昨天美联储的决议毫无意外，进一步证明了鲍威尔先生领导的联储是一个基于数据和合理推论的机构。

• 未来决定加息步骤的是什么？

The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.

我分别解释这三个要点。

the cumulative tightening of monetary policy：联储清楚意识到，高利率和紧缩货币条件，需要到达一个阈值以后才会对经济产生影响。这里面需要观察的指标是：房地产，建筑业，制造业中的利率敏感部门下行的速度，当然最重要的依然是