????在第一輪量寬結(jié)束后，股市下調(diào)了17%，直接導(dǎo)致美聯(lián)儲(chǔ)推出第二輪量寬。之后，當(dāng)?shù)诙喠繉捊Y(jié)束后，股市再下調(diào)20%，于是，美聯(lián)儲(chǔ)動(dòng)用第三輪量寬來(lái)救市——他們表示這也是最后一輪。

????事實(shí)上，過(guò)去兩周市場(chǎng)急劇波動(dòng)，表明在消息落實(shí)之前市場(chǎng)已經(jīng)出現(xiàn)躁動(dòng)。收益率短期的整固和大跌相當(dāng)普遍，可能會(huì)持續(xù)下去。

????最近市場(chǎng)的跌宕起伏還未引起美聯(lián)儲(chǔ)的擔(dān)憂，但如果波動(dòng)性進(jìn)一步加劇，委員會(huì)或許會(huì)調(diào)整其政策路徑，采取和前兩輪量寬結(jié)束時(shí)類似的舉措。

????“這對(duì)美聯(lián)儲(chǔ)無(wú)疑是一個(gè)考驗(yàn)?！彼傻滤拐f(shuō)，“在波動(dòng)性加劇的局勢(shì)下，他們是否會(huì)調(diào)整貨幣政策或其措辭，甚至在無(wú)損于雙重使命的情況下輾轉(zhuǎn)騰挪？”（財(cái)富中文網(wǎng)）

????譯者 楊宏

????Following the end of QE1, there was a 17% correction in stocks, leading the Fed to launch its second generation of the program. Then, after the wind-down of QE2, there was a 20% stock market correction, and the Fed once again chimed in with a third — and what they say will be final — round of QE.

????Some of that volatility happened in advance this time around, as evidenced by the fluctuations that rocked the markets over the past two weeks. A short-term correction and plunge in yields is fairly common, and could continue.

????The recent rocky markets haven’t yet worried the Fed, but if the market volatility becomes more severe the committee may decide to adjust its course, similar to its actions following QE1 and QE2.

????“That will be an interesting test for the Fed,” said Sonders. “Will they adjust monetary policy or their language given the volatility, even without a deterioration in their dual mandate?”