美联储：经济衰退2020来袭
美联储在从10月份开启“缩表”的同时，还发布了季度经济展膜报告，与此前不同的是，这是其首次将展望的期限延伸到了2020年。而从报告数据中所透露出的细节也向大家展露了一个隐藏的秘密：美联储现在倾向于认为下一场经济危机将在2020年左右来袭。
美联储每隔三个月会发布其对未来10个季度中经济增速、失业及通胀水平的预估。同时，美联储各位官员还会对未来的利率水平予以预测，并绘制成所谓的“点阵图”。而近来，在美国已经处于“就业最大化”状态，失业率已低于4.5%的情况下，美联储的季度预测报告的受关注程度甚至已经超过了同时发布的政策决议本身。
因为，通常来说，就业指标相对于整体经济而言是滞后指标，也就是说，当经济下行压力达到一定程度后，企业才会开始大规模裁员推升全社会失业率，因而，如果失业率开始持续走升，就说明经济衰退即便不是已经开始，也已为时不远。所以，“长期”失业率突然跳升半个百分点的预测前景，实在不是什么好兆头。
而更重要的是，从点阵图也可以看出，政策利率点阵在“长期”时限的重心，相比2020年已经出现下移，也便意味着那时新一轮降息周期已经重新开启，而降息周期的开启，则一定是伴随着经济热度的显著冷却而来的。可以说，这一切已尽在不言中……
美联储展望报告藏惊天细节：经济衰退2020年来袭？
当前的政策预测也已显示，美联储本轮加息周期的利率峰值或许也就在2.75%到3%的区间，这意味着未来2-3年间，美联储每年还能进行3次左右的加息。这一峰值已经明显低于早些年所预估的4.25%这一“均衡利率”水平。
而更加令人吃惊的状况则是，将美联储的政策预测和主席耶伦的措辞结合来看，似乎美联储会采取无视通胀率低迷而在未来一意加息收紧政策的方式，在2020年左右人为诱导一次温和的经济衰退，来结束当前已经过度冗长的经济持续增长周期，为未来的新一轮经济周期重新洗牌铺路，并避免2007-08年的那种经济从巅峰直接跌入冰窟的悲剧场面重演。耶伦此前在新闻发布会讲话中，也破天荒地提到了潜在的“经济过热”风险，其真实用心已经可见一斑。
本文来源： 大田环球贵金属
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