In terms of intellect, training, personality, and experience, Janet L. Yellen was as qualified as anyone in history to be chair of the Federal Reserve when she was sworn in on February 1. She was already the central bank's vice chair and earlier had been a member of the Fed Board and president of the San Francisco Federal Reserve Bank. But none of that means she's going to have an easy first year on the job. Fed policy has entered a period of transition with the Federal Open Market Committee taking the first step to slow the increasing flow of massive liquidity to the economy. That's also the beginning of the long journey to "normalize" policy-that is, return eventually to focusing on moving overnight interest rates up and down to stabilize the economy. The transition is fraught with risks for Yellen and the Fed.
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机译：就智力，训练，个性和经验而言，珍妮特·耶伦（Janet L. Yellen）在2月1日宣誓就职时，具有与历史上任何人一样担任美联储主席的资格。她已经是中央银行的副主席，此前曾是美联储董事会成员和旧金山联邦储备银行行长。但是，这都不意味着她将在工作中度过轻松的第一年。美联储政策已进入过渡期，联邦公开市场委员会已采取第一步，以减缓大量流动性流入经济的步伐。这也是使政策“正常化”的漫长旅程的开始-也就是说，最终将重心转移到上下浮动隔夜利率以稳定经济上。过渡对耶伦和美联储充满风险。
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