Name: 鮑威爾稱關稅給消費者帶來的成本 "晚於預期" | WSJ News (Powell Says Tariff Costs to Consumers ‘Later and Less’ Than Expected | WSJ News)
Uploaded: 2025-09-25T22:52:46.000Z
Duration: 1 min 52 s

基礎被動語態

Near-term risks to inflation are tilted to the upside and risks to employment are tilted to the downside, a challenging situation.

近期通脹風險上行，就業風險下行，形勢嚴峻。

Two-sided risks mean that there is no risk-free path.

雙面風險意味著沒有無風險之路。

We're now collecting a good bit of revenue.

The federal government is collecting a good chunk of revenue at a $300 or $400 billion a year pace.

聯邦政府每年的財政收入高達三四千億美元。

And the candidates for paying those tariffs would be the exporter, the foreign exporter, or someone on our shores.

而支付這些關稅的候選者將是出口商、外國出口商或我國境內的某個人。

它可以是一家公司，也可以是一家零售商。

Someone is using the imported product to manufacture something.

有人在使用進口產品生產某些東西。

And so far, in its incredibly early days, it doesn't look like the overseas exporters are carrying the bulk of it.

而到目前為止，在其令人難以置信的早期階段，海外出口商似乎並沒有承擔大部分的出口量。

And they're not passing along to consumers that much of the cost.

他們並沒有把這麼多成本轉嫁給消費者。

So the actual effects on inflation have been quite modest so far.

是以，到目前為止，對通脹的實際影響相當有限。

And the question is, are companies then, are they going to eventually be able to pass that stuff through?

問題是，這些公司最終是否能夠通過這些東西？

And then that might drive inflation up a little higher.

這樣一來，通脹可能會更高一些。

So we've been watching this since the beginning.

所以我們從一開始就在關注這件事。

我們一半的任務是應對通貨膨脹。

And I would say that the pass-through to consumers has been later and less than we expected.

我想說的是，向消費者轉嫁的時間比我們預期的要晚，也比我們預期的要少。

How much of that will continue, I don't know.

我不知道這種情況會持續多久。

But the responsible thing from our standpoint was to watch and wait.

但從我們的角度來看，負責任的做法是觀察和等待。

Because, you know, it's our job to make sure we don't make a mistake on inflation.

因為，你知道，我們的工作就是確保不在通貨膨脹問題上犯錯誤。

We do see meaningful weakness in the labor market now.

目前，我們確實看到勞動力市場明顯疲軟。

The unemployment rate is still low, though.

And a lot of things suggest that the labor market has reached a kind of unusual stability of much lower demand and much lower supply for workers.

很多情況表明，勞動力市場已經達到了一種不尋常的穩定狀態，對工人的需求和供應都大大降低。

It's a really unusual kind of a balance, if you want to call it that.

如果你想這麼說的話，這確實是一種不同尋常的平衡。

But nonetheless, we think it's a downside risk.

儘管如此，我們認為這是一個下行風險。