The Financial Page

Kevin Warsh Is Facing More Than a Communication Problem

凯文·沃什面临的远不止沟通问题
The Fed chair’s biggest challenge is demonstrating his independence from Donald Trump.
这位美联储主席最大的挑战,是证明自己独立于唐纳德·特朗普。
Kevin Warsh
Source photograph by Brendan Smialowski / AFP / Getty

Being a central banker has never been an easy job. As the author and journalist Neil Irwin recounted in his 2013 book “The Alchemists,” the man frequently regarded as the first member of the profession, a seventeenth-century Swedish financier named Johan Palmstruch, was tried for fraud and sentenced to death after the institution he headed came close to collapse. Outside of dictatorships, modern central bankers generally don’t have to fear for their lives, but they are sometimes subjected to heavy criticism. During the early nineteen-eighties, when Paul Volcker, the chair of the Federal Reserve, raised interest rates to twenty per cent in the face of rampant inflation, furious farmers blockaded the Fed’s headquarters with their tractors. Alan Greenspan, Volcker’s successor, became known as the Maestro after presiding over rapid growth combined with low inflation and financial deregulation. But, shortly after Greenspan retired in 2006, the great financial crisis of 2007-08 destroyed his reputation, and Democratic senators hauled him up to Capitol Hill for a grilling.

做央行行长从来不是件容易的事。作家兼记者尼尔·欧文(Neil Irwin)在2013年出版的《炼金术士》一书中记述,被普遍视为这一职业先驱的十七世纪瑞典金融家约翰·帕姆斯特鲁赫(Johan Palmstruch),在他执掌的机构濒临崩溃后,因欺诈罪受审并被判处死刑。独裁政权之外,现代央行行长们通常不必担心性命之忧,但有时仍会遭受猛烈抨击。1980年代初,美联储主席保罗·沃尔克(Paul Volcker)面对恶性通胀将利率提高到20%,愤怒的农民用拖拉机封锁了美联储总部。沃尔克的继任者艾伦·格林斯潘(Alan Greenspan)在任内实现了快速增长、低通胀和金融去监管,被誉为“大师”。但2006年格林斯潘退休后不久,2007至2008年的金融危机便摧毁了他的声誉,民主党参议员将他拉到国会山严加盘问。

Kevin Warsh, the current Fed chair, has only been in office since May, but he’s already under fire—and for good reason. Last week, Warsh and his colleagues on the Federal Open Market Committee (F.O.M.C.), the Fed’s policymaking body, met and voted 9–3 to keep the key policy rate unchanged—a decision that, on the face of it, was unremarkable. But, at a post-meeting press conference, Warsh gave a series of evasive answers to questions about the Fed’s stance, and bond traders reacted by selling off long-term Treasury bonds, which the U.S. government relies on to finance its gaping budget deficit. The yields on these instruments, which move in the opposite direction to bond prices, reached the highest level since before the financial crisis of 2007-08.

现任美联储主席凯文·沃什(Kevin Warsh)今年5月才上任,却已备受指责——而且事出有因。上周,沃什和他在联邦公开市场委员会(F.O.M.C.)——美联储的决策机构——的同事们开会,以9比3的投票结果决定维持关键政策利率不变。表面上看,这个决定平淡无奇。但在会后的新闻发布会上,沃什对有关美联储立场的问题给出了一系列闪烁其词的回答,债券交易员随即抛售长期国债,而这些债券正是美国政府赖以填补巨额预算赤字的工具。这些债券的收益率(与债券价格反向变动)升至2007至2008年金融危机以来的最高水平。

The sell-off “looks very much like a loss of confidence trade,” one market analyst told the Financial Times. Another commentator, Dario Perkins, an economist at the research firm TS Lombard, compared Warsh’s press conference to Donald Trump’s announcement last year of his “Liberation Day” tariffs and to the disastrous U.K. mini-budget that cost Liz Truss her job as Prime Minister in 2022, describing them all as occasions “where you suddenly realize global policymakers are totally out of their depth and don’t know what they are doing.” Even some ex-Fed officials, who tend to be more guarded in their public comments, voiced concerns. In an interview with Bloomberg, James Bullard, a former president of the Federal Reserve Bank of St. Louis, described Warsh’s press conference as “a little bit rocky” and the bond market’s reaction as “nerve wracking for a central banker.” Loretta Mester, who headed the Cleveland Fed from 2014 to 2024, told the Wall Street Journal, “I want to feel comfortable that the Fed knows what it is doing. I don’t think it’s sustainable what he’s doing, in terms of not saying anything.”

