[20210802]IN11715_为什么美联储没有收紧货币政策以应对更高的通货膨胀？.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Why Hasnt the Federal Reserve Tightened Monetary Policy in Response to Higher Inflation? August 2, 2021 Inflation (the rise in the price of goods and services) has been unusually high in recent months, reaching 4% as measured by the personal consumption expenditures index (PCE) over the 12 months ending in June 2021. For more information, see CRS Insight IN11644, Is High Inflation a Risk in 2021?, by Mark P. Keightley, Marc Labonte, and Lida R. Weinstock. The Federal Reserve has a statutory mandate to achieve maximum employment and stable prices, which the Fed defines as 2% inflation as measured by the PCE. The Fed implemented monetary stimulus in response to the deep decline in economic activity caused by the COVID-19 pandemic, including reducing interest rates to near zero and purchasing trillions of dollars of assets, popularly referred to as “quantitative easing.” For more information, see CRS Report R46411, The Federal Reserves Response to COVID-19: Policy Issues, by Marc Labonte. Higher inflation creates a conflict in how the Fed should approach its two statutory goalsit could tighten policy in resp