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The Strange Case of Dr. Yellen and Chairman Jay
耶倫博士和杰羅姆主席的奇案
The two Fed chiefs have turned out to be remarkably similar policymakers
事實證明，美聯儲的兩位領導人是非常相似的決策者。
Federal Reserve Chairman Jerome Powell has just finished his first year on the job—marking the fifth year of what could be called the Yellen-Powell Fed.
美國聯邦儲備委員會主席杰羅姆·鮑威爾剛剛完成他任職的第一年工作，也就是所謂的耶倫—鮑威爾時代的美聯儲第五年。
Together with predecessor Janet Yellen, Powell has presided over the slowest rate-hiking cycle the U.S. has ever seen.
鮑威爾與美聯儲前主席珍妮特·耶倫共同負責實施了美國有史以來最緩慢的加息周期。
Their patience might just deliver that most elusive of goals of central bankers: bringing a hot economy into a "soft landing," tamping down nascent inflation while avoiding a recession.
他們的耐心也許只兌現了央行官員們最難以實現的目標：將經濟熱潮帶入“軟著陸”，在避免經濟衰退的同時遏制新生的通貨膨脹。
Inheriting a Fed that still had key interest rates near zero, Yellen began to raise them when economic data was strengthening—then paused and pledged restraint at the first sign of trouble.
繼美聯儲仍將關鍵利率維持在接近零的水平后，耶倫在經濟數據加強時開始提高利率，然后暫停，并承諾在發現問題的第一個跡象時進行控制。
Powell has largely followed her lead. So far, so good.
鮑威爾基本上是在遵從耶倫的路線，到目前為止，一切正常。
Inflation is hovering at about the Fed's 2 percent goal, and 13 million Americans have joined the job market since Yellen took office in February 2014.
通貨膨漲在美聯儲2%的目標附近徘徊，自耶倫2014年2月上任以來，已有1300萬美國人加入到就業市場中。
The central bank has coaxed interest rates up to between 2.25 percent and 2.5 percent.
央行已將利率調至2.25%至2.5%之間。
And it's manage do shrink the massive balance sheet of bonds it built up after the financial crisis without sending markets into a tailspin.
其管理確實減少了金融危機之后建立起來的巨額債券資產負債狀況，沒有讓市場陷入混亂。
Yet the strategy has taken fire from both sides.
然而，這一策略卻遭到了兩方面的抨擊。
Yellen was regularly warned that raising interest rates too slowly risked spurring runaway increases in consumer prices.
有人經常警告耶倫，加息過慢可能會刺激消費者價格上漲失控。
Throughout 2018, President Trump lambasted Powell for tightening too much. Many on Wall Street complained, too.
2018年一整年，總統特朗普都在抨擊鮑威爾實施的政策太過緊縮，華爾街也有許多人怨聲載道。
The Fed changed tack in January, signaling a pause to rate increases and a willingness to reconsider the plan to allow asset holdings to steadily mature without reinvesting them.
美聯儲在一月份改變了策略，暗示將暫停利率上調，并表示出重新考慮該計劃的意愿，使資產持有穩步到期而不進行再投資。
It was responding in part to slower global growth—not unlike the Yellen Fed's yearlong pause when growth showed cracks in 2016.
這樣做部分原因在于全球經濟增長放緩，這與耶倫任職美聯儲主席期間于2016年經濟增長出現問題時，實施長達一年的停置并無不同。
The complaint du jour has also shifted. Monetary policy commentators are now scandalized that Powell capitulated.
各種抱怨之聲也在發生變化。現在，貨幣政策評論員們都對鮑威爾的妥協表示深惡痛絕。
