今晚嘅議息會議紀錄值得留意,因為近期多位聯儲局局員都好明確咁交待佢地對聯儲局資產表減到幾時就應該停,反映佢地大有機會喺會議期間就有詳細討論過。


首先,聯儲局理事Lael Brainard上星期就係CNBC專訪中,佢認為資產表可以係今年底就唔再縮,因為佢覺得資產負債表上嘅儲備總額,應該高過「充足儲備額」之餘,亦應該有一定嘅「緩衝」,即係應該明顯高過所謂「充足」嘅儲備額。


尋日就有Cleveland Fed總裁Loretta Mester嘅演講,佢嘅講法係未來幾次會議內,聯儲局就應該會完整交待資產表縮減嘅安排同策略。

At coming meetings, we will be finalizing our plans for ending the balance-sheet runoff and completing balance-sheet normalization.

呢個講法,預視左目前聯儲局仍然未有共識。

Transitions: The Economy, Monetary Policy, and Policy Communications

Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland – Lyons Companies and the University of Delaware Alfred Lerner College of Business and Economics Center for Economic Education and Entrepreneurship – Newark, DE – February 19, 2019


尋日亦有紐約聯儲銀行總裁John Williams同路透嘅訪問,當中佢講儲備總額大約降到去一萬億左右就岩。以現行速度,等於減資產行動會去到出年。

Williams estimated the so-called balance sheet roll off could end when bank reserves get to “maybe $1 trillion of reserves or somewhat more than that,” about $600 billion (459 billion pounds) less than current levels.

The figure is “a guess today of the amount of reserves that will be held in the system in the future – but again we are learning and will get a finer touch on that,” he said.

Exclusive: Fed’s Williams says new economic outlook necessary for…

New York Fed President John Williams on Tuesday said he was comfortable with the level U.S. interest rates are at now and that he sees no need to raise them again unless economic growth or inflation shifts to an unexpectedly higher gear.

可以見到同佢同Brainard嘅講法係唔太一致,似係仍需時間達成共識。


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