只谈降息，不谈未来：鲍威尔为何只给市场“安慰剂”？

Core Viewpoint - Mohamed El-Erian critiques Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Economic Symposium, stating that Powell avoided deep reflections on the Fed's future strategy and left critical issues for his successors to address [2][6] Summary by Sections Economic Strategy and Policy - Powell's speech focused primarily on the short-term outlook for monetary policy, describing the revision of the Fed's policy framework as a "gradual evolution" rather than a structural breakthrough [3][4] - The Fed is under significant institutional pressure due to persistent inflation above its target and signs of a weakening job market [3][4] Market Reactions - Powell's initial remarks, which suggested that changes in the baseline outlook and risk balance might necessitate policy adjustments, led to a rise in stock, bond, and other asset prices, despite later comments on inflation being largely overlooked by traders [3][4] Structural Economic Changes - El-Erian emphasizes that Powell did not adequately discuss structural changes in the economy, particularly in the labor market, which was a key theme of this year's symposium [4][5] - Powell's communication regarding the Fed's dual mandate of price stability and maximum employment was characterized as lacking clarity, especially in light of recent economic disruptions [4][5] Political Context - Powell avoided engaging in political debates surrounding the Fed's independence and did not address recent political pressures, including accusations against a current board member [5][6] - El-Erian believes that Powell missed an opportunity to reflect on his eight years as Fed Chair and the implications of economic structural changes for policy [5][6]