PIMCO全球央行聚焦.pdf

Global Paul Central Bank Focus McCulley April 2010 Comments Before the Money Marketeers Club Reflections and Ruminations New York City March 25, 2010 Thank you for that most kind introduction, time, my axe may be revealed to be dull or Nancy. It is indeed an honor to be address- perhaps, not even an axe at all, but rather a ing this august group for the fifth time, hammer against my head. especially sharing time with friends going back over 25 years. It’s great to see you! What is “Neutral?” 1 In my first address to you, on April 26, 2004, While I’ve given hundreds, if not thou- the Federal Reserve was on the cusp of sands, of speeches over the years, the ending its “considerable period” of a 1% only ones I ever write are to the Money Fed funds rate, set to embark on a journey Marketeers Club. Not that I deliver them back toward “neutral” monetary policy. as I write them, which is probably congen- I had no quarrel with t