一位市场分析师对《金融时报》表示,这场抛售“看起来非常像一场信心丧失的交易”。另一位评论者、研究公司TS Lombard的经济学家达里奥·珀金斯(Dario Perkins)将沃什的新闻发布会与特朗普去年宣布“解放日”关税、以及2022年导致利兹·特拉斯(Liz Truss)丢掉首相职位的灾难性英国迷你预算相提并论,称这些都是“你突然意识到全球政策制定者完全力不从心、根本不知道自己在做什么的时刻”。就连一些通常公开发言更为谨慎的前美联储官员也表达了担忧。前圣路易斯联邦储备银行行长詹姆斯·布拉德(James Bullard)在接受彭博社采访时,形容沃什的新闻发布会“有点磕磕绊绊”,债券市场的反应“让央行行长心惊肉跳”。2014年至2024年执掌克利夫兰联储的洛蕾塔·梅斯特(Loretta Mester)对《华尔街日报》说:“我需要确信美联储知道自己在做什么。他这种什么都不说的做法,我觉得是不可持续的。”

To be sure, the sell-off in long-term bonds doesn’t mean another financial blowup is imminent. It does mean that the Treasury Department will have to pay more interest on the debt it issues—payments that already cost the government a sum comparable to the Pentagon’s budget. Home buyers will face higher mortgage rates, and Warsh will be forced to confront a credibility problem. Last year, when Trump was looking for someone to replace Jerome Powell as Fed chair, Warsh positioned himself as an inflation dove who would deliver lower interest rates. At the time, inflation seemed quiescent. But, a month after Trump nominated Warsh in January, the President launched his ill-conceived war on Iran, which caused oil prices to skyrocket and changed the inflation picture for the worse. Between February and June, the inflation rate rose from 2.4 per cent to 4.2 per cent, well above the Fed’s two-per-cent target, prompting the question of whether it should raise rates.

当然,长期债券的抛售并不意味着另一场金融风暴迫在眉睫。但这确实意味着财政部将不得不为发行的债券支付更多利息——这笔支出已经相当于五角大楼的预算规模。购房者将面临更高的抵押贷款利率,而沃什将被迫面对一个信誉问题。去年,当特朗普物色人选接替杰罗姆·鲍威尔(Jerome Powell)出任美联储主席时,沃什将自己定位为一位会带来更低利率的通胀鸽派。当时通胀看似平静。但今年1月特朗普提名沃什一个月后,总统发动了他考虑不周的伊朗战争,导致油价飙升,通胀形势急剧恶化。2月至6月间,通胀率从2.4%升至4.2%,远高于美联储2%的目标,引发了是否应该加息的疑问。

At Warsh’s first policy meeting, in June, the F.O.M.C. voted to stand pat, keeping the federal funds rate in a range of 3.5 to 3.75 per cent. However, the new chair repeatedly stressed his commitment to meeting the Fed’s inflation target, and many Wall Street observers took him to be an inflation hawk at heart. Many of them pencilled in a rate hike for September, if not sooner. At last week’s meeting, though, Warsh spoke largely in platitudes and generalizations. When he was asked why he hadn’t been persuaded by the arguments of the three F.O.M.C. members who voted for an immediate rate hike, he dodged the question. At another point, he suggested that the financial markets, in bidding up long-term rates, had already done some of the Fed’s inflation-fighting work.

