鲍威尔宣布美联储货币政策框架调整，坚决维护长期通胀预期锚定

Core Viewpoint - The Federal Reserve has updated its monetary policy framework to address significant changes in the economic environment over the past five years, including rising inflation pressures and a shift away from the ultra-low interest rates seen during the COVID-19 pandemic [1][4]. Group 1: Policy Framework Changes - The new framework marks a departure from the special policy framework adopted in 2020, removing references to low interest rate environments and returning to a flexible inflation targeting approach [2][4]. - The previous framework allowed inflation to exceed the 2% target to compensate for periods of underperformance, a strategy that was quickly undermined by the pandemic-induced inflation surge [2][3]. Group 2: Inflation Expectations - The updated framework emphasizes the importance of anchoring long-term inflation expectations, reaffirming the 2% inflation target and the Fed's commitment to taking decisive action to maintain this stability [3][7]. - The Fed believes that a stable long-term inflation rate of 2% promotes price stability and moderate long-term interest rates, enhancing its ability to support maximum employment during significant economic shocks [3][7]. Group 3: Economic Environment Adaptation - The new framework reflects a reassessment of the current economic environment, acknowledging that the pandemic and subsequent stimulus measures have led to the most severe inflation pressures in decades, fundamentally altering the monetary policy landscape [4][5]. - Analysts suggest that, despite a significant easing of inflation pressures and the Fed's plans to lower interest rates, it is unlikely that rates will return to the ultra-low levels seen before the pandemic due to structural changes in the economy and increased government borrowing [5][6]. Group 4: Review and Transparency - The Federal Open Market Committee (FOMC) intends to review these principles annually in January and conduct a comprehensive public assessment of its monetary policy strategy approximately every five years [5][8]. - The FOMC aims to clearly communicate its monetary policy decisions to reduce economic and financial uncertainty, thereby enhancing the effectiveness of its policies [5][6].