Gold price at daily highs as Powell says 'too early' to taper, reaffirms inflation is 'transitory'
鮑威爾稱金價跌至“為時過早”，重申通貨膨脹是“暫時性的”，金價處於日內高點
Anna Golubova
Wednesday April 28, 2021 16:13
The gold market has turned things around with prices rising to daily highs as Federal Reserve Chair Jerome Powell stated that one great jobs report does not mean it is time to start talking about tapering.
由於美聯儲主席杰羅姆·鮑威爾（Jerome Powell）表示，一份出色的就業報告並不意味著現在是時候開始談論逐漸縮減，黃金市場已經扭轉了局勢，金價上漲至每日高點。
Powell spoke after the Fed kept its monetary policy unchanged while downplaying rising inflation.
鮑威爾在美聯儲維持貨幣政策不變而低估了通貨膨脹率後發表講話。
"It's not time to start talking about tapering. We'll let the public know well in advance. It will take some time before we see substantial further progress," Powell told reporters on Wednesday. "We had one great jobs report. It is not enough to start talking about tapering. We'll need to see more data."
鮑威爾在星期三對記者說：“現在不是時候開始談論逐漸減少的問題了。我們將提前讓公眾知道。要取得實質性的進一步進展還需要一些時間。” “我們有一份出色的工作報告。僅僅開始談論逐漸減少是不夠的。我們需要查看更多數據。”
In March the U.S. economy saw its best job growth since August with 916,000 jobs being created. The data significantly beat expectations as economists were expecting to see job gains of around 652,000.
3月份，美國經濟創造了91.6萬個工作崗位，是8月份以來最好的就業增長。該數據大大超出了預期，因為經濟學家預計將獲得大約652,000的就業機會。
The head of the central bank also spent a lot of time talking about inflation. Powell once again reiterated that price pressures are likely to be transitory while noting that the Federal Reserve is prepared to act if it turns out that they are wrong.
央行行長還花了很多時間談論通貨膨脹。鮑威爾再次重申，價格壓力可能是暫時的，同時指出美聯儲已準備採取行動，如果事實證明它們是錯誤的。
"The PCE inflation expected to move above 2% in the near term. But these one-time increases in prices are likely to have only transitory effects on inflation," he said.
他說：“ PCE通貨膨脹預期在短期內將超過2％。但是，這些一次性的價格上漲可能只會對通貨膨脹產生暫時影響。”
He added that it would be unlikely for inflation to move up in a persistent way while there is slack in the labor market.
他補充說，在勞動力市場疲軟的情況下，通貨膨脹不可能持續上升。
Powell also pointed out that there are major differences between now and the 1960s and 1970s when it comes to inflation.
鮑威爾還指出，在通貨膨脹方面，現在與1960年代和1970年代之間存在重大差異。
"We are making our way through unprecedented series of events. These price pressures are associated with the re-opening process. This is not the same thing as persistently higher year-over-year inflation that is not consistent with our goal of 2% inflation over time," he said. "The principle difference from the 60s and 70s — our goal of 2% inflation."
“我們正在經歷史無前例的一系列事件。這些價格壓力與重新開放過程有關。這與持續上漲的同比通貨膨脹不同，這與我們設定2％的通貨膨脹目標不符隨著時間的流逝，”他說。 “與60年代和70年代的主要區別-我們的目標是將通貨膨脹率控制在2％。”
On top of that, Powell reminded markets that the Fed knows its job and is prepared to act if inflation were to move persistently and materially above 2%. "We would use our tools to bring inflation expectations down," he said.
最重要的是，鮑威爾提醒市場，美聯儲知道自己的工作，並準備採取行動，如果通貨膨脹率持續且實質性地升至2％以上。他說：“我們將使用我們的工具來降低通貨膨脹預期。”
In the meantime, there are two main reasons for temporary inflation pressures in the near term: Base effects, which are transitory. And bottlenecks, which are temporary blockages in supply chains.
同時，短期內臨時性的通脹壓力有兩個主要原因：基本效應是暫時的。瓶頸是供應鏈中的臨時障礙。
"We were focused for many years on inflation deviating below 2%, and we used our tools aggressively to bring it back up at 2%. If we see inflation moving up materially, we will use our tools to guide it back down to 2%. But this is not what we expect," he said.
“多年來，我們一直專注於將通脹率降低到2％以下，並且我們積極地使用工具將其恢復到2％。如果我們看到通脹率大幅上升，我們將使用我們的工具將其指導回落到2％。但這不是我們期望的，”他說。
Gold prices reacted positively to Powell’s comments, recovering earlier losses and rising to daily highs. At the time of writing, June Comex gold futures were trading at $1,782.10, up 0.19% on the day.
