The Fed's Discount Window: 1990 to the Present
Thank you, Steve, for that kind introduction and for the opportunity to talk to this group today.
谢谢史蒂夫的热情介绍以及今天与这个小组交谈的机会。
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Let me start by saying that I am saddened by the tragic loss of life, destruction, and damage resulting from Hurricane Helene in North Carolina, and throughout this region.
首先我要说的是，我对飓风海伦在北卡罗来纳州和整个地区造成的悲惨生命损失、破坏和破坏感到悲痛。
My thoughts are with the people and communities affected.
我的心与受影响的人民和社区同在。
For our part, the Federal Reserve and other federal and state financial regulatory agencies are working with banks and credit unions in the affected area to help make sure they can continue to meet the financial services needs of their communities.
就我们而言，美联储和其他联邦和州金融监管机构正在与受影响地区的银行和信用社合作，帮助确保他们能够继续满足社区的金融服务需求。
Yesterday I shared my historical perspective on the discount window at Davidson College.
昨天我分享了我对戴维森学院折扣窗口的历史看法。
2 In 1913, when the Federal Reserve was established, the discount window was the main tool it used to provide the nation with a safer, more flexible, and more stable monetary and financial system.
2 1913 年，美联储成立时，贴现窗口是其为国家提供更安全、更灵活、更稳定的货币和金融体系的主要工具。
More than 110 years later, the discount window continues to play an important role in supporting the liquidity and stability of the banking system, and the effective implementation of monetary policy.
110多年后，贴现窗口在支持银行体系流动性和稳定性以及货币政策的有效实施方面继续发挥着重要作用。
Today I would like to discuss with you how the discount window has evolved in the 21st century, including recent steps the Federal Reserve Board has taken to solicit feedback from the public on discount window operations.
今天我想和大家讨论一下贴现窗口在21世纪是如何演变的，包括美联储最近为征求公众对贴现窗口操作的反馈而采取的措施。
Before I address our most recent efforts, however, I will review some important episodes in discount window history that brought us to where we are today.
然而，在讨论我们最近的努力之前，我将回顾一下折扣窗口历史上的一些重要事件，这些事件使我们走到了今天的位置。
First, I will recount briefly events in the 1980s and early 1990s that provide important context for the reappraisal of the discount window in the early 2000s.
首先，我将简要回顾一下 20 世纪 80 年代和 90 年代初的事件，这些事件为重新评估 2000 年代初的贴现窗口提供了重要背景。
Second, I will summarize revisions to the discount window that the Fed made in 2003 and some additional changes made since then.
其次，我将总结美联储 2003 年对贴现窗口的修订以及此后所做的一些其他变化。
Third, I will describe efforts that the Fed has taken to ensure that the discount window remains effective today, including the request for information that the Board recently issued on operational aspects of the discount window and intraday credit.
第三，我将描述美联储为确保贴现窗口在今天仍然有效而采取的努力，包括美联储最近发布的关于贴现窗口和日内信贷操作方面的信息的要求。
After completing my discussion of the discount window, I will conclude with my outlook for the U.S. economy.
在完成对贴现窗口的讨论后，我将总结我对美国经济的展望。
Events before the 2003 Discount Window Revisions I would like to pick up today where I left off yesterday in my speech at Davidson College: the 1980s and early 1990s.
2003 年折扣窗口修订之前的事件 我想今天继续我昨天在戴维森学院演讲中留下的内容：1980 年代和 1990 年代初。
This was a period of widespread problems in the commercial banking sector.
这是商业银行业普遍存在问题的时期。
Troubled institutions borrowed from the discount window for extended periods of time as the Federal Deposit Insurance Corporation (FDIC) sought to find merger partners or otherwise manage the closure of these institutions.
由于联邦存款保险公司 (FDIC) 试图寻找合并伙伴或以其他方式关闭这些机构，因此陷入困境的机构从贴现窗口长期借款。
As a result, the discount window became associated strongly with lending to troubled institutions.
结果，贴现窗口与向陷入困境的机构提供贷款密切相关。
Healthy banks' reluctance to borrow from the discount window increased.
健康银行越来越不愿意通过贴现窗口借款。
The greater reluctance to borrow from the discount window made it less effective both as a monetary policy tool and as a crisis-fighting tool.
人们越来越不愿意从贴现窗口借款，这导致其作为货币政策工具和应对危机工具的有效性降低。
3 This led to a reassessment of the discount window in the early 2000s and to eventual revisions implemented in 2003.
3 这导致了 2000 年代初期对贴现窗口的重新评估，并最终于 2003 年实施了修订。
A Reassessment of the Discount Window in the Early 2000s The key challenge in the reassessment of the discount window was to establish a lending program that would not only operate effectively and support monetary policy implementation, but also mitigate moral hazard and provide sufficient controls to minimize risk to Reserve Banks and, ultimately, to American taxpayers.
2000年代初期贴现窗口的重新评估 贴现窗口重新评估的主要挑战是建立一个贷款计划，该计划不仅能够有效运作并支持货币政策的实施，而且能够减轻道德风险并提供足够的控制，以最大限度地减少储备银行以及最终美国纳税人的风险。
After the reassessment, the Fed implemented several changes aimed to achieve the right balance.
