Big Ben went small. And that is probably a good thing.

　　曾經推出各種大手筆政策的貝南克(Ben Bernanke)，如今只有一些小動作。這可能是件好事。

　　Rather than come in guns blazing in the wake of Monday's market rout, the Federal Reserve chose at its Tuesday meeting to hold off on extreme measures, notably the resumption of purchases of government bonds that some investors had hoped for. Instead, Chairman Ben Bernanke and the Fed opted only to change language for how long it expects to keep interest rates near zero until 'at least mid-2013'; previously, the Fed only said rates would be kept low for "an extended period."

　　周一市場重挫之后，美聯儲(Federal Reserve)沒有拿出暴風驟雨般的行動，而是在周二會議上暫緩推出極端措施，特別是一些投資者曾經期待的恢復購買國債之舉。美聯儲及其主席貝南克決定只是將預計保持近零利率多長時間的措辭，從原先的“較長時期”變更為“至少到2013年中期”。

　　As unprecedented as this was, it still fell short of what some in markets expected. Not that it immediately mattered -- stocks soared. That was likely due to the prospect of rates staying low for so long, but also possibly because the Fed didn't rule out more bond buys down the road.

　　這種改變固然前所未有，但它仍然沒有達到部分市場人士的預期。這并不是說它沒有立即發揮作用──股市立即飆升。股市上漲可能是因為利率有望如此長久地保持在低水平，但也可能是因為美聯儲沒有排除將來再次收購債券的可能。

　　The Fed did raise more concerns about the economy and what is causing growth to falter, noting temporary factors such as Japan's natural disasters, "appear to account for only some of the recent weakness in economic activity."

　　美聯儲確實對經濟狀況以及增長減緩的原因表達了更多的擔憂。它指出，日本自然災害等暫時性因素似乎只是近期經濟活動走軟的部分原因。

　　Even so, economic conditions are hardly dire enough for the Fed to again prop up markets. With fewer arrows left in its quiver, it will have to bide its time. This is especially the case given three Fed members dissented from the statement because they thought the 'extended period' language shouldn't have been changed. This shows the Fed is divided at the moment over the growth outlook and what should be done about it.

　　 即便如此，也很難說經濟環境的惡劣達到了要讓美聯儲再度救市的地步。由于囊中之箭越來越少，它只能靜候時機。考慮到美聯儲三位成員認為“較長時期”的措辭不應改變、所以不同意聲明內容，那就更應如此。三位成員的不同意見說明，目前美聯儲內部對于增長前景和應該采取什么對策存在分歧。

　　Moving too fast also holds other risks. A quick reversal on asset purchases would have looked schizophrenic given that just two months ago it opted to let its previous, $600 billion bond-buying program expire as planned. It also isn't clear how much impact additional bond buying would have on the economy and job growth. Even if the last bond-buying program helped -- an issue still the subject of much debate -- the Fed risks getting less and less bang for its buck.

　　行動過快還存在其他風險。如果迅速回調資產購買計劃，那就像是精神分裂一樣，因為在兩個月之前，美聯儲還決定讓前一個規模為6,000億美元的債券購買行動按原計劃到期。再次購買債券能夠對經濟增長和就業增長產生多大的影響也不清楚。即使上一個債券購買計劃起到了作用（這個話題仍然需要討論），美聯儲的政策效力也有可能越來越弱。

　　Plus, banks aren't in the kind of dire straits that necessitate central-bank action. The financial system is awash in liquidity and credit markets are functioning.

　　另外，銀行的境況還不至于差到需要央行采取行動。金融系統流動性充裕，信貸市場運轉正常。

　　Perhaps the biggest reason for the Fed to hold back: By not riding to the markets' rescue, it may put more pressure on politicians in Washington. Just as markets have become overly reliant on the Fed, Washington also has become too confident that even if it dithers, Bernanke & Co. will do the heavy lifting.

　　美聯儲按兵不動的最大原因或許是這樣的：自己不救市，可能就會給華盛頓政治家施加更多壓力。正如市場已經對美聯儲產生過度依賴，華盛頓也是過于相信，即使自己猶豫不決，貝南克那幫人也會挑起大梁。

　　If the Fed put the ball back in the government's court, politicians may feel added impetus to deal with thorny economic issues. After all, as Mr. Bernanke has repeatedly said, the Fed can only do so much.

　　如果美聯儲把球踢給政府，政治家們可能就會更加感受到應對棘手經濟問題的緊迫性。畢竟正如貝南克常言，美聯儲能做的也就這么多了。

　　True, the Fed isn't likely to stand by if deflation again becomes a threat. But for now, the Fed is right to let markets find their own footing and demand the government does its part to shore up the economy.

　　是的，如果通貨緊縮威脅再度顯現，美聯儲不太可能袖手旁觀。但從目前來看，美聯儲任由市場自己站穩腳跟、要求政府履行振興經濟的職責，實為恰當之舉。