经济研究   

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Finance and economics. Banking: Stick to Manhattan. Goldman Sachs’s disastrous Main Street gamble. How hard can it be? Goldman Sachs is supposed to employ the sharpest minds in finance. Trade...

财经 银行业：坚守曼哈顿 高盛损失惨重的主街赌博 这能有多难呢？高盛集团的员工理应是金融界最聪明的人才。与其交手的商人都瑟瑟发抖；老板们纷纷向其银行家寻求建议；投资者把身家都寄托在其分析师的每一句话上。 2016年，当高盛...

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The second dimension is also becoming clearer. In September the median expectation of Fed officials was that rates would peak at 4.6% next year. Bond pricing now has the peak pegged at 5%, refle...

第二个维度也愈发清晰。9月份，美联储官员的预期中值是利率将在明年达到4.6%的峰值。债券定价现在将峰值固定在5%，反映出各种通胀指标一直居高不下。鲍威尔先生暗示，美联储的想法与债券市场一致。 即便如此，从现在开始小幅加息也是有道理的。...

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Finance and economics. Inflation: Faster, higher, longer. The Fed delivers another jumbo rate rise, and it’s far from done. As recently as the start of June investors and analysts believed that a...

财经 通货膨胀：更快、更高、更长 美联储再次大幅加息，而这离结束还早着呢就在6月初，投资者和分析师还认为，0.5个百分点对美联储来说就算是“巨幅”加息了。真是老古董。在连续四次加息0.75个百分点(最近一次是在11月2日)之后，他们的...

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The durability of the IPEF is also in doubt. Were Mr. Trump to return to the Oval Office in 2024, he would not need three days to ditch the framework. The Biden administration has tried to make ...

如果特朗普在2024年重返白宫的椭圆形办公室，不到3天他就会放弃该框架。拜登政府想要利用这些限制。它没有把IPEF设想成一项常规协议，而是宣称该协议有四个基本支柱，而贸易促进只是其中一个。 另外三个目标是让供应链更具弹性; 促进基础设...

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Finance and Economics. The Indo-Pacific economy. A new pact for Asia: just don’t call it a trade deal. Amere three days after being sworn in as president in January 2017, Donald Trump signed an e...

财经 印太地区的经济 为亚洲定制的新条约：不要把它当作贸易协议 在2017年1月宣誓就任美国总统三天后，唐纳德·特朗普签署了一项让美国退出跨太平洋伙伴关系协定(TPP)的行政命令，这是他在竞选期间抨击的一项12国自由贸易协定。 ...

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In a broader sense, however, the stock market clearly matters to the Fed. Jerome Powell, its current chairman, has repeatedly said that its policies are transmitted to the real economy through fina...

然而，从更广泛的意义上讲，股市显然对美联储很重要。美联储现任主席杰罗姆·鲍威尔一再表示，美联储的政策是通过金融形势传递至实体经济的。金融形势指的是企业和消费者获得资金的可能性和成本。 股票市场在塑造和衡量金融形势方面都发挥着至关重要的...

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Finance and economics. Buttonwood: Wake-up call. The once-benevolent Fed now looks vengeful for markets. When stocks boomed early in the pandemic, an internet meme captured the madness of the mom...

财经 梧桐树：警钟 曾经仁慈的美联储现在似乎要报复市场 疫情初期股市大涨，一张网络表情包捕捉到了那一刻的疯狂。在图片的左边，一个忧心忡忡的人惊呼道，仅靠造钱并不能拯救经济；在右边，一名代表美联储的男子一边大量印钞，一边回答道：“...

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Finance and economics. Employment: Triumph of the Luddites. Covid-19 was meant to lead to job-killing automation. It was meant to be a bloodbath. When covid-19 struck in early 2020, economists...

财经 就业：勒德分子的胜利 新冠肺炎注定会导致扼杀就业的自动化 这注定是一场大屠杀。新冠肺炎在2020年初来袭时，经济学家就曾警告称，一波扼杀就业机会的机器人将席卷劳动力市场，导致高失业率和结构性失业。 一位着名的经济...