重新评估后，美联储实施了几项旨在实现适当平衡的改变。
The Board replaced the adjustment credit program, which was extended at a below-market rate, with a new type of discount window credit called primary credit.
委员会用一种称为初级信贷的新型贴现窗口信贷取代了以低于市场利率延长的调整信贷计划。
This new type of discount window credit became effective in 2003.
这种新型贴现窗口信贷于 2003 年生效。
4 It is available as a backup source of liquidity to depository institutions in generally sound financial condition at an above-market rate.
4 它可以作为财务状况总体良好的存款机构以高于市场的利率提供的备用流动性来源。
Making the discount rate a penalty rate is more consistent with the long-standing practice of other major central banks.
将贴现率设为惩罚率更符合其他主要央行长期以来的做法。
This feature was intended to reduce the need for administrative pressures based on Reserve Bank staff judgment of inappropriate usage when the discount rate was below market rates.
这一功能的目的是减少当贴现率低于市场利率时储备银行工作人员对不当使用的判断而产生的行政压力。
Although those measures effectively limited usage that was deemed inappropriate at the time, they also presented communication challenges regarding when it was appropriate to use the discount window and perpetuated the perception that the Fed discouraged its use.
尽管这些措施有效地限制了当时被认为不适当的使用，但它们也带来了关于何时适合使用贴现窗口的沟通挑战，并延续了美联储不鼓励使用贴现窗口的看法。
Primary credit is a "no questions asked" facility in which eligible depository institutions are no longer required to have exhausted other sources of funding or be subject to restrictions on the use of the borrowed funds.
初级信贷是一种“不问任何问题”的设施，其中合格的存款机构不再需要用尽其他资金来源或受到借入资金使用的限制。
The Fed initially set the primary credit rate 100 basis points above the target federal funds rate.
美联储最初将基本信贷利率设定为比目标联邦基金利率高100个基点。
5 Since March 2020, the Fed has set the primary credit rate at a level equal to the top of the target range for the federal funds rate.
5 自 2020 年 3 月以来，美联储已将基本信贷利率设定为等于联邦基金利率目标区间上限的水平。
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At the same time primary credit was established, another new program, called secondary credit, replaced the extended credit program.
在建立初级学分的同时，另一个称为次级学分的新计划取代了扩展学分计划。
Secondary credit is available to depository institutions that are not eligible for primary credit.
二级信贷适用于不符合一级信贷资格的存款机构。
It was initially available at an interest rate 50 basis points higher than the primary credit rate, which is the spread in effect today.
它最初的利率比主要信贷利率高 50 个基点，这就是今天生效的利差。
In contrast to primary credit, extensions under secondary credit are subject to higher collateral discounts and may involve ongoing oversight on the use of funds obtained under the program, reflecting the less-sound condition of secondary credit borrowers.
与一级信贷相比，二级信贷的延期受到更高的抵押品折扣的影响，并且可能需要对该计划下获得的资金的使用进行持续监督，这反映出二级信贷借款人的状况不太健全。
Typically, Reserve Banks review a depository institution's plan to repay the loan and return to market sources of funding.
通常，储备银行会审查存款机构偿还贷款并返回市场资金来源的计划。
This two-tiered structure of providing the no-questions-asked primary credit program for healthy depository institutions and the secondary credit program for less-than-healthy depository institutions was designed primarily to instill public confidence in the health of institutions borrowing from the primary credit program and to reduce the reluctance of healthy depository institutions to borrow.
这种为健康的存款机构提供无问题的一级信贷计划和为健康状况不佳的存款机构提供二级信贷计划的两级结构，主要是为了向公众灌输对一级信贷计划借款机构健康状况的信心，并减少健康存款机构借贷的不愿意。
7 In addition, having two separate facilities would reinforce the notion that healthy and troubled depository institutions alike should regard borrowing from the Fed as an option in the event of a need for additional funds.
7 此外，拥有两个独立的设施将强化这样一种观念，即健康的和陷入困境的存款机构都应将向美联储借款视为需要额外资金时的一种选择。
In the early years of the switch to the new facilities, there were signs that healthy depository institutions became more willing to borrow from the discount window.
在转向新设施的最初几年，有迹象表明健康的存款机构变得更愿意从贴现窗口借款。
For example, some research found that after the 2003 discount window revisions, banks borrowed more from the discount window when the federal funds rate spiked than they had previously.
例如，一些研究发现，2003年贴现窗口修订后，当联邦基金利率飙升时，银行从贴现窗口借入的资金比以前更多。
8 This finding suggests that the redesign of the discount window was effective in reducing banks' reluctance to borrow.
8 这一发现表明，贴现窗口的重新设计可以有效降低银行借贷的意愿。
As a result, the discount window may have been more effective in placing a ceiling on short-term funding rates, aiding the implementation of monetary policy, and serving as a liquidity tool when needed.
因此，贴现窗口在设定短期融资利率上限、协助货币政策的实施以及在需要时充当流动性工具方面可能更有效。
Nevertheless, it is important to acknowledge that it is difficult to measure reluctance to borrow from the discount window.
