【中文版】

美国何时退出量化宽松（QE）一直是市场关注的焦点。自2008年金融危机以来，美联储推出了多轮QE政策，以刺激经济增长和稳定金融市场。目前，美联储已经逐渐收紧货币政策，并可能在今年晚些时候开始缩减资产负债表。

据了解，美联储的QE政策主要包括购买长期国债和抵押贷款支持证券。这些措施有助于降低市场利率，增加流动性，并刺激经济增长。然而，随着经济复苏和通胀预期的上升，美联储开始考虑退出QE政策。

在过去的几年里，美联储曾多次表示将逐渐减少资产购买，并可能在某个时间点完全停止购买资产。然而，关于何时退出QE政策，美联储一直保持谨慎态度，并强调将根据经济数据做出决策。

目前，市场普遍预期美联储将在今年晚些时候开始缩减资产负债表。然而，具体时间表将取决于经济形势和通胀情况。如果经济继续保持强劲增长，通胀预期上升，那么美联储可能会更快地退出QE政策。反之，如果经济增长放缓或出现其他不利因素，美联储可能会推迟退出QE政策的计划。

总之，关于美国何时退出QE的问题，市场和投资者将继续保持关注。虽然美联储可能会在今年晚些时候开始缩减资产负债表，但具体时间表将取决于经济形势和通胀情况。

【英文版】

When will the US exit quantitative easing (QE)? This has always been a focus of market attention. Since the 2008 financial crisis, the Federal Reserve has launched multiple rounds of QE policies to stimulate economic growth and stabilize financial markets. Currently, the Fed has gradually tightened monetary policy and may start to shrink its balance sheet later this year.

It is understood that the Fed's QE policy mainly includes purchasing long-term government bonds and mortgage-backed securities. These measures can help reduce market interest rates, increase liquidity, and stimulate economic growth. However, with the recovery of the economy and the rise of inflation expectations, the Fed began to consider exiting the QE policy.

In the past few years, the Fed has repeatedly stated that it will gradually reduce asset purchases and may stop purchasing assets entirely at some point. However, when it comes to when to exit the QE policy, the Fed has always been cautious and emphasized that it will make decisions based on economic data.

Currently, the market generally expects the Fed to start to shrink its balance sheet later this year. However, the specific schedule will depend on the state of the economy and inflation. If the economy continues to grow strongly and inflation expectations rise, the Fed may exit the QE policy faster. Conversely, if economic growth slows or other unfavorable factors appear, the Fed may postpone plans to exit the QE policy.

Overall, when it comes to the issue of when the US will exit QE, markets and investors will continue to pay attention. Although the Fed may start to shrink its balance sheet later this year, the specific schedule will depend on the state of the economy and inflation.