????在第一輪量寬結(jié)束后，股市下調(diào)了17%，直接導(dǎo)致美聯(lián)儲推出第二輪量寬。之后，當(dāng)?shù)诙喠繉捊Y(jié)束后，股市再下調(diào)20%，于是，美聯(lián)儲動用第三輪量寬來救市——他們表示這也是最后一輪。

????事實(shí)上，過去兩周市場急劇波動，表明在消息落實(shí)之前市場已經(jīng)出現(xiàn)躁動。收益率短期的整固和大跌相當(dāng)普遍，可能會持續(xù)下去。

????最近市場的跌宕起伏還未引起美聯(lián)儲的擔(dān)憂，但如果波動性進(jìn)一步加劇，委員會或許會調(diào)整其政策路徑，采取和前兩輪量寬結(jié)束時(shí)類似的舉措。

????“這對美聯(lián)儲無疑是一個考驗(yàn)?！彼傻滤拐f，“在波動性加劇的局勢下，他們是否會調(diào)整貨幣政策或其措辭，甚至在無損于雙重使命的情況下輾轉(zhuǎn)騰挪？”（財(cái)富中文網(wǎng)）

????譯者 楊宏

????Following the end of QE1, there was a 17% correction in stocks, leading the Fed to launch its second generation of the program. Then, after the wind-down of QE2, there was a 20% stock market correction, and the Fed once again chimed in with a third — and what they say will be final — round of QE.

????Some of that volatility happened in advance this time around, as evidenced by the fluctuations that rocked the markets over the past two weeks. A short-term correction and plunge in yields is fairly common, and could continue.

????The recent rocky markets haven’t yet worried the Fed, but if the market volatility becomes more severe the committee may decide to adjust its course, similar to its actions following QE1 and QE2.

????“That will be an interesting test for the Fed,” said Sonders. “Will they adjust monetary policy or their language given the volatility, even without a deterioration in their dual mandate?”