然而，重要的是要承认，很难衡量从贴现窗口借款的意愿。
When the interest rate on primary credit is above the target federal funds rate and the federal funds rate is close to its target, the aggregate volume of primary credit is expected to be low.
当初级信贷利率高于目标联邦基金利率且联邦基金利率接近其目标时，初级信贷总量预计较低。
In other words, a low average level of discount window borrowing does not necessarily mean that there is a reluctance to borrow; instead, it could simply reflect a situation in which depository institutions do not currently need to borrow.
换句话说，贴现窗口借贷平均水平较低并不一定意味着不愿借贷；相反，它可能只是反映了存款机构目前不需要借款的情况。
In addition, when there is an abundance of liquidity in the banking system, as is the case in the current ample-reserves monetary policy regime, depository institutions may have less need to obtain additional liquidity via the discount window.
此外，当银行体系流动性充裕时，就像当前储备充足的货币政策体系一样，存款机构通过贴现窗口获取额外流动性的需求可能会减少。
Again, this does not necessarily mean that there is a reluctance to borrow.
同样，这并不一定意味着不愿意借贷。
Conversely, the presence of discount window borrowing does not necessarily reflect the absence of a reluctance to borrow.
相反，贴现窗口借款的存在并不一定反映出借款意愿不存在。
It could be the case that, although aggregate usage increases, there are still some depository institutions that are willing to pay well above the primary credit rate even when they could have borrowed readily from the discount window.
可能的情况是，尽管总使用量增加，但仍有一些存款机构愿意支付远高于基本信贷利率的价格，即使它们可以轻松地从贴现窗口借款。
For these reasons, it is important that we complement data with market outreach information to assess the effectiveness of the discount window.
出于这些原因，我们必须用市场推广信息来补充数据，以评估贴现窗口的有效性。
Changes and Challenges since the Introduction of Primary and Secondary Credit Primary and secondary credit exist today, but some changes have been made to primary credit since its inception.
自引入初级和次级信用以来的变化和挑战 目前初级和次级信用已经存在，但初级信用自诞生以来已经发生了一些变化。
For example, although the discount window was used extensively and played an important role in the emergency measures taken during the financial crisis of 2007–09, some depository institutions during this period still were willing to borrow funds from the market at rates above the discount rate.
例如，尽管贴现窗口在2007-09年金融危机期间采取的紧急措施中被广泛使用并发挥了重要作用，但在此期间一些存款机构仍然愿意以高于贴现率的利率从市场借入资金。
9 This suggested that there was a reluctance to borrow before the crisis, and that reluctance appeared to grow over the course of the crisis.
9 这表明，危机发生前人们不愿借贷，而且在危机过程中这种不愿借贷的情况似乎有所加剧。
To promote the restoration of orderly conditions in financial markets and provide depository institutions with greater assurance about the cost and availability of funding, the Board approved temporary changes to its primary credit discount window facility during the crisis.
为了促进金融市场有序恢复，并为存款机构提供资金成本和可用性方面的更大保证，美联储在危机期间批准了对其主要信贷贴现窗口工具的临时变更。
10 In addition, in late 2007, the Board established the Term Auction Facility (TAF).
10 此外，2007 年末，董事会设立了定期拍卖机制 (TAF)。
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Concerns about lending to troubled depository institutions reemerged after the 2007–09 financial crisis.
2007-09 年金融危机后，对向陷入困境的存款机构提供贷款的担忧再次出现。
In the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted in 2010, Congress required the Fed to publish detailed individual institution borrowing data with a two-year lag.
在2010年颁布的《多德-弗兰克华尔街改革和消费者保护法案》中，国会要求美联储晚于两年公布详细的个别机构借贷数据。
12 This action was intended to enhance the transparency and accountability of Federal Reserve lending while still preserving a measure of confidentiality to avoid discouraging depository institutions from borrowing.
12 这一行动旨在提高美联储贷款的透明度和问责制，同时仍保留一定程度的保密性，以避免阻止存款机构借款。
More recently, in March 2020, the Fed announced changes to the provision of primary credit that were intended to encourage depository institutions to use the discount window to meet demands for credit from households and businesses in connection with the COVID-19 pandemic.
最近，2020 年 3 月，美联储宣布对初级信贷的提供进行调整，旨在鼓励存款机构利用贴现窗口来满足家庭和企业因 COVID-19 大流行而产生的信贷需求。
These changes included setting the primary credit rate at a level equal to the top of the federal funds target range—a step that enhanced the ability of the discount window to support trading within the Federal Open Market Committee's (FOMC) target range for the federal funds rate—and communicating the terms of borrowing as 90 days, prepayable and renewable on a daily basis.
这些变化包括将主要信贷利率设定为等于联邦基金目标范围上限的水平，这一步骤增强了贴现窗口支持联邦公开市场委员会 (FOMC) 联邦基金利率目标范围内交易的能力，并将借款期限规定为 90 天，每日可提前还款和可更新。
To further encourage depository institutions to use the discount window, the Fed also made changes to its reporting of Reserve Bank–level aggregate weekly discount window borrowing.
