Wall Street banks are reaping outsized profits by trading with the Federal Reserve， raising questions about whether the central bank is driving hard enough bargains in its dealings with private sector counterparties， officials and industry executives say.

　　政府官员及银行业高管表示，华尔街银行通过与美联储（Fed）的交易收获了超乎寻常的利润，这引发了美国央行在与私营部门交易时杀价力度是否足够的疑问。

　　The Fed has emerged as one of Wall Street's biggest customers during the financial crisis， buying massive amounts of securities to help stabilise the markets. In some cases， such as the market for mortgage-backed securities， the Fed buys more bonds than any other party.

　　美联储已成为金融危机期间华尔街的最大客户之一，为帮助稳定市场购买了大量证券。在某些情况下，例如在抵押贷款支持证券（MBS）市场，美联储购买的债券比其他任何买家都要多。

　　However， the Fed is not a typical market player. In the interests of transparency， it often announces its intention to buy particular securities in advance. A former Fed official said this strategy enables banks to sell these securities to the Fed at an inflated price.

　　然而，美联储不是典型意义上的市场参与者。为了透明度着想，美联储往往会事先公布购买某种证券的意愿。一位前美联储官员表示，这种策略致使银行能够以抬高的价格向美联储出售这些证券。

　　The resulting profits represent a relatively hidden form of support for banks， and Wall Street has geared up to take advantage. Barclays， for example， e-mails clients with news on the Fed's balance sheet， detailing the share of the market in particular securities held by the Fed.

　　由此获得的利润，为银行提供了某种相对隐性的支撑，华尔街因此做好准备充分利用这种机会。例如，巴克莱（Barclays）会通过电子邮件向客户发送有关美联储资产负债表的消息，详细说明美联储在某种证券上所占的市场份额。

　　“You can make big money trading with the government，” said an executive at one leading investment management firm. “The government is a huge buyer and seller and Wall Street has all the pricing power.”

　　“与政府做生意，你能挣大钱，”一家主要投资管理公司的高管表示。“政府是超级买家和卖家，而华尔街完全掌控着定价权。”

　　A former official of the US Treasury and the Fed said the situation had reached the point that “everyone games them. Their transparency hurts them. Everyone picks their pocket.”

　　财政部及美联储一位前官员表示，局面已经达到这样一种程度，即“所有人都在与美联储博弈。透明度害了他们。每个人都想从他们的口袋里捞钱。”

　　The central bank's approach to securities purchases was defended by William Dudley， president of the New York Fed， which is responsible for market operations. “We believe that opting for transparency is a greater good，” he said. “If we didn't have transparency， we'd be criticised on other grounds.”

　　纽约联邦储备银行（New York Fed）负责市场运作。该行行长威廉？达德利（William Dudley），为美国央行购买证券的做法进行了辩护。“我们认为，选择透明度更加有益，”他表示。“如果我们没有透明度，我们会因为其它理由受到批评。”

　　However， another official familiar with the matter said the central bank “has heard that dealers load up on securities to sell to the Fed. There is concern， but policy goals override other considerations.”

　　然而，另一名熟悉情况的官员表示，央行“已听说有些银行会囤积证券，以向美联储出售。担忧是存在的，但政策目标压倒其它顾虑。”

　　Barney Frank， chairman of the House financial services committee， said the potential profiteering may be part of the price for stabilising the financial system.

　　众议院金融服务委员会主席巴尼？弗兰克（Barney Frank）表示，潜在的牟取暴利行为，可能是为了稳定金融体系而必须付出的代价之一。

　　“You can't rescue the credit system without benefiting some of the people in it.” Still， Mr Frank said Congress would be watching. “We don't want the Fed to drive the hardest possible bargain， but we don't want them to get ripped off.”

　　“不让体系内部的某些人获利，就无法拯救信贷体系。”不过，弗兰克表示，国会将密切关注。“我们不希望美联储尽其可能地压价，但也不希望他们被敲诈。”

　　The growing Fed activity has coincided with a general widening of market spreads - the difference between bid and offer prices - as the number of market participants declines. Wider spreads enable banks， in their capacity as market-makers， to make more profit.

　　在美联储交易活动不断增加的同时，随着市场参与者减少，市场利差（出价和要价之间的差额）普遍扩大。利差越大，作为做市商的银行获得利润越高。