other.

美聯(lián)儲把貼現(xiàn)率上調(diào)0.25百分點(diǎn)，至0.75%，高于基準(zhǔn)的聯(lián)邦基金利率。此舉表明，美聯(lián)儲對美國經(jīng)濟(jì)復(fù)蘇勢頭的信心增強(qiáng)。聯(lián)邦基金利率是美聯(lián)儲所定的銀行同業(yè)拆借利率。

Although the Fed made clear that it did not intend the move as the start of a rate-rise cycle by stealth, analysts said it would still influence markets.

雖然美聯(lián)儲聲稱無意讓此舉悄然開啟又一個加息周期，但分析師表示，此舉仍會影響市場。

Ulrich Leuchtmann, head of FX research at Commerzbank, added: “It no longer matters whether the Fed funds rate will be raised in August, September of November. What matters is that the Fed is the only large central bank able to raise rates in the foreseeable future.”

德國商業(yè)銀行(Commerzbank)外匯研究主管烏爾里希•雷徹特蒙(Ulrich Leuchtmann)表示：“聯(lián)邦基金利率會在8月、9月還是在11月上調(diào)已不再重要。重要的是，在可預(yù)見的將來，美聯(lián)儲是唯一一家能夠提高利率的大型經(jīng)濟(jì)體央行。”

The dollar spiked sharply higher against the euro and sterling, with the euro losing more than a cent in just minutes – which is extremely rare – to a low of $1.3442. It later rebounded to $1.357. Rate-sensitive Treasuries fell on the news, pushing yields as much as 10 basis points higher to 0.964 per cent in Tokyo trading. The yields later slipped to 0.9294 per cent by late afternoon in the US.

美元兌歐元和英鎊的匯率大幅飆升。歐元兌美元匯率在數(shù)分鐘內(nèi)跌去1美分以上（這種情況極其罕見），至1歐元兌1.3442美元低點(diǎn)。其后，歐元兌美元匯率回升至1歐元兌1.357美元。

對利率反應(yīng)敏感的美國國債應(yīng)聲走低。在東京交易時段，美國國債收益率一度上升10個基點(diǎn)，至0.964%。其后在美國午后時段，美國國債收益率回落至0.9294%。

譯者/楊遠(yuǎn)