a*******m
发帖数: 14194 | 1 Fed这次要玩真的了，
博导快出来买mbs啊，fed每月给你供应35 billion，给你管饱。
The Fed’s outline from the March meeting suggests the Fed will likely allow
T-bills (among the shortest-duration securities) to make up a large part of
the monthly reductions.
On the mortgage-backed securities, the Fed said it could consider a more
aggressive rolloff process (via actively selling its holdings).
“A Committee decision to implement a program of agency MBS sales would be
announced well in advance,” the minutes read.
On Tuesday, Fed Governor Lael Brainard said the actual process could begin
“as soon as our May meeting,” adding that she expects the process to be
carried out “considerably more rapidly” than the last recovery.
Federal Reserve plans on a 'predictable' winddown of its $9T in asset
holdings
https://finance.yahoo.com/news/march-fomc-2022-minutes-fed-balance-sheet-
180036983.html
The nation’s central bank fleshed out more details on how it may undo the
trillions of dollars in asset purchases it carried out during the COVID-
induced economic downturn.
The Federal Reserve on Wednesday released minutes from its March 15 and 16
meeting, which details conversations among top central bank officials
suggesting that the Fed will soon start the process of shrinking its $9
trillion balance sheet.
“Participants reaffirmed that the Federal Reserve’s securities holdings
should be reduced over time in a predictable manner,” the minutes noted.
The Fed has yet to officially vote on exactly how to carry the process out,
although it could begin as soon as next month.
The U.S. economic shutdown pushed Fed Chairman Jerome Powell to a stance of
aggressively easy monetary policy, which involved near-zero short-term
interest rates and a slew of emergency lending programs. Another major
policy: the resurrection of the Great Financial Crisis-era program known as
“quantitative easing,” in which the Fed snatches up assets to signal its
support to financial markets.
For two years, the Fed bought over $4 trillion in assets, mostly focused in
U.S. Treasuries and agency mortgage-backed securities.
The purchases finally stopped last month, as the Fed pivoted to a stronger
stance against rising inflation. Price increases at a yearly pace unseen
since the early 1980s has spurred Fed officials into supporting a faster
drawback in its exceptionally easy money policies.
That involves not only raising short-term interest rates, but a reduction in
its balance sheet (a process also referred to as “quantitative tightening
”).
In the March meeting, Fed staffers presented policymakers with possible
options for how to carry out the process. The minutes showed that the top
Fed officials “generally agreed” on monthly caps of about $60 billion for
Treasury securities and $35 billion for agency mortgage-backed securities.
That would be a faster pace than the Fed’s last attempt at shrinking the
balance sheet. At the peak of the Fed’s efforts (from 2017 to 2019) to
shrink its holdings, it topped out its monthly wind down at a pace of $30
billion monthly pace for Treasuries and $20 billion monthly pace for agency
mortgage-backed securities.
The central bank emphasized it could be flexible and “adjust any of the
details of its approach to reducing the size of the balance sheet in light
of economic and financial developments.”
One difference between this process and the last: the Fed’s purchases this
time around involved more shorter-dated Treasuries than its post-2008
financial crisis purchases.
The Fed’s outline from the March meeting suggests the Fed will likely allow
T-bills (among the shortest-duration securities) to make up a large part of
the monthly reductions.
On the mortgage-backed securities, the Fed said it could consider a more
aggressive rolloff process (via actively selling its holdings).
“A Committee decision to implement a program of agency MBS sales would be
announced well in advance,” the minutes read.
On Tuesday, Fed Governor Lael Brainard said the actual process could begin
“as soon as our May meeting,” adding that she expects the process to be
carried out “considerably more rapidly” than the last recovery.
The next meeting will take place on May 3 and 4. |
d**********r
发帖数: 24123 | |
b**e
发帖数: 3199 | 3 FOMC支持每月缩减国债资产上限为600亿美元，住房抵押贷款支持证券为350亿美元。
重点还是在抛售国债。 |
f**********n
发帖数: 1 | 4 资产负债表大小不一样，主要还是看比例
【在 b**e 的大作中提到】
: FOMC支持每月缩减国债资产上限为600亿美元，住房抵押贷款支持证券为350亿美元。
: 重点还是在抛售国债。
|
a*******m
发帖数: 14194 | 5 有一点超出我意外的是， 还是大量抛出国债。
本来以为要多抛mbs，少抛国债呢。
当然mbs抛出也不少了。 |
c**c
发帖数: 386 | 6 好好发你的雄文，别老到处跟人较劲嘛！
allow
of
【在 a*******m 的大作中提到】
: Fed这次要玩真的了，
: 博导快出来买mbs啊，fed每月给你供应35 billion，给你管饱。
: The Fed’s outline from the March meeting suggests the Fed will likely allow
: T-bills (among the shortest-duration securities) to make up a large part of
: the monthly reductions.
