尽管在过去的一年中，美国经济经历了财政悬崖和全球经济放缓的冲击而表现出一定的波动，但是作为美国经济重要支撑的私人消费对经济增长的贡献却大体保持了稳定，体现出美国经济增长的内在稳定性在增强。税收增加和支出缩减使得美国的财政状况出现了一定的好转；通货膨胀在低水平上徘徊；失业率继续下降；出口增速放缓的同时进口也出现下降，对经济增长呈现中性影响。在这种情况下，市场对美联储缩减量化宽松幅度的预期不断上升。
In the past year, due to the fiscal cliffs and the worldwide economic slowdown, the US economy exhibited more fluctuations． However, personal
consumption continues to expand at a moderate pace and stably contributed to the
overall growth． This reflects the economy’s internal stability． Increases in revenues
and reductions in expenses ameliorated its fiscal situation． The inflation rate remained
low, while the unemployment rate kept declining． However, both export and
import growth slowed, rendering a neutral impact on the overall economy． The
market expects that the Fed is considering an end of the QE policy．