黃金價格對鮑威爾的評論做出了積極反應，收回了之前的跌幅併升至日內高點。在撰寫本文時，6月Comex黃金期貨交易價格為1,782.10美元，當天上漲0.19％。
Powell on U.S. dollar as the world's reserve currency, digital currencies
鮑威爾: 以美元為世界儲備貨幣, 數位化貨幣
Markets were also busy digesting Powell's comments on the U.S. dollar as the world's reserve currency. The topic was brought up when Powell was asked about the digital U.S. dollar.
市場也忙於消化鮑威爾關於美元作為世界儲備貨幣的評論。當鮑威爾被問及數位化美元時，就提出了這個話題。
"We are the world's reserve currency, and that means that the U.S. dollar is used in transactions all around the world far more than other currencies. And that is because of our rule of law, our democratic institutions, and our economy. All the things that make the United States the United States. And of course, we have open capital accounts, which are essential if you are going to be the reserve currency," he said.
“我們是世界的儲備貨幣，這意味著美元在世界各地的交易中使用的美元遠遠超過其他貨幣。這是因為我們的法治，我們的民主體制和我們的經濟。所有這些這使美國成為美國。當然，我們擁有開放的資本賬戶，如果您將成為儲備貨幣，這是必不可少的。”
Powell noted that he is "less concerned" about another country developing the digital currency first. "I am really concerned about getting it right. We feel an obligation to understand the technology and all the policy issues very well. There are some very difficult questions to answer," he said.
鮑威爾指出，他對另一個國家最先開發數位化貨幣的“擔心不足”。他說：“我真的很擔心正確無誤。我們感到有義務很好地理解技術和所有政策問題。有一些非常困難的問題要回答。”
The Fed Chair also referred to China's digital currency, stating that something like that wouldn't work in the U.S.
美聯儲主席還提到了中國的數位化貨幣，指出類似的東西在美國不起作用。
"The currency that is being used in China is not one that would work here. It is one that allows the government to see every payment which is used in real-time," he said.
他說：“在中國使用的貨幣不是在這裡可以使用的一種貨幣。它是一種使政府能夠實時查看每筆付款的貨幣。”
By Anna Golubova
Shiny黃金白銀交易所
引用: Kitco News
鮑威爾稱金價跌至“為時過早”，重申通貨膨脹是“暫時性的”，金價處於日內高點
Anna Golubova
Wednesday April 28, 2021 16:13
The gold market has turned things around with prices rising to daily highs as Federal Reserve Chair Jerome Powell stated that one great jobs report does not mean it is time to start talking about tapering.
由於美聯儲主席杰羅姆·鮑威爾（Jerome Powell）表示，一份出色的就業報告並不意味著現在是時候開始談論逐漸縮減，黃金市場已經扭轉了局勢，金價上漲至每日高點。
Powell spoke after the Fed kept its monetary policy unchanged while downplaying rising inflation.
鮑威爾在美聯儲維持貨幣政策不變而低估了通貨膨脹率後發表講話。
"It's not time to start talking about tapering. We'll let the public know well in advance. It will take some time before we see substantial further progress," Powell told reporters on Wednesday. "We had one great jobs report. It is not enough to start talking about tapering. We'll need to see more data."
鮑威爾在星期三對記者說：“現在不是時候開始談論逐漸減少的問題了。我們將提前讓公眾知道。要取得實質性的進一步進展還需要一些時間。” “我們有一份出色的工作報告。僅僅開始談論逐漸減少是不夠的。我們需要查看更多數據。”
In March the U.S. economy saw its best job growth since August with 916,000 jobs being created. The data significantly beat expectations as economists were expecting to see job gains of around 652,000.
3月份，美國經濟創造了91.6萬個工作崗位，是8月份以來最好的就業增長。該數據大大超出了預期，因為經濟學家預計將獲得大約652,000的就業機會。
The head of the central bank also spent a lot of time talking about inflation. Powell once again reiterated that price pressures are likely to be transitory while noting that the Federal Reserve is prepared to act if it turns out that they are wrong.
央行行長還花了很多時間談論通貨膨脹。鮑威爾再次重申，價格壓力可能是暫時的，同時指出美聯儲已準備採取行動，如果事實證明它們是錯誤的。
"The PCE inflation expected to move above 2% in the near term. But these one-time increases in prices are likely to have only transitory effects on inflation," he said.
