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BERNANKE SPEAKS OUT ON DOLLAR WEAKNESS
The dollar surged while oil and gold tumbled yesterday after Ben Bernanke surprised markets by making clear the Federal Reserve does not want the US currency to weaken any further because of the risks to inflation.
The Fed chairman's comments mark a radical break with the US central bank's practice of not commenting on the dollar, a privilege traditionally reserved for the US Treasury secretary.
His decision to speak out signals the importance the Fed puts on price pressures from abroad at a time when oil has hit record highs but domestically generated inflation pressures remain muted.
The Fed chief said “in collaboration with our colleagues at Treasury, we continue to carefully monitor developments in foreign exchange markets”.
Dollar weakness over the past year had “contributed to the unwelcome rise in import prices and consumer price inflation”.
The Fed was “attentive to the implications of changes in the value of the dollar for inflation and inflation expectations”, he added.
It would “formulate policy to guard against risks to both parts of our dual mandate, including the risk of an erosion in longer-term inflation expectations”.
The dollar, which was under pressure ahead of Mr Bernanke's comments, jumped nearly 2 cents in the space of an hour after he spoke and was up 0.6 per cent to $1.5440 against the euro in mid-afternoon trading, 0.8 per cent to Y105.30 against the yen and 0.2 per cent against the pound to $1.9640.
Oil fell steeply to trade below $126 a barrel, while gold plummeted $18 dollars to $875 before recovering to $883 by lunchtime in New York. Yields on 10-year Treasuries edged higher.
Mr Bernanke stressed the attention the US central bank is paying to the risk of inflation.
He noted the risk that inflation expectations could rise and that sustained high headline inflation – pushed up by energy prices – could unsettle those expectations.
But he did not indicate a predisposition to raise interest rates soon.
“For now, policy seems well positioned to promote moderate growth and price stability over time,” he said
伯南克明确表示：美联储不希望美元进一步下跌
美元汇率昨日飙升，石油和黄金价格大幅下挫。此前，美联储(Fed)主席本•伯南克(Ben Bernanke)发表了出乎市场意料的讲话。他明确表示，由于通胀风险，美联储不希望美元进一步下跌。
伯南克的言论明显有悖于美联储不评论美元的做法。对美元进行评论一直是美国财政部长的特权。
伯南克决定说出这番话，表明了在油价屡创新高、而国内引发的通胀压力仍然微弱之时，美联储对来自海外的物价压力的重视。
伯南克表示：“我们正与财政部的同事合作，继续认真监控外汇市场的进展。”
过去一年美元的疲软，已“造成进口价格和消费者物价不受欢迎的持续上涨”。
伯南克补充称，美联储正“关注美元币值变化对通胀和通胀预期的影响”。
美联储将“制定政策，防范我们的双重任务中任何一部分可能出现的风险，包括长期通胀预期恶化的风险。”
在伯南克发表上述讲话之前，美元正面临压力，但在他发表讲话后的一个小时内，美元汇率上涨了近2美分。在后市交易中段，美元兑欧元汇率上涨0.6%，至1欧元兑1.5440美元；兑日元汇率上涨0.8%，至105.30日元；兑英镑上涨0.2%，至1英镑兑1.9640美元。
油价大幅下跌至每桶126美元下方。金价下挫18美元，至875美元，在纽约午盘交易时段反弹至883美元。10年期美国国债收益率微幅上升。
伯南克强调了美联储对通胀风险的关注。
他指出，通胀预期有上升的风险，在能源价格推升下持续高企的整体通胀可能会影响通胀预期。
但他没有表示出将很快加息的倾向。
他表示：“目前的政策似乎足以确保逐渐实现适度增长和物价稳定。”
他指出，通胀预期有上升的风险，在能源价格推升下持续高企的整体通胀可能会影响通胀预期。
但他没有表示出将很快加息的倾向。
他表示：“目前的政策似乎足以确保逐渐实现适度增长和物价稳定。”
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