Finance and economics
The new head of the Federal Reserve
Janet Yellen will stick to her predecessor's expansionary policies
FOR most of the past few years, monetary policy has urged the economy on while dysfunctional fiscal policy has held it back.
Barack Obama's decision to nominate Janet Yellen to succeed Ben Bernanke as the Fed's chairman in February raises the odds that stimulative monetary policy will continue.
巴拉克·奥巴马提名Janet Yellen 接过Ben Bernanke的衣钵于二月担任联邦储备局主席一职，这将加大继续推行刺激性的货币政策的优势。
But disquiet about that stance is growing.
In addition to being the first woman to run the Fed, Ms Yellen is also the first acknowledged dove.
Presidents once felt compelled to appoint monetary-policy hawks such as Paul Volcker and Alan Greenspan to reassure markets that the Fed would not succumb to the political system's inflationary bias.
总统为情况所迫曾任命鹰派强硬支持货币政策的Paul Volcker和Alan Greenspan确保市场运行良好，避免联邦储备局遭受来自政治体系的通货膨胀趋势。
In appointing Ms Yellen Mr Obama has implicitly acknowledged how much the world, and the Fed's priorities, have changed.
Since 2008 America, like many other countries, has struggled with slack demand and high unemployment.
Meanwhile, energy prices excluded, inflation has persistently fallen short of the Fed's 2% target.
Ms Yellen is not alone in believing that unemployment is a bigger problem than inflation.
So do most of her colleagues on the Federal Open Market Committee, through which the Fed sets interest rates.
But she has felt that way longer and more strongly.
She pushed publicly last year to hold interest rates near zero for longer than the Fed then planned, to hasten the fall in unemployment, even if that caused inflation to rise briefly above 2%.
She was the principal author of the Fed's current statement of long-term goals and operating principles, which stresses the equal importance of its twin statutory goals of full employment and low inflation.
As vice-chairman, Ms Yellen helped Mr Bernanke nudge the FOMC towards its commitments to keep its benchmark interest rate at zero at least until unemployment has dropped to 6.5% and to keep buying $85 billion-worth of bonds a month with newly printed money until the labour market has improved substantially.
过去作为联邦储备局副主席，Ms Yellen协助Mr Bernanke推进联邦公开市场政策委员会实践其承诺，保持基准利率为零的状态直至失业率至少降至6.5%，继续印刷新钱购买850亿美元的债券直至劳动力市场情况持续好转。
These policies have not fuelled inflation, as hawks feared they might.
Indeed, Ms Yellen would probably welcome having to tighten due to inflationary pressure, because that would mean demand was buoyant.
But hawks still worry that the Fed is distorting prices in financial markets, breeding excessive risk-taking and preventing investors in Treasury bonds from demanding fiscal discipline.
Such concerns are widespread among Republicans in the Senate.
Several voted against her nomination to be vice-chairman in 2010.
She was not particularly modest about the role of monetary policy in the economy and I don't see any evidence that that's changed, one such Republican, Bob Corker ofTennessee, said this week.
With the support of the Senate's Democratic majority, Ms Yellen is almost certain to be confirmed.
But with many Republicans opposed, she will probably get fewer than the 70 votes Mr Bernanke did for his second term in 2010, at the time the lowest on record for a Fed chairman.
Moreover, one of the seven seats on the Fed's board is vacant and another five may come up for grabs in the coming year, given expirations and the tug of other opportunities.
The weight of opinion within the institution could change markedly as a result.
Minutes of the Fed's last meeting, in September, show that it is already divided on QE.
Many officials wanted to slow its pace.
But the view that the economy was not strong enough prevailed, and the Fed surprised the market by sticking to its current pace of bond-buying.
Once in office, Ms Yellen is likely to pursue a gentle taper coupled with a firm commitment to keep interest rates at zero.
If the economy falters—an all-too-real possibility givenAmerica's budget mess—she may want to increase QE, but might struggle to persuade her colleagues.
The Fed's strength, she said in accepting the nomination, is its capacity to vigorously debate diverse views, and then to unite.
Maintaining that trait may be her biggest challenge.
1.stick to 遵守；保留；紧跟
Stick to a bank account and debit card.
The government must stick to its promises.
2.such as 像， 例如；譬如；诸如
What about future steps such as euro bonds?
Such as, this is a wonderful film.
3.struggle with 与…打架，与…斗争；在内心与进行斗争
They work hard and struggle with difficulties in life.
We will struggle with its aftermath for years.
4.even if 即使
Apologize, even if it was her fault.
Yet even if that were true, words matter.