????第三，它將威脅美聯(lián)儲(chǔ)的機(jī)構(gòu)可信度與合法性。美聯(lián)儲(chǔ)可能受到更嚴(yán)重的政治干預(yù)，并且將惹怒美國(guó)的海外盟友。

????當(dāng)然，這并不意味著美聯(lián)儲(chǔ)會(huì)作繭自縛。相反，此次應(yīng)該被視為美聯(lián)儲(chǔ)向爭(zhēng)吵不休的政客們發(fā)出的清晰、明確的信息。華盛頓不應(yīng)該自欺欺人，認(rèn)為美聯(lián)儲(chǔ)能長(zhǎng)期調(diào)和國(guó)會(huì)職責(zé)與國(guó)家經(jīng)濟(jì)福祉之間的關(guān)系。

????即便美聯(lián)儲(chǔ)愿意冒險(xiǎn)深入試驗(yàn)?zāi)Ｊ剑ê苊黠@，它已經(jīng)這么做了），但要想實(shí)現(xiàn)好的、可持續(xù)的經(jīng)濟(jì)成果，依然困難重重。如今，它的最佳選擇是，為仍在扯皮的政客們爭(zhēng)取時(shí)間，盡快達(dá)成共識(shí)。

????希望華盛頓能夠充分利用美聯(lián)儲(chǔ)的新舉措，也希望美國(guó)國(guó)會(huì)最終能夠承擔(dān)起經(jīng)濟(jì)管理職責(zé)。如果我們的期望落空，美國(guó)經(jīng)濟(jì)可能會(huì)陷入更糟糕的境地：受到市場(chǎng)扭曲和無(wú)效資本分配的進(jìn)一步阻礙，無(wú)法實(shí)現(xiàn)高增長(zhǎng)，難以增加就業(yè)機(jī)會(huì)，最終導(dǎo)致美聯(lián)儲(chǔ)的可信度、合法性和未來(lái)效力受到損害。

????譯者：劉進(jìn)龍/汪皓

????Third, all this threatens the institutional credibility and legitimacy of the Fed. It also exposes it to greater political interference and will anger America's friends and allies abroad.

????This is not necessarily to say that the Fed should have refrained from doing what it did. Instead, it should be read as yet another very loud and clear message to our bickering politicians. Washington should not fool itself into thinking that the Fed can maintain for long a wedge between Congress' responsibilities and the economic wellbeing of the nation.

????Even if it is willing to venture ever deeper into experimental mode -- and clearly it is -- the central bank is hard-pressed to deliver good and sustainable economic outcomes. The best it can do is buy time for our politicians who continuously fail to compromise and to reach agreement on a way forward.

????Let us hope that this new Fed window will be used well by Washington, and that Congress will finally step up to its economic management responsibilities. If this does not materialize, the economy could risk ending up in a worse place: failing to generate high growth and job creation, further hampered by market distortions and inefficient capital allocations, and having damaged the credibility, legitimacy and future effectiveness of the Fed.