????在第一轮量宽结束后，股市下调了17%，直接导致美联储推出第二轮量宽。之后，当第二轮量宽结束后，股市再下调20%，于是，美联储动用第三轮量宽来救市——他们表示这也是最后一轮。

????事实上，过去两周市场急剧波动，表明在消息落实之前市场已经出现躁动。收益率短期的整固和大跌相当普遍，可能会持续下去。

????最近市场的跌宕起伏还未引起美联储的担忧，但如果波动性进一步加剧，委员会或许会调整其政策路径，采取和前两轮量宽结束时类似的举措。

????“这对美联储无疑是一个考验。”松德斯说，“在波动性加剧的局势下，他们是否会调整货币政策或其措辞，甚至在无损于双重使命的情况下辗转腾挪？”（财富中文网）

????译者 杨宏

????Following the end of QE1, there was a 17% correction in stocks, leading the Fed to launch its second generation of the program. Then, after the wind-down of QE2, there was a 20% stock market correction, and the Fed once again chimed in with a third — and what they say will be final — round of QE.

????Some of that volatility happened in advance this time around, as evidenced by the fluctuations that rocked the markets over the past two weeks. A short-term correction and plunge in yields is fairly common, and could continue.

????The recent rocky markets haven’t yet worried the Fed, but if the market volatility becomes more severe the committee may decide to adjust its course, similar to its actions following QE1 and QE2.

????“That will be an interesting test for the Fed,” said Sonders. “Will they adjust monetary policy or their language given the volatility, even without a deterioration in their dual mandate?”