为了进一步鼓励存款机构使用贴现窗口，美联储还更改了储备银行级别的每周贴现窗口借款总额的报告。
It consolidated amounts previously reported as "loans," which include discount window borrowing, into a broader category of assets.
它将之前报告为“贷款”的金额（包括贴现窗口借款）合并到更广泛的资产类别中。
13 The changes made in 2020 remain in effect.
13 2020 年所做的更改仍然有效。
During and after the spring 2023 stress events, the discount window again played an important role in supporting both monetary policy and financial stability.
在 2023 年春季压力事件期间和之后，贴现窗口再次在支持货币政策和金融稳定方面发挥了重要作用。
Depository institutions that came under severe stress turned to the discount window.
面临严重压力的存款机构转向贴现窗口。
The discount window also served an important role in providing ready access to funding, especially for depository institutions experiencing spillovers from the bank failures.
贴现窗口在提供现成的融资渠道方面也发挥了重要作用，特别是对于遭受银行倒闭溢出效应的存款机构而言。
To further ensure that depository institutions had the ability to meet the needs of all their depositors, the Board announced the creation of a new emergency program, the Bank Term Funding Program (BTFP).
为了进一步确保存款机构有能力满足所有存款人的需求，董事会宣布制定一项新的紧急计划，即银行定期融资计划（BTFP）。
Although the BTFP was established pursuant to the Board's emergency lending authority in section 13(3) of the Federal Reserve Act, the BTFP used the discount window infrastructure to lend to eligible depository institution borrowers.
尽管 BTFP 是根据联邦储备法第 13(3) 条中董事会的紧急贷款授权设立的，但 BTFP 使用贴现窗口基础设施向符合条件的存款机构借款人提供贷款。
14 By relying on the existing discount window infrastructure, the BTFP was able to begin operating right away.
14 依靠现有的贴现窗口基础设施，BTFP 能够立即开始运营。
The program ceased extending new loans on March 11, 2024, as scheduled.
该计划按计划于 2024 年 3 月 11 日停止发放新贷款。
Today the discount window continues to be an effective tool, but it is important to acknowledge that economic and banking conditions continue to evolve.
如今，贴现窗口仍然是一种有效的工具，但重要的是要承认经济和银行状况在不断变化。
Since the 2003 discount window reassessment, we have seen an increased focus on liquidity in banking regulation, including the advent of quantitative liquidity requirements for large banking organizations; technological changes in the banking system; a general trend toward faster and 24-7-365 payment systems; changes in the composition and posture of Federal Home Loan Bank lending; and the move to an ample-reserves monetary policy implementation regime.
自2003年贴现窗口重新评估以来，我们看到银行监管越来越关注流动性，包括对大型银行组织提出定量流动性要求；银行系统的技术变革；更快、24-7-365 支付系统的总体趋势；联邦住房贷款银行贷款的构成和状况发生变化；以及转向充足准备金的货币政策实施机制。
In light of these developments, the Federal Reserve System has taken important steps to ensure that the discount window performs its functions successfully in the 21st-century economy.
鉴于这些发展，美联储已采取重要措施，确保贴现窗口在 21 世纪经济中成功发挥其功能。
For example, last year the Board, along with the other federal banking agencies and the National Credit Union Administration, issued guidance on contingency funding plans that encouraged depository institutions to be ready to borrow from the discount window.
例如，去年，该委员会与其他联邦银行机构和国家信用合作社管理局一起发布了应急融资计划指南，鼓励存款机构做好从贴现窗口借款的准备。
15 This includes taking steps to establish borrowing relationships with the Federal Reserve, such as providing certain legal documentation and ensuring that collateral to secure loans is ready to pledge.
15这包括采取措施与美联储建立借贷关系，例如提供某些法律文件并确保准备好抵押贷款的抵押品。
In connection with interagency initiatives, Reserve Banks have conducted outreach to depository institutions and made efforts to guide them in using the discount window.
在机构间举措方面，储备银行已与存款机构进行了外展活动，并努力指导它们使用贴现窗口。
Data suggest that this encouragement is working.
数据表明这种鼓励正在发挥作用。
By the end of 2023, 3,900 banks, or roughly 80 percent of all banks, had completed the legal documentation required to borrow from the discount window.
截至 2023 年底，已有 3,900 家银行（约占所有银行的 80%）完成了从贴现窗口借款所需的法律文件。
16 Of those, nearly 2,000 banks had pledged collateral, with an aggregate lendable value of over $2.6 trillion after applying appropriate discounts.
16 其中，近 2,000 家银行提供了抵押品，在应用适当折扣后，可贷价值总额超过 2.6 万亿美元。
These figures are notably above their levels at the end of 2021 and 2022.
这些数字明显高于 2021 年底和 2022 年的水平。
Although I am pleased to see the improvements in discount window readiness statistics, continued outreach is still important.
尽管我很高兴看到折扣窗口准备统计数据的改进，但持续的推广仍然很重要。
To that effect, this summer, Federal Reserve Banks hosted an Ask the Fed® session to discuss the purpose of the discount window, its facilities, and recommendations for depository institutions on how to prepare to borrow from the Fed.