在沃什6月的首次政策会议上,F.O.M.C.投票决定按兵不动,将联邦基金利率维持在3.5%至3.75%的区间。然而,这位新主席反复强调他致力于实现美联储的通胀目标,许多华尔街观察人士认为他骨子里是个通胀鹰派。不少人预计9月会加息,甚至更早。但在上周的会议上,沃什的发言大多是陈词滥调和泛泛而谈。当被问及为何没有被三位投票支持立即加息的F.O.M.C.成员说服时,他回避了这个问题。在另一个时刻,他暗示金融市场推高长期利率,已经替美联储完成了一部分抗通胀的工作。

Warsh’s stated motive for saying so little is that he believes the Fed should no longer provide the markets with any “forward guidance” on its intentions, lest it lock itself into an undesirable policy path. He says that this happened in 2021, when inflation shot up and the Fed initially failed to respond. The merits of this argument can be debated—and will be debated by one of the task forces that Warsh has appointed to review how the Fed operates. In the meantime, though, a reluctance to provide forward guidance is surely no justification for not providing any current guidance either, which is where Warsh appears to have landed. As last week demonstrated, this is a recipe for confusion, uncertainty, and higher borrowing costs.

沃什如此惜字如金的公开理由是,他认为美联储不应再向市场提供任何关于其意图的“前瞻性指引”,以免将自己锁定在一条不可取的政策路径上。他说2021年就发生过这种情况,当时通胀飙升,美联储最初未能做出反应。这一论点的优劣可以讨论——沃什任命的审查美联储运作方式的特别工作组之一也将对此展开辩论。但与此同时,不愿提供前瞻性指引,显然不能成为连当前指引也不提供的理由,而这似乎正是沃什所处的境地。正如上周所表明的,这是制造混乱、不确定性和更高借贷成本的配方。

The irony is that Warsh, if he were more open, could have made a strong argument for the Fed’s inaction without compromising his inflation-fighting credentials. Even though inflation has risen this year, higher energy costs account for most of the rise, and there is little sign of a generalized price spiral. Moreover, between mid-May and early July, as the U.S. and Iran reached a ceasefire agreement, oil prices tumbled. The over-all Consumer Price Index for June fell by 0.4 per cent. Since then, the ceasefire has collapsed, and the oil price has rebounded. But nobody can be sure what will happen next, and it seems reasonable for the Fed to wait another couple of months to see how things pan out, while remaining ready to raise rates if inflation doesn’t ease.

讽刺的是,沃什如果更坦诚一些,本可以为美联储的不作为提出有力论据,同时无损他抗击通胀的信誉。尽管今年通胀有所上升,但能源成本上涨占了其中大部分,而且几乎没有出现普遍价格螺旋上升的迹象。此外,5月中旬至7月初,随着美国和伊朗达成停火协议,油价大幅下跌。6月整体消费者价格指数下降了0.4%。此后,停火协议破裂,油价反弹。但没人能确定接下来会发生什么,美联储再等几个月看看事态如何发展,同时随时准备在通胀不缓解时加息,这似乎是合理的。

Evidently, most of Warsh’s colleagues on the F.O.M.C. hold this position—eight of them voted with him to hold the funds rate steady—and it remains a bit of a mystery why he didn’t articulate the rationale more fully. One conceivable explanation is that he welcomes the higher long-term interest rates that accompany heightened uncertainty about the Fed’s intentions, because it means markets will price risk more cautiously, which could be healthy in the long term. “Granted, injecting uncertainty premia into markets isn’t the sort of thing that any central banker we can think of has tried before,” Toby Nangle, a reporter at the Financial Times, noted. “But it sort of provides some quantum of internal coherence to Warsh’s comments and actions.”

