So, my rule of thumb is: as long as the Fed balance sheet rises and the dollar keeps declining-hot money, fast money into stocks, gold and oil.
所以，我第一条原则是：只要美联储资产负载表上升，并且美元继续贬值——热钱、快钱就会进入股票、黄金和石油。
So, my rule of thumb is: As long as the Fed balance sheet rises and the dollar keeps declining—hot money, fast money into stocks, gold and oil.
所以，我第一条原则是：只要美联储资产负载表上升，并且美元继续贬值——热钱、快钱就会进入股票、黄金和石油。
As a background, the Fed has, since August 2008, expanded its balance sheet by around $1 trillion.
回顾，自从2008年8月美联储的资产负债表增加了1一万亿左右。
The Fed has been already doing all the things in this new program. Its balance sheet has doubled from the pre-crisis level of about $900 billion.
其实，自危机开始，美联储一直在这么做，它的资产负债表已经比危机前的水平翻了1倍 。
It could then expand its balance-sheet indefinitely without driving the fed funds rate to zero; a bank will not lend out excess reserves at 0.25% if it can earn 1.75% at the Fed.
这可以无限制扩大它的资产负债表，而不会使联邦基金利率降到0。银行如果可以从联储那里得到1.75%的利息，就不会以0.25%的利率贷出多余的款项。
Besides selling securities outright, the Fed has a number of other tools to shrink its balance sheet when it moves to tighten credit.
除了痛快的卖出有价证券，美联储还有一系列别的方法来缩减资产负债表当进入到紧缩信贷。
At the same time, the (expected) lack of additional easing by the Fed and the need to begin to reduce its balance sheet will also decrease investor demand.
与此同时，美联储(预计)不会再推出第三轮量化宽松措施并且需要开始缩减其资产负债表规模，者也将减少投资者对黄金的需求。
The other thing to remember is that the Fed takes a "stock" approach to easing, which means it is the size of the balance sheet rather than the pace of purchases that matters.
另外，美联储采取“股法”手段来达到复苏的目的，这意味着关键的问题是资产负债的规模，而不是采购速度。
Like Japan, the Fed has expanded its own balance sheet, essentially creating money to fund a variety of new programs.
和日本一样，美联储也扩大了其资产负债表，相当于为了向一系列新项目提供资金而造钱。
To be sure, there are fears that the balance sheet of the Fed may be too large already, but this does not square with the experience of Japan.
诚然，有人担心美联储的资产负债表可能已经过于臃肿，但这与日本以往的经验不符。
So although a rate cut remains on the table, the Fed will continue for the moment to rely on the growing use of its balance-sheet to counter the credit crunch.
因此，尽管降息方案仍然放在案头，但是美联储现在将继续依靠资产负债表去抵消信贷紧缩。
Without making any formal declaration, since early September the Fed has expanded its balance-sheet rapidly to counter the credit crunch.
未做任何正式声明，Fed已自9月初起迅速扩张其资产规模，以求对抗信贷紧缩。
Many worry whether the Fed has an "exit strategy" to unwind its aggressive easing strategy and reduce its bloated balance sheet.
许多人担心美联储是否有一个“退出策略”，取消其积极宽松的策略，收缩臃肿的资产负债表，详细的玻璃钢桥架相关内容。
Investors believe that the Fed may say that the interest rate, balance sheet or both will remain stimulative for a longer period.
投资者认为，美联储可能会表示，将利率、资产负债表或两者维持刺激状态至更长一段时间。
The most likely outcome of the meeting is Operation Twist - whereby the Fed extends the duration of assets it already holds on its balance sheet.
此次会议最可能的结果是“扭曲操作”—即美联储延长已持有资产的持有期限。
After the rescue of Bear Stearns in March, the Fed agreed to back investment Banks with its balance sheet.
继今年3月援手贝尔斯登之后，联储会此次同意直接注资支持投行。
After the rescue of Bear Stearns in March, the Fed agreed to back investment Banks with its balance sheet.
继今年3月援手贝尔斯登之后，联储会此次同意直接注资支持投行。
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