Core Viewpoint - The article emphasizes the political courage and analytical ability of Federal Reserve Chairman Jerome Powell, particularly in the context of his recent speech at the Jackson Hole Economic Policy Symposium, amidst significant political pressure [1][2][5] Group 1: Monetary Policy Framework - Powell highlighted the complexity of monetary policy decision-making, focusing on the dual mandate of price stability and maximum employment, which can create challenges for the central bank [3][4] - The updated framework no longer prioritizes the effective lower bound as a key consideration and has adjusted the average inflation targeting strategy, reaffirming the 2% inflation target as most aligned with the dual mandate [4] Group 2: Historical Context and Comparisons - Powell draws inspiration from past Federal Reserve leaders like Paul Volcker and Alan Greenspan, who faced significant public and political pressures while maintaining their commitment to sound monetary policy [2][5] - The article compares Powell's current challenges to those faced by Volcker during the high inflation of the 1970s and Greenspan's management of low inflation in the post-Volcker era, highlighting the ongoing need for courage and independence in the Federal Reserve's operations [2][3]

鲍威尔在今年杰克逊霍尔会议上的严谨表现是一种非凡的、沃尔克式的政治勇气。 鲍威尔似乎从沃尔克和格林斯潘两人钢铁般的胆气和不涉政治的高度聚焦上得到了启发。沃尔克遭遇了 公众对高利率的广泛批评：农民围堵美联储总部（我当时就在那里工作），参议员和众议员们也被激怒 了。格林斯潘对非理性繁荣的担忧引发了华尔街的强烈抵制。同样，当内心坚定的鲍威尔在8月22日踏 上杰克逊霍尔的讲台时，他所承受的政治压力也绝对不小。 与传统认知相反，中央银行并不制定自身任务。这直接来自国会的授权——最初是1946年颁布的《就业 法案》，随后1978年出台的所谓《汉弗莱-霍金斯法案》又增加了控制通胀的内容。虽然美联储有权去 对最大就业和物价稳定的目标进行解读，但它在制定框架以实现法定任务目标方面享有最大的自由。 鲍威尔花了相当大的力气解释美联储对各项框架考虑因素的最新看法。在这方面没什么大的惊喜。在美 联储早前于2020年进行的框架审查中实际利率或排除通胀因素后的利率是相对于两个阈值进行评估的： 下端的有效下限和上端的"中性"——后者是指既不限制也不刺激经济增长或通胀的利率。 鲍威尔表示，风险平衡的变化"可能需要我们调整政策立场"，而各大金融 ...