显然,沃什在F.O.M.C.的大多数同事都持这一立场——其中八人与他一起投票维持利率稳定——而他为何没有更充分地阐述这一逻辑,仍然有些令人费解。一个可能的解释是,他乐见伴随美联储意图不确定性加剧而来的更高长期利率,因为这意味着市场将更谨慎地为风险定价,从长远来看这可能是健康的。《金融时报》记者托比·南格尔(Toby Nangle)指出:“诚然,向市场注入不确定性溢价,不是我们能想到的任何央行行长此前尝试过的事情。但这在某种程度上为沃什的言论和行动提供了一些内在的连贯性。”

A more cynical view is that Warsh’s primary goal is to avoid incurring Trump’s wrath by raising rates before the midterms, and that explains why he is so unwilling to give any hostages to fortune. If, for instance, he were to say publicly that he and his colleagues would base their decision on the July and August inflation figures, and those figures came in worse than expected, he might have little choice but to support a rate hike in September and avoid Truth Social. Better to say nothing of note and leave himself a little wriggle room.

一种更 cynical 的看法是,沃什的首要目标是避免在中期选举前因加息而招致特朗普的怒火,这解释了他为何如此不愿做出任何可能授人以柄的表态。例如,如果他公开表示他和同事们将根据7月和8月的通胀数据做出决定,而这些数据比预期更糟,他可能别无选择,只能支持9月加息,同时还要躲避Truth Social上的炮轰。不如什么都不说,给自己留一点回旋余地。

In a way, Warsh is a throwback to old-school central bankers who prized their absolute discretion in decision-making and rarely said or did anything that might compromise it. In a 1988 speech, Greenspan quipped, “I should warn you, if I turn out to be particularly clear, you’ve probably misunderstood what I said.” Warsh has praised Greenspan’s “strong and steady leadership” of the Fed, but he hasn’t dwelled on the fact that the Maestro eventually came around to the virtues of talking straight and using forward guidance to influence financial markets. In 2003, Greenspan’s Fed issued a statement that said interest rates could remain low for “a considerable period”—precisely the sort of message that Warsh says should be avoided.

从某种意义上说,沃什是旧式央行行长的回归,他们珍视决策中的绝对自由裁量权,很少说或做任何可能损害这一权力的事情。在1988年的一次演讲中,格林斯潘打趣道:“我得提醒你们,如果我显得特别清晰,你们大概误解了我的意思。”沃什曾称赞格林斯潘对美联储“强有力而稳健的领导”,但他没有多谈这位“大师”最终也转而认同直言不讳和运用前瞻性指引影响金融市场的好处。2003年,格林斯潘领导的美联储发表声明称,利率可能在“相当长一段时间内”保持低位——这正是沃什认为应该避免的那种信息。

Fed watchers are now eager to see if Warsh is more open at his next big public appearance, a speech later this month at the central bank’s annual retreat in Jackson Hole, Wyoming. In any case, though, the commotion over his communication strategy is symptomatic of the larger challenge he faces: demonstrating that he is, in fact, independent of Trump. Unless and until he convinces people of this, bond traders and commentators will react skeptically to his every comment, or refusal to comment, and who can blame them? Since Warsh’s term as Fed chair doesn’t end until May of 2030, he still has time to change his approach, but right now he seems determined to fulfil his pledge of “regime change” at the central bank. On Friday, the Times reported that he is considering reducing the number of F.O.M.C. meetings each year from its current total of eight, a change that could mesh with a desire for less transparency. For Warsh and Fed watchers alike, the next four years seem likely to be long and bumpy.♦

美联储观察人士现在急切地想看看沃什在他下一次重要公开露面——本月晚些时候在怀俄明州杰克逊霍尔举行的央行年度静修会上的演讲——中是否会更加开放。但无论如何,围绕他沟通策略的喧嚣,都只是他面临的更大挑战的一个症状:证明他事实上独立于特朗普。除非且直到他能让人们相信这一点,债券交易员和评论人士都会对他的一言一行、或拒绝置评做出怀疑的反应,这又能怪谁呢?沃什的美联储主席任期要到2030年5月才结束,他仍有时间改变做法,但眼下他似乎决心履行在央行实现“政权更迭”的承诺。周五,《纽约时报》报道称,他正在考虑将F.O.M.C.每年的会议次数从目前的八次减少,这一变化可能与降低透明度的愿望相契合。对沃什和美联储观察人士来说,接下来的四年似乎都将是漫长而颠簸的。♦

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