美聯儲大動作的風險

????第三，它將威脅美聯儲的機構可信度與合法性。美聯儲可能受到更嚴重的政治干預，并且將惹怒美國的海外盟友。

????當然，這并不意味著美聯儲會作繭自縛。相反，此次應該被視為美聯儲向爭吵不休的政客們發出的清晰、明確的信息。華盛頓不應該自欺欺人，認為美聯儲能長期調和國會職責與國家經濟福祉之間的關系。

????即便美聯儲愿意冒險深入試驗模式（很明顯，它已經這么做了），但要想實現好的、可持續的經濟成果，依然困難重重。如今，它的最佳選擇是，為仍在扯皮的政客們爭取時間，盡快達成共識。

????希望華盛頓能夠充分利用美聯儲的新舉措，也希望美國國會最終能夠承擔起經濟管理職責。如果我們的期望落空，美國經濟可能會陷入更糟糕的境地：受到市場扭曲和無效資本分配的進一步阻礙，無法實現高增長，難以增加就業機會，最終導致美聯儲的可信度、合法性和未來效力受到損害。

????譯者：劉進龍/汪皓

????Third, all this threatens the institutional credibility and legitimacy of the Fed. It also exposes it to greater political interference and will anger America's friends and allies abroad.

????This is not necessarily to say that the Fed should have refrained from doing what it did. Instead, it should be read as yet another very loud and clear message to our bickering politicians. Washington should not fool itself into thinking that the Fed can maintain for long a wedge between Congress' responsibilities and the economic wellbeing of the nation.

????Even if it is willing to venture ever deeper into experimental mode -- and clearly it is -- the central bank is hard-pressed to deliver good and sustainable economic outcomes. The best it can do is buy time for our politicians who continuously fail to compromise and to reach agreement on a way forward.

????Let us hope that this new Fed window will be used well by Washington, and that Congress will finally step up to its economic management responsibilities. If this does not materialize, the economy could risk ending up in a worse place: failing to generate high growth and job creation, further hampered by market distortions and inefficient capital allocations, and having damaged the credibility, legitimacy and future effectiveness of the Fed.