国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Opinion / Op-Ed Contributors

Yellen should taper off cautiously

By Xu Hongcai (China Daily) Updated: 2014-01-09 07:42

Yellen should taper off cautiously

The United States Senate on Monday confirmed that Janet Yellen, a key force behind the Federal Reserve's unprecedented and controversial efforts to boost the US economy, will succeed Ben Bernanke as Fed chairman, when his second four-year term expires on Jan 31.Yellen, who is currently the Fed's vice-chair, will be one of the few women heading a central bank and the first to run the Fed in its 100-year history.

Yellen's first task in the world's most powerful financial post will be navigating the central bank's way out of its extraordinary stimulus, beginning with dialing down its bond-buying program.

The Fed cut overnight interest rates to near zero in late 2008 and has quadrupled its balance sheet to more than $4 trillion through a series of massive bond purchase programs meant to push down longer-term borrowing costs, which will promote consumption and investment.

At the last monetary policy meeting last year, the US Federal Open Market Committee announced it would reduce the pace of its monthly massive bond purchases by $10 billion each month, trimming back equally mortgage-backed securities and Treasury bonds, starting January. Such a move signals the Fed is gradually tapering off its quantitative easing on the back of a stronger economic recovery.

Since quantitative easing was just a temporary policy to cope with the global financial crisis, it was only a matter of time before the Fed dropped it. The recent announcement of the reduced bond purchases comes after signs that the US economy is rebounding. The GDP growth rate annualized quarter-on-quarter was 1.1 percent for the first quarter of 2013, 2.5 percent for the second and 4.1percent for the third. Although the core inflation rate has been around 1.7 percent in the past months, approaching the policy limit of 2.5 percent, the Consumer Price Index increased by just 1.2 percent in November. Moreover, the unemployment rate is around 7 percent, and household consumption, company investment and the real estate market have all shown obvious signs of recovery. The above economic indicators all signal the time is ripe for the Fed to start exiting its quantitative easing policy.

Previous Page 1 2 Next Page

New type of urbanization is in the details
...
荥经县| 汾西县| 弥渡县| 长葛市| 虹口区| 达孜县| 顺昌县| 彩票| 北碚区| 四子王旗| 云龙县| 闽侯县| 沾益县| 嫩江县| 永州市| 泽州县| 博兴县| 韩城市| 南汇区| 大竹县| 潞城市| 洛阳市| 大化| 玉环县| 桂林市| 白水县| 大宁县| 龙游县| 安陆市| 丹棱县| 千阳县| 离岛区| 阳高县| 江西省| 石屏县| 禄丰县| 乐都县| 巩留县| 丰原市| 绥德县| 宜川县|