为此，今年夏天，联邦储备银行主办了“询问美联储®”会议，讨论贴现窗口的目的、其设施以及对存款机构如何准备向美联储借款的建议。
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Additionally, the Federal Reserve System has made important investments to enhance the technology that supports discount window activities.
此外，美联储还进行了重要投资，以增强支持贴现窗口活动的技术。
Earlier this year, the System launched Discount Window Direct, which is an online portal for depository institutions to request and prepay loans as well as securely message their local Reserve Bank.
今年早些时候，该系统推出了 Discount Window Direct，这是存款机构请求和预付贷款以及安全地向当地储备银行发送消息的在线门户。
18 Discount Window Direct generally is accessible 24 hours a day.
18 Discount Window Direct 通常每天 24 小时开放。
We are actively encouraging the use of Discount Window Direct.
我们积极鼓励使用 Discount Window Direct。
Seeking Feedback on the Discount Window To complement our efforts to enhance discount window operations, the Federal Reserve Board recently announced that it is collecting feedback from the public on operational frictions associated with the discount window and intraday credit through the issuance of a request for information.
寻求有关贴现窗口的反馈 为了补充我们加强贴现窗口操作的努力，美联储委员会最近宣布，它正在通过发布信息请求的方式收集公众对贴现窗口和日内信贷相关操作摩擦的反馈。
As some of you may know, a request for information is a formal document through which a government agency solicits feedback.
你们中有些人可能知道，信息请求是政府机构征求反馈的正式文件。
Members of the public can submit comments in response to the request for information until December 9, 2024.
公众可以在 2024 年 12 月 9 日之前针对信息请求提交评论。
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The Board requests input on various discount window and intraday credit operational practices, such as the process for requesting, receiving, and repaying discount window loans as well as Reserve Bank discount window and intraday credit communications practices.
董事会要求就各种贴现窗口和日内信贷操作实践提供意见，例如申请、接收和偿还贴现窗口贷款的流程以及储备银行贴现窗口和日内信贷沟通实践。
Through the request for information, the Board hopes to gain further insight into the operational aspects that are the most costly or burdensome for depository institutions.
通过索取信息，董事会希望进一步了解存款机构成本最高或负担最重的运营方面。
This will help the Fed consider further improvements to promote efficiency and reduce burden on depository institutions.
这将有助于美联储考虑进一步改进以提高效率并减轻存款机构的负担。
Ultimately, the Fed's goal is to build on the current discount window operations and processes so that the discount window will continue to provide ready access to funding against a wide range of collateral in the future.
最终，美联储的目标是建立在当前贴现窗口操作和流程的基础上，以便贴现窗口在未来继续为各种抵押品提供现成的融资渠道。
I encourage members of the public to submit comments on the request for information, and I look forward to considering the feedback that we receive.
我鼓励公众就信息请求提出意见，并期待考虑我们收到的反馈。
Economic Outlook Before concluding, let me share with you a summary of my outlook for the U.S. economy, as I did yesterday with the audience at Davidson.
经济展望 在结束之前，让我与大家分享一下我对美国经济的展望，就像我昨天在戴维森对听众所做的那样。
Economic activity continues to grow at a solid pace.
经济活动继续稳步增长。
Inflation has eased substantially.
通货膨胀已大幅缓解。
The labor market has cooled from its formerly overheated state.
劳动力市场已从之前的过热状态降温。
Personal consumption expenditures (PCE) prices rose 2.2 percent over the 12 months ending in August, well down from 6.5 percent two years earlier.
截至 8 月份的 12 个月中，个人消费支出 (PCE) 价格上涨 2.2%，远低于两年前的 6.5%。
Excluding the volatile food and energy categories, core PCE prices rose 2.7 percent, compared with 5.2 percent two years earlier.
排除波动较大的食品和能源类别，核心个人消费支出价格上涨 2.7%，而两年前为 5.2%。
Our restrictive monetary policy stance played a role in restraining demand and in keeping longer-term inflation expectations well anchored, as reflected in a broad range of inflation surveys of households, businesses, and forecasters, as well as measures from financial markets.
我们的限制性货币政策立场在抑制需求和保持长期通胀预期良好稳定方面发挥了作用，这一点反映在对家庭、企业和预测者的广泛通胀调查以及金融市场的措施中。
Inflation is now much closer to the FOMC's 2 percent objective.
目前通胀已更接近 FOMC 2% 的目标。
I expect that we will continue to make progress toward that goal.
我希望我们将继续朝着这一目标取得进展。
While, overall, the economy continues to grow at a solid pace, the labor market has modestly cooled.
总体而言，尽管经济继续稳步增长，但劳动力市场却温和降温。
Employers added an average of 186,000 jobs per month during July through September, a slower pace than seen early this year.
7 月至 9 月期间，雇主平均每月新增 186,000 个就业岗位，增速低于今年年初。
The unemployment rate now stands at 4.1 percent, up from 3.8 percent in September 2023.
