美联储提高贴现率 启动“退出战略”

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.

在美联储朝着退出大规模经济刺激计划迈出了一大步后，美元昨日飙升至9个月高位。

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.

美联储昨日宣布提高贴现率，让市场措手不及。贴现率是商业银行从美联储紧急贷款的利率。虽然美联储之前说明会采取此举，但其出台时机仍出人意料，令投资者重新担忧：随着全球央行开始收回对信贷市场的支持，收紧货币政策，提高利率，经济体和企业将如何应付。

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.

美联储把贴现率上调0.25百分点，至0.75%，高于基准的联邦基金利率。此举表明，美联储对美国经济复苏势头的信心增强。联邦基金利率是美联储所定的银行同业拆借利率。

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.

虽然美联储声称无意让此举悄然开启又一个加息周期，但分析师表示，此举仍会影响市场。

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.”

德国商业银行(Commerzbank)外汇研究主管乌尔里希•雷彻特蒙(Ulrich Leuchtmann)表示：“联邦基金利率会在8月、9月还是在11月上调已不再重要。重要的是，在可预见的将来，美联储是唯一一家能够提高利率的大型经济体央行。”

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.

美元兑欧元和英镑的汇率大幅飙升。欧元兑美元汇率在数分钟内跌去1美分以上（这种情况极其罕见），至1欧元兑1.3442美元低点。其后，欧元兑美元汇率回升至1欧元兑1.357美元。

对利率反应敏感的美国国债应声走低。在东京交易时段，美国国债收益率一度上升10个基点，至0.964%。其后在美国午后时段，美国国债收益率回落至0.9294%。

译者/杨远