觀點美聯準

Time for Fed to bring its third policy tool out of hibernation
美聯準應提高存款準備金率


沃頓商學院金融學教授西格爾:提高存款準備金率將使美聯準更容易退出量化寬鬆政策,政府可以借之減輕《巴塞爾協議III》所規定的流動性和資本比率的影響。

The financial markets shook with fear last month when the minutes of the Federal Reserve’s meeting suggested that the US central bank might reconsider the costs of pumping nearly $1.7tn of excess reserves into the banking system. Of particular concern to members of the Federal Open Market Committee is the inflationary potential of these reserves if the banks turn them into loans and deposits.

上月,美聯準(Fed)會議紀要表明,美聯準可能重新考慮向銀行業體系注入近1.7兆美元超額準備金的成本,這導致金融市場出現恐慌。美國聯邦公開市場委員會(FOMC)成員尤其關注的是,如果銀行將這些準備金轉化爲貸款和存款,將有潛在通膨效應。

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