他說：“ PCE通貨膨脹預期在短期內將超過2％。但是，這些一次性的價格上漲可能只會對通貨膨脹產生暫時影響。”
He added that it would be unlikely for inflation to move up in a persistent way while there is slack in the labor market.
他補充說，在勞動力市場疲軟的情況下，通貨膨脹不可能持續上升。
Powell also pointed out that there are major differences between now and the 1960s and 1970s when it comes to inflation.
鮑威爾還指出，在通貨膨脹方面，現在與1960年代和1970年代之間存在重大差異。
"We are making our way through unprecedented series of events. These price pressures are associated with the re-opening process. This is not the same thing as persistently higher year-over-year inflation that is not consistent with our goal of 2% inflation over time," he said. "The principle difference from the 60s and 70s — our goal of 2% inflation."
“我們正在經歷史無前例的一系列事件。這些價格壓力與重新開放過程有關。這與持續上漲的同比通貨膨脹不同，這與我們設定2％的通貨膨脹目標不符隨著時間的流逝，”他說。 “與60年代和70年代的主要區別-我們的目標是將通貨膨脹率控制在2％。”
On top of that, Powell reminded markets that the Fed knows its job and is prepared to act if inflation were to move persistently and materially above 2%. "We would use our tools to bring inflation expectations down," he said.
最重要的是，鮑威爾提醒市場，美聯儲知道自己的工作，並準備採取行動，如果通貨膨脹率持續且實質性地升至2％以上。他說：“我們將使用我們的工具來降低通貨膨脹預期。”
In the meantime, there are two main reasons for temporary inflation pressures in the near term: Base effects, which are transitory. And bottlenecks, which are temporary blockages in supply chains.
同時，短期內臨時性的通脹壓力有兩個主要原因：基本效應是暫時的。瓶頸是供應鏈中的臨時障礙。
"We were focused for many years on inflation deviating below 2%, and we used our tools aggressively to bring it back up at 2%. If we see inflation moving up materially, we will use our tools to guide it back down to 2%. But this is not what we expect," he said.
“多年來，我們一直專注於將通脹率降低到2％以下，並且我們積極地使用工具將其恢復到2％。如果我們看到通脹率大幅上升，我們將使用我們的工具將其指導回落到2％。但這不是我們期望的，”他說。
Gold prices reacted positively to Powell’s comments, recovering earlier losses and rising to daily highs. At the time of writing, June Comex gold futures were trading at $1,782.10, up 0.19% on the day.
黃金價格對鮑威爾的評論做出了積極反應，收回了之前的跌幅併升至日內高點。在撰寫本文時，6月Comex黃金期貨交易價格為1,782.10美元，當天上漲0.19％。
Powell on U.S. dollar as the world's reserve currency, digital currencies
鮑威爾: 以美元為世界儲備貨幣, 數位化貨幣
Markets were also busy digesting Powell's comments on the U.S. dollar as the world's reserve currency. The topic was brought up when Powell was asked about the digital U.S. dollar.
市場也忙於消化鮑威爾關於美元作為世界儲備貨幣的評論。當鮑威爾被問及數位化美元時，就提出了這個話題。
"We are the world's reserve currency, and that means that the U.S. dollar is used in transactions all around the world far more than other currencies. And that is because of our rule of law, our democratic institutions, and our economy. All the things that make the United States the United States. And of course, we have open capital accounts, which are essential if you are going to be the reserve currency," he said.
“我們是世界的儲備貨幣，這意味著美元在世界各地的交易中使用的美元遠遠超過其他貨幣。這是因為我們的法治，我們的民主體制和我們的經濟。所有這些這使美國成為美國。當然，我們擁有開放的資本賬戶，如果您將成為儲備貨幣，這是必不可少的。”
Powell noted that he is "less concerned" about another country developing the digital currency first. "I am really concerned about getting it right. We feel an obligation to understand the technology and all the policy issues very well. There are some very difficult questions to answer," he said.
鮑威爾指出，他對另一個國家最先開發數位化貨幣的“擔心不足”。他說：“我真的很擔心正確無誤。我們感到有義務很好地理解技術和所有政策問題。有一些非常困難的問題要回答。”
The Fed Chair also referred to China's digital currency, stating that something like that wouldn't work in the U.S.
美聯儲主席還提到了中國的數位化貨幣，指出類似的東西在美國不起作用。
"The currency that is being used in China is not one that would work here. It is one that allows the government to see every payment which is used in real-time," he said.
他說：“在中國使用的貨幣不是在這裡可以使用的一種貨幣。它是一種使政府能夠實時查看每筆付款的貨幣。”
By Anna Golubova
Shiny黃金白銀交易所
引用: Kitco News