: On the mortgage-backed securities, the Fed said it could consider a more
: aggressive rolloff process (via actively selling its holdings).
: “A Committee decision to implement a program of agency MBS sales would be
: announced well in advance,” the minutes read.
: On Tuesday, Fed Governor Lael Brainard said the actual process could begin
|
s****t
发帖数: 1049 | 7 我不明白 mbs利率这么低 只有打折卖才可以卖出去
这样fed不亏钱吗
当初他是按face value吃进的
【在 a*******m 的大作中提到】
: 有一点超出我意外的是， 还是大量抛出国债。
: 本来以为要多抛mbs，少抛国债呢。
: 当然mbs抛出也不少了。
|
T***M
发帖数: 1 | 8 难道fed是为了赚钱而存在的？
【在 s****t 的大作中提到】
: 我不明白 mbs利率这么低 只有打折卖才可以卖出去
: 这样fed不亏钱吗
: 当初他是按face value吃进的
|
|
a*******m
发帖数: 14194 | 9 他天天胡说八道，我就要看fed出来打他的脸
【在 c**c 的大作中提到】
: 好好发你的雄文，别老到处跟人较劲嘛！
:
: allow
: of
|
g******6
发帖数: 942 | |
s****t
发帖数: 1049 | 11 fed也算私人机构 要自负盈亏
【在 T***M 的大作中提到】
: 难道fed是为了赚钱而存在的？
|
A**K
发帖数: 1 | |
s*****a
发帖数: 26 | 13 up to。。。。到时候缩表不及预期是不是又爆涨
allow
of
【在 a*******m 的大作中提到】
: Fed这次要玩真的了，
: 博导快出来买mbs啊，fed每月给你供应35 billion，给你管饱。
: The Fed’s outline from the March meeting suggests the Fed will likely allow
: T-bills (among the shortest-duration securities) to make up a large part of
: the monthly reductions.
: On the mortgage-backed securities, the Fed said it could consider a more
: aggressive rolloff process (via actively selling its holdings).
: “A Committee decision to implement a program of agency MBS sales would be
: announced well in advance,” the minutes read.
: On Tuesday, Fed Governor Lael Brainard said the actual process could begin
|
K**r
发帖数: 2193 | 14 同样有这个疑问
不过Fed不完全是自负盈亏
Fed如果盈利的话一大部分都是要交给国会的
【在 s****t 的大作中提到】
: 我不明白 mbs利率这么低 只有打折卖才可以卖出去
: 这样fed不亏钱吗
: 当初他是按face value吃进的
|
l********d
发帖数: 1 | 15 我们这里忽然很多房子上市，卖的也慢了。两周前还在抢呢！真的说变脸就变脸。 |
T***M
发帖数: 1 | 16 fed每年的盈余会上缴财政部。理论上来说缩表升息必然产生的亏损如果导致当年入不
敷出，不足以支付基本运营开支，可以以欠款形式记账，等以后有盈余了再补付。
自己赚或赔钱是联储做决策时最后一个考虑的因素，if at all.
【在 s****t 的大作中提到】
: fed也算私人机构 要自负盈亏
|
T***M
发帖数: 1 | 17 就是一个假装独立的半政府机构。
【在 K**r 的大作中提到】
: 同样有这个疑问
: 不过Fed不完全是自负盈亏
: Fed如果盈利的话一大部分都是要交给国会的
|
y*d
发帖数: 2226 | 18 钱就是fed印的，fed要是在乎赚钱亏钱，就不是fed了
【在 s****t 的大作中提到】
: 我不明白 mbs利率这么低 只有打折卖才可以卖出去
: 这样fed不亏钱吗
: 当初他是按face value吃进的
|
s*****d
发帖数: 114 | 19 远梦大师还是谈谈石油粮食怎么走吧，fed这个事儿不需要多解释了。 |
d*****n
发帖数: 13 | 20 如果没有房市塌陷，MBS都是高价值资产。
利息应该比国债高吧？
【在 s****t 的大作中提到】
: 我不明白 mbs利率这么低 只有打折卖才可以卖出去
: 这样fed不亏钱吗
: 当初他是按face value吃进的
|
