KEEP ON PUMPING

摘要

Growing concerns voiced recently by some Federal Reserve Board members about the costs of quantitative easing have prompted many investors to brace for early tightening by the central bank. But the Fed's doves appear far from ready to cede to their hard-line colleagues. In a speech last month, vice chairman Janet Yellen underlined some of the reasons the U.S. economic recovery is proceeding at less than half the pace of the average postwar rebound. Discretionary fiscal policy, which typically boosts the economy by about a half point a year during recoveries, has been a brake on growth for the past two years as governments at the federal, state and local levels have trimmed budgets.