這則新聞內容怪怪的

美聯儲縮減持有債券，可以釋放出資本

美聯儲縮減持有債券，不是在縮減資產負債表，怎麼會釋放資本。

有人可以幫忙解答嗎？謝謝
這則新聞內容怪怪的

2022-06-27 13:07 #1

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piece6086

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piece6086

個人積分：1604分

文章編號：85193322

............
沒毛病....
^++^

chiyenms

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chiyenms

個人積分：10097分

文章編號：85193365

huayung wrote:
美聯儲縮減持有債券，不是在縮減資產負債表，怎麼會釋放資本。

先從央行（自外部／市場）買進政府國債的立場想起
央行縮減持債，含自然到期後不續轉
＝該部份債券由民間買入，錢轉入央行
＝央行自市場上回收貨幣

不過那報導，寫央行「釋出資本」的寫法的確是怪怪的
通常是寫增減（對市場上的）貨幣供給
釋出資本的話，是指哪一邊的資本？或是這個資本是指什麼？

然後這個（美聯儲縮減持有債券）操作，目標也不是要「提振美國生產產出」

chiyenms

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chiyenms

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文章編號：85193448

World Bank President: US Federal Reserve reduces balance sheet to help avoid recession

https://equalocean.com/briefing/20220627230147486

"Malpass said that the Federal Reserve has a variety of tools,
including shrinking its balance sheet, which "will return more funds to the banks". ""

如果要說，可能要注意一下這邊是用 "banks" 這個字
應指整個銀行體系，包含一般的銀行 + 央行

但後面的
"If banks have more capital, they can lend,
or they can lend to the non banking sector of the U.S. economy."
就 ?????? 了。

勉強解釋的話是：把一般銀行與央行連動，包含拆借
然後回收成「銀行的自有資金，增加自有資本適足率」之後，
透過對外放款的「乘數倍率」增加對外「借出款」，反變成擴大貨幣供給
還是怪怪的。也非一般認為這種操作的本意與效果。

chiyenms

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chiyenms

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文章編號：85193587

CBS News Transcript:
President of the World Bank Group David Malpass on "Face the Nation,"
2022/06/22

https://www.cbsnews.com/news/david-malpass-president-world-bank-group-transcript-face-the-nation-2022-06-26/

MARGARET BRENNAN: So if you were talking to Jerome Powell,
that chair of the US Federal Reserve,
you would say focus less on interest rates, focus more on what?

MALPASS: He's got multiple tools. One is regulatory policy, the Fed is a sort of an important regulator of banks. So let the banks lend more. But then also on the bond side, reducing the bond portfolio would return more money to banks, all of the money being used to hold the bond portfolio comes from banks. And if they had more, they could lend and also the non-bank sector of the U.S. economy. That's one of the most innovative, and it could put more money into the supply chain.

這個原始敘述 (Transcript) 比較沒問題，至少分開來看的時候比較沒問題。

1. Reducing the bond portfolio would return more money to banks
2. If they (banks) had more (money), they could lend (to ~) and also the non-bank sector of the U.S. economy.
2.1 and it (alone) "could" put more money into the supply chain.