目前失业率为 4.1%，高于 2023 年 9 月的 3.8%。
Meanwhile, job openings declined by about 4 million since their peak in March 2022.
与此同时，职位空缺数量自 2022 年 3 月的峰值以来减少了约 400 万个。
The good news is that the rise in unemployment has been limited and gradual, and the level of unemployment remains historically low.
好消息是，失业率上升幅度有限且渐进，失业率水平仍处于历史低位。
Even so, the cooling in the labor market is noticeable.
即便如此，劳动力市场的降温还是很明显。
Congress mandated the Fed to pursue maximum employment and price stability.
国会授权美联储追求就业最大化和物价稳定。
The balance of risks to our two mandates has changed—as risks to inflation have diminished and risks to employment have risen, these risks have been brought roughly into balance.
我们两项任务的风险平衡已经发生了变化——随着通胀风险的减弱和就业风险的上升，这些风险已大致达到平衡。
The FOMC has gained greater confidence that inflation is moving sustainably toward our 2 percent goal.
联邦公开市场委员会 (FOMC) 对通胀持续向我们 2% 的目标迈进有了更大的信心。
To maintain the strength of the labor market, my FOMC colleagues and I recalibrated our policy stance last month, lowering our policy interest rate by 1/2 percentage point.
为了保持劳动力市场的强劲，我和 FOMC 同事上个月重新调整了我们的政策立场，将政策利率降低了 1/2 个百分点。
Looking ahead, I will carefully watch incoming data, the evolving outlook, and the balance of risks when considering additional adjustments to the federal funds target range, our primary tool for adjusting the stance of monetary policy.
展望未来，在考虑对联邦基金目标范围（我们调整货币政策立场的主要工具）进行进一步调整时，我将仔细观察即将发布的数据、不断变化的前景以及风险平衡。
My approach to monetary policymaking is to make decisions meeting by meeting.
我的货币政策制定方法是逐次会议做出决策。
As the economy evolves, I will continue to update my thinking about policy to best promote maximum employment and price stability.
随着经济的发展，我将继续更新我对政策的思考，以最好地促进就业最大化和价格稳定。
References Artuç, Erhan, and Selva Demiralp (2010).
参考文献 Artuç、Erhan 和 Selva Demiralp (2010)。
"Provision of Liquidity through the Primary Credit Facility during the Financial Crisis: A Structural Analysis," Federal Reserve Bank of New York, Economic Policy Review, vol. 16 (August), p.
“金融危机期间通过主要信贷机制提供流动性：结构分析”，纽约联邦储备银行，经济政策评论，卷。 16（八月），第。
43–53.
43–53。
Bernanke, Ben S.
伯南克，本·S.
(2009a).
（2009a）。
" The Federal Reserve's Balance Sheet ," speech delivered at the Federal Reserve Bank of Richmond 2009 Credit Markets Symposium, Charlotte, N.C., April 3.
“美联储的资产负债表”，4 月 3 日在北卡罗来纳州夏洛特举行的里士满联邦储备银行 2009 年信贷市场研讨会上发表的演讲。
——— (2009b).
———（2009b）。
" The Federal Reserve's Balance Sheet: An Update ," speech delivered at the Federal Reserve Board Conference on Key Developments in Monetary Policy, Washington, October 8.
“美联储的资产负债表：更新”，10 月 8 日在华盛顿举行的联邦储备委员会货币政策关键发展会议上发表的演讲。
——— (2002b).
———（2002b）。
" Publication of Final Rule Amending Regulation A (Extensions of Credit by Federal Reserve Banks) ," press release, October 31.
“公布最终规则修订条例 A（联邦储备银行信贷扩展）”，新闻稿，10 月 31 日。
——— (2020).
———（2020）。
" Federal Reserve Actions to Support the Flow of Credit to Households and Businesses ," press release, March 15.
“美联储支持家庭和企业信贷流动的行动”，新闻稿，3 月 15 日。
——— (2023).
———（2023）。
" Federal Reserve Board Announces It Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors ," press release, March 12.
“美联储宣布将向符合条件的存款机构提供额外资金，以帮助确保银行有能力满足所有储户的需求”，3 月 12 日新闻稿。
——— (2024a).
———（2024a）。
" Bank Term Funding Program: Frequently Asked Questions (PDF) ," updated January 24.
“银行定期融资计划：常见问题 (PDF)”，1 月 24 日更新。
——— (2024b).
———（2024b）。
" Request for Information and Comment on Operational Aspects of Federal Reserve Bank Extensions of Discount Window and Intraday Credit ," request for information and comment (Docket No. OP-1838), Federal Register, vol. 89 (September 10), pp.
“关于联邦储备银行贴现窗口和日内信贷扩展操作方面的信息和评论请求”，信息和评论请求（案卷号 OP-1838），《联邦公报》，卷。 89（9 月 10 日），第 89 页。
73415–18.
73415–18。
Clouse, James A.
克劳斯，詹姆斯 A.
(1994).
（1994）。
" Recent Developments in Discount Window Policy (PDF) ," Federal Reserve Bulletin, vol. 80 (November), pp.
“贴现窗口政策的最新发展 (PDF)”，《美联储公报》，卷。 80（十一月），第 80 页。
965–77.
