美联储未来如何缩减资产负债表,正在成为市场关注的焦点。摩根士丹利在最新研报中指出,相比政策利率的调整,资产负债表规模的变化可能带来更深远的影响,但整个过程将非常缓慢,而且存在不少技术约束和市场权衡。 报告认为,当前缩表主要依赖“被动缩减”,即让持有的美债和抵押贷款支持证券到期后不用在再投资。这种方式自2022年以来已经使美联储资产减少超过2万亿美元,未来仍可能是最主要的路径。但随着逆回购工具基本...
Source Link美联储未来如何缩减资产负债表,正在成为市场关注的焦点。摩根士丹利在最新研报中指出,相比政策利率的调整,资产负债表规模的变化可能带来更深远的影响,但整个过程将非常缓慢,而且存在不少技术约束和市场权衡。 报告认为,当前缩表主要依赖“被动缩减”,即让持有的美债和抵押贷款支持证券到期后不用在再投资。这种方式自2022年以来已经使美联储资产减少超过2万亿美元,未来仍可能是最主要的路径。但随着逆回购工具基本...
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