Global equities and bond prices rose sharply yesterday after the withdrawal of Lawrence Summers from the contest to lead the Federal Reserve as investors bet on interest rates remaining low for longer.

全球股票和债券价格昨日上涨。劳伦斯·萨默斯(Lawrence Summers)主动退出美联储(Fed)主席的候选人名单后，投资者押注利率将在更长时期内保持低位。

The rally was attributed to the perception that Mr Summers, a former Treasury Secretary, was more hawkish on monetary policy than his principal rivals for the post, including the new presumed frontrunner, Janet Yellen, the current vice-chair of the Fed.

此轮涨势被归因于这样一种看法，即曾经担任美国财长(Treasury Secretary)的萨默斯，在货币政策上的立场要比他的几个主要对手都更为鹰派，这些对手包括新的领先候选人、现任美联储副主席的珍妮特·耶伦(Janet Yellen)。

The market rally came ahead of this week’s meeting of the Federal Open Market Committee, which is being watched closely for indications that the Fed will begin to cut, or “taper”, its $85bn monthly bond buying programme.

市场上涨之际，美国联邦公开市场委员会(FOMC)本周将开会。外界正密切关注本次会议，寻找美联储将要开始缩减其每月850亿美元债券购买计划的迹象。

The White House has given no indication of the timing of any announcement after Mr Summers. who was widely believed to be Mr Obama’s preferred candidate, withdrew on Sunday after a concerted campaign by a bloc of senior Democrats critical of his record on financial deregulation.

曾被广泛视为奥巴马首选的萨默斯在上周日宣布退出，原因是一些资深民主党议员批评他在金融业放松管制方面的记录，这些议员发起了反对他出任美联储主席的协同努力。白宫尚未说明何时将做出宣布。

When withdrawing, he cited the prospect of an “acrimonious” confirmation hearing.

萨默斯在退出声明中也提到提名确认听证会“不和”的可能性。

Mr Summers’ opponents on the Senate banking committee, which must confirm any nominee, were quick to throw their weight behind Ms Yellen.

萨默斯在美国参议院银行业委员会(Senate banking committee)的反对者——该委员会须对被提名人进行确认——很快表态支持耶伦。

Elizabeth Warren, a left-of-centre Democratic senator, said Ms Yellen had “great experience and judgment” and would make a “terrific federal reserve chair.”

中间偏左的民主党参议员伊丽莎白·沃伦(Elizabeth Warren)表示，耶伦具有“了不起的经验和判断力”，将成为一名“出色的美联储主席”。

She told MSNBC: “The president will make his decision, but I hope that happens.”

她对MSNBC表示：“总统将做出他的决定，但我希望结果如此。”

Mr Obama has mentioned both Ms Yellen, who would be the first woman Fed chair, and Don Kohn a former Fed vice chair, as potential candidates to succeed Ben Bernanke.

奥巴马曾提到耶伦和美联储前副主席唐·科恩(Don Kohn)都是接替本·伯南克(Ben Bernanke)的潜在人眩若耶伦获得提名，她将是美联储首位女主席。

Jay Carney, the White House spokesman, said Mr Obama would decide in the autumn, noting it was still summer, which officially ends on September 21 in the northern hemisphere.

白宫发言人杰伊·卡尼(Jay Carney)表示，奥巴马将在秋天做出决定。他指出，现在仍是夏季；按照正式历法，北半球的夏季将在9月21日结束。

The market’s reaction to Mr Summers’ withdrawal underlined the view of many investors that Ms Yellen would pursue a more dovish monetary policy, keeping official interest rates low well into the future.

市场对萨默斯告退做出的反应，突显出很多投资者认为，耶伦将实行比较鸽派的货币政策，在未来相当长的时期内将官方利率保持在低位。

“The market finds itself back in the position of reading a Yellen Chair as good for Treasuries given her dovish track record and the high probability she’ll stick with QE and lower-for-longer,” said David Ader, strategist at CRT Capital.

“市场重返‘耶伦掌舵是美国国债利好’的立场，原因是她的鸽派记录，以及她有较高的几率坚持量化宽松和在较长时期内维持较低利率，”CRT Capital策略师戴维·阿德(David Ader)表示。

The S&P 500 powered back over 1,700, leaving the broad benchmark within sight of its record close of 1,709 set in early August.

标普500指数(S&P 500)曾强劲反弹至1700点上方，使这个大盘基准逼近其在8月上旬创下的1709点的收盘价纪录，该指数后来虽然回吐了部分获利，但收市时仍然上扬了0.6%。

The yield on 10-year Treasury notes dropped 10 basis points to 2.80 per cent, a move that sapped the US dollar, which fell 0.5 per cent to the euro.

10年期美国国债收益率一度下跌了10个基点，至2.8%，收市时的跌幅则只有2个基点，至2.87%。美元对欧元的汇率下跌了0.3%。