965–77。
Jefferson, Philip N.
杰斐逊，菲利普·N.
(2024).
（2024）。
" A History of the Fed's Discount Window: 1913-2000 ," speech delivered at Davidson College, Davidson, N.C., October 8.
“美联储贴现窗口的历史：1913-2000”，10 月 8 日在北卡罗来纳州戴维森戴维森学院发表的演讲。
Madigan, Brian F.
马迪根，布莱恩·F.
(2009).
（2009）。
" Bagehot's Dictum in Practice: Formulating and Implementing Policies to Combat the Financial Crisis ," speech delivered at the Federal Reserve Bank of Kansas City's Annual Economic Symposium, Jackson Hole, Wyo., August 21.
“白芝浩格言的实践：制定和实施应对金融危机的政策”，8 月 21 日在怀俄明州杰克逊霍尔堪萨斯城联邦储备银行年度经济研讨会上发表的演讲。
1.
1.
The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee.
这里表达的观点是我自己的观点，不一定是我在美联储委员会或联邦公开市场委员会的同事的观点。
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3.
3.
For more details about this period, see Clouse (1994).
有关这一时期的更多详细信息，请参见 Clouse (1994)。
In response to the wave of depository institution failures, Congress placed legal limitations on Federal Reserve lending to troubled institutions.
为了应对存款机构倒闭浪潮，国会对美联储向陷入困境的机构提供贷款设置了法律限制。
Specifically, section 142 of the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) amended section 10B of the Federal Reserve Act to place restraints on discount window lending to undercapitalized and critically undercapitalized insured depository institutions.
具体而言，1991 年联邦存款保险公司改进法案 (FDICIA) 第 142 条修订了联邦储备法第 10B 条，限制向资本不足和资本严重不足的受保存款机构提供贴现窗口贷款。
FDICIA also imposed liability on the Board of Governors for excess losses incurred by the FDIC that are attributable to lending beyond those limits.
FDICIA 还要求理事会对 FDIC 因贷款超出这些限额而造成的超额损失承担责任。
The provisions of FDICIA were intended to reduce moral hazard in the banking system and limit taxpayer losses.
FDICIA 的规定旨在减少银行体系的道德风险并限制纳税人的损失。
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4.
For more details, see the October 31, 2002, Federal Reserve press release (Board of Governors, 2002b) and the final rule implementing the changes (Board of Governors, 2002a).
欲了解更多详情，请参阅 2002 年 10 月 31 日美联储新闻稿（Board of Governors，2002b）以及实施变更的最终规则（Board of Governors，2002a）。
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5.
5.
In 2003, when primary credit was implemented, there was a single federal funds target rate.
2003年，当初级信贷实施时，有一个单一的联邦基金目标利率。
The Federal Open Market Committee adopted a federal funds target range on December 16, 2008.
联邦公开市场委员会于 2008 年 12 月 16 日通过了联邦基金目标范围。
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6.
For details on the change to the rate spread announced in March 2020, see the press release (Board of Governors, 2020).
有关 2020 年 3 月宣布的利差变更的详细信息，请参阅新闻稿（理事会，2020 年）。
As will be discussed in greater detail later, before 2020, the spread between the primary credit rate and the target federal funds rate (or top of the target range) had changed a few times to address economic conditions during the 2007–09 financial crisis and the subsequent recovery.
正如稍后将更详细讨论的那样，在 2020 年之前，基本信贷利率和目标联邦基金利率（或目标范围的上限）之间的利差已经发生了几次变化，以应对 2007-09 年金融危机和随后复苏期间的经济状况。
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7.
This design feature also would help Reserve Banks manage risk more easily by establishing a standardized approach and risk controls when lending through a facility reserved for troubled depository institutions.
这一设计功能还将帮助储备银行在通过为陷入困境的存款机构保留的贷款时建立标准化方法和风险控制，从而更轻松地管理风险。
Loans to troubled depository institutions entail more risk to the lending Reserve Bank, and depository institutions that are undercapitalized or critically undercapitalized are subject to lending limitations under FDICIA.
向陷入困境的存款机构提供贷款会给放贷的储备银行带来更大的风险，而资本不足或资本严重不足的存款机构将受到 FDICIA 贷款限制的约束。
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9.
See Bernanke (2009a) and Madigan (2009) for a retrospective that elaborates on some of the emergency measures taken during the 2007–09 financial crisis and the reasoning for discount window rate changes during the financial crisis.
请参阅 Bernanke (2009a) 和 Madigan (2009) 的回顾，其中详细阐述了 2007-09 年金融危机期间采取的一些紧急措施以及金融危机期间贴现窗口利率变化的原因。
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10.
Throughout this crisis, the Board approved numerous reductions in the primary credit rate and narrowed the spread between the primary credit rate and the target federal funds rate twice.
在这场危机中，委员会批准了多次降低基本信贷利率，并两次缩小基本信贷利率与目标联邦基金利率之间的利差。
With the narrowing of the spread in August 2007 from 100 basis points to 50 basis points and in March 2008 to 25 basis points, the Board announced that the maximum term for primary credit loans would be extended, first to 30 days and then to 90 days, respectively.
