華許時代來臨
Kevin Warsh was officially confirmed as the new Chairman of the US Federal Reserve on May 13 by a Senate vote of 54 to 45.
5月13日，凱文·華許以54票贊成、45票反對的表決結果，正式獲美國參議院確認成為聯準會新任主席。
This narrow and divided result shows the political challenges he faces.
這項差距微小且意見分歧的表決結果，顯示出他所面臨的政治挑戰。
divided(adj.)分歧的a deeply divided society四分五裂的社會
Warsh, who previously served as a Fed governor, replaces Jerome Powell.
曾擔任聯準會理事的華許接替傑羅姆·鮑爾的職位。
serve as擔任
Taiwan’s Central Bank has published an analysis highlighting four key areas in which Warsh is expected to reshape monetary policy.
台灣中央銀行發布分析指出，華許未來在貨幣政策上預計將有四大重點改革。
highlight(v.)突顯、強調reshape(v.)重塑monetary policy貨幣政策
These reforms aim to improve how the Fed operates in today’s complex economic environment.
這些改革旨在優化聯準會在當前複雜經濟環境中的運作效能。
reform(n.)改革operate(v.)運作、操作complex(adj.)複雜的=complicated
Warsh’s proposed policies differ noticeably from recent practices under Powell.
華許提出的政策與鮑爾時期的做法有明顯不同。
differ from與……不同、不同於……noticeably(adv.)顯著地
First, he wants to end the quarterly Dot Plot and reduce forward guidance, arguing that they limit policy flexibility and create market confusion.
首先，他希望廢除每季發布的點陣圖，並減少前瞻指引，主張這些工具會限制政策彈性並製造市場噪音。
quarterly(adj.)每季的forward guidance前瞻指引argue(v.)主張;認為
Second, he suggests replacing the core PCE inflation measure with trimmed mean or median inflation to better capture underlying price trends.
其次，他建議以「截尾平均通膨」或「中位數通膨」取代目前使用的核心PCE通膨指標，以更準確掌握物價基本趨勢。
replace A with B 用B取代Ainflation(n.)通貨膨脹trim(v.)修剪;修整、消減;減少trim any excess fat off the meat將肉上的多餘脂肪切除underlying(adj.)暗含的;深層的;潛在的
Third, he supports shrinking the Fed’s balance sheet and criticizes its large holdings of long-term Treasuries as “fiscal policy in disguise.”
第三，他支持縮減聯準會資產負債表規模，並批評大量持有長期美國公債是「偽裝的財政政策」。
shrink(v.)縮減balance sheet資產負債表(US) Treasuries美國公債in disguise偽裝的a blessing in disguise因禍得福
Finally, he insists the Fed should focus only on its core duties of price stability and maximum employment, avoiding non-traditional issues such as climate change.
最後，他強調聯準會應專注於物價穩定與充分就業等核心職責，避免處理氣候變遷等非核心議題。
core duties核心職責core values核心價值
However, implementing these changes will not be easy.
然而，要落實這些改革並不容易。
implement(v.)實施;貫徹;落實
President Trump has repeatedly called for significant interest rate cuts to stimulate economic growth and reduce borrowing costs.
川普總統一再呼籲聯準會大幅調降利率，以刺激經濟成長並降低借貸成本。
In the past, former Chairman Powell firmly resisted such political pressure, insisting that decisions should be based on economic data rather than presidential demands.
過去，前主席鮑爾堅定抵制此類政治壓力，堅持根據經濟數據而非總統要求來決策。
resist the temptation of~抵抗～的誘惑resist(v.)抵制;阻擋;抗拒insist(v.)堅持
Warsh now faces the difficult challenge of balancing these strong expectations with the need to maintain price stability and the Fed’s credibility.
如今，華許面臨的挑戰在於如何平衡川普的強烈降息期待，同時維持物價穩定與聯準會的公信力。
balance...with...平衡～與～credibility(n.)公信力、可信度
The question of the Fed’s independence remains the most critical issue.
聯準會的獨立性仍是核心議題。
Powell recently warned that political interference could permanently destroy public trust in the central bank.
鮑爾最近警告，政治干預可能永久損害大眾對央行的信任。
interfere(v.)、interference(n.)干預
Warsh has emphasized that the Fed should maintain independence “within government,” while continuing to cooperate with the administration and Congress on non-monetary matters.
華許則強調，聯準會應維持「政府內部的」獨立性，同時在非貨幣政策領域與行政部門及國會合作。
As the new chairman begins his term, markets and policymakers will watch closely to see whether he can balance political pressures with the institution’s long-standing independence.
隨著新主席上任，市場與政策制定者將密切觀察他能否在政治壓力與機構長期獨立性之間取得平衡。