随着2007年8月利差从100个基点缩小到50个基点，2008年3月又缩小到25个基点，央行宣布将一级信用贷款最长期限分别延长至30天和90天。
As economic conditions improved, in 2010, the Board increased the spread between the primary credit rate and the target federal funds rate to 50 basis points and shortened the maximum term for primary credit loans to overnight.
随着经济状况的改善，2010年美联储将初级信贷利率与目标联邦基金利率之间的利差提高至50个基点，并将初级信贷贷款的最长期限缩短至隔夜。
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11.
The TAF provided fixed quantities of term credit to depository institutions through an auction mechanism and seemed to have largely addressed banks' concern that borrowing from the Federal Reserve would imply weakness.
TAF 通过拍卖机制向存款机构提供固定数量的定期信贷，似乎在很大程度上解决了银行对从美联储借款将意味着疲软的担忧。
According to Bernanke (2009b, paragraph 7), this was "partly because the sizable number of borrowers provides a greater assurance of anonymity, and possibly also because the three-day period between the auction and auction settlement suggests that the facility's users are not using it to meet acute funding needs on a particular day." Return to text
根据伯南克（2009b，第 7 段）的说法，这“部分是因为大量借款人提供了更大的匿名性保证，也可能是因为拍卖和拍卖结算之间的三天时间表明该工具的用户并没有使用它来满足特定日期的紧急资金需求。”返回正文
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12.
See section 1103 of the Dodd-Frank Act, which amended section 11 of the Federal Reserve Act.
请参阅《多德弗兰克法案》第 1103 条，该法案修订了《联邦储备法》第 11 条。
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13.
The Board's H.4.1 statistical release, " Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks ," is published weekly.
委员会的 H.4.1 统计版本“影响存款机构准备金余额和联邦储备银行状况声明的因素”每周发布一次。
It presents a balance sheet for each Federal Reserve Bank, a consolidated balance sheet for all 12 Reserve Banks, an associated statement that lists the factors affecting reserve balances of depository institutions, and several other tables presenting information on the assets, liabilities, and commitments of the Federal Reserve Banks.
它提供了每家联邦储备银行的资产负债表、所有 12 家联邦储备银行的合并资产负债表、列出了影响存款机构准备金余额的因素的相关报表，以及其他几个提供有关联邦储备银行的资产、负债和承诺信息的表格。
For additional details on the consolidation of "loans" into a broader category of assets, see the March 19, 2020, H.4.1 announcement, available on the Board's website at https://www.federalreserve.gov/releases/h41/20200319 .
有关将“贷款”合并为更广泛的资产类别的更多详细信息，请参阅 2020 年 3 月 19 日的 H.4.1 公告，该公告可在董事会网站 https://www.federalreserve.gov/releases/h41/20200319 上获取。
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As with the discount window, an eligible institution participated in the BTFP through its local Reserve Bank.
与贴现窗口一样，符合条件的机构通过其当地储备银行参与 BTFP。
The legal agreements and process for pledging securities in the BTFP also relied on those used in discount window lending.
BTFP 中质押证券的法律协议和程序也依赖于贴现窗口贷款中使用的协议和程序。
Nevertheless, the BTFP differed from the discount window in various ways, including the term of lending, scope of eligible collateral, collateral valuation, and interest rate.
然而，BTFP 在贷款期限、合格抵押品范围、抵押品估值和利率等方面与贴现窗口有所不同。
For more information on the differences between the BTFP and the discount window, see the response to question A.3 in Board of Governors (2024a, p.
有关 BTFP 和贴现窗口之间差异的更多信息，请参阅理事会 (2024a，第 17 页) 中对问题 A.3 的答复。
3).
3）。
For additional details on the BTFP, see the March 12, 2023, press release (Board of Governors, 2023).
有关 BTFP 的更多详细信息，请参阅 2023 年 3 月 12 日新闻稿（理事会，2023 年）。
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15.
See Board of Governors and others (2023).
请参阅理事会及其他 (2023)。
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16.
The statistics in this paragraph are available on the Board's website at https://www.federalreserve.gov/monetarypolicy/discount-window-readiness.htm .
本段中的统计数据可在委员会网站 https://www.federalreserve.gov/monetarypolicy/discount-window-readiness.htm 上获取。
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17.
More information on Ask the Fed is available on the Federal Reserve Bank of St. Louis's website at https://bsr.stlouisfed.org/askthefed/Auth/Logon .
有关“询问美联储”的更多信息，请访问圣路易斯联邦储备银行网站：https://bsr.stlouisfed.org/askthefed/Auth/Logon。
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Additional details on Discount Window Direct can be found on the Federal Reserve Bank Services website at https://www.frbservices.org/central-bank/lending-central .
有关直接贴现窗口的更多详细信息，请访问联邦储备银行服务网站 https://www.frbservices.org/central-bank/lending-central 。
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19.
See the information on discount window operations in section II.A of Board of Governors (2024b).
请参阅理事会 (2024b) 第 II.A 节中有关贴现窗口操作的信息。
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