达拉斯联储行长洛根勾勒美联储缩减资产负债表路径

环球市场播报04-02

达拉斯联储行长洛里·洛根（Lorie Logan）周四阐述了美国央行缩减其资产负债表规模的路径和选项。她在讲话中指出，当前体系运作良好，但美联储可以通过改变监管规定等方式进一步推动缩表。　　现行体系运作良好，但缩表空间仍存　　洛根表示，美联储当前管理金融流动性的体系旨在提供“充裕”的准备金水平，这一体系“高效且有效”。不过她也指出，在现行体系下仍有多种方式可帮助缩减美联储的资产持有规模，其中...

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Logan）周四阐述了美国央行缩减其资产负债表规模的路径和选项。她在讲话中指出，当前体系运作良好，但美联储可以通过改变监管规定等方式进一步推动缩表。\n　　现行体系运作良好，但缩表空间仍存\n　　洛根表示，美联储当前管理金融流动性的体系旨在提供“充裕”的准备金水平，这一体系“高效且有效”。不过她也指出，在现行体系下仍有多种方式可帮助缩减美联储的资产持有规模，其中许多措施涉及金融机构管理现金储备的规则调整。\n　　通过监管调整降低准备金需求\n　　洛根指出，近期美联储内外部研究显示，通过监管调整促使银行持有更低水平的准备金，美联储可在不改变现行“充裕准备金”框架的情况下进一步缩减资产负债表。她表示认同这一思路，并称当前美联储正开展工作，使准备金管理在压力时期“更高效”。\n　　低效使用准备金应予避免\n　　洛根还指出，一些流动性规则虽然在账面上增加了准备金，却并未真正提升金融体系的安全性，因为银行在危机期间往往不愿动用这些储备金。她对此评论称：“这是美联储资产负债表的低效使用，我们完全可以避免这种情况。”\n　　缩表背景与展望\n　　值得注意的是，洛根发表此番讲话之际，美联储实际上正处于扩表阶段。美国疫情期间，美联储资产负债表一度飙升至约9万亿美元的历史峰值。此后虽启动量化紧缩（QT），但于2025年底因影响货币市场利率稳定而暂停，并转为购买短期国库券以补充市场流动性。\n　　美联储理事米兰（Miran）此前曾表示，美联储资产负债表存在缩减1万亿至2万亿美元的现实路径，但这一过程“可能耗时数年”。\n\n新浪合作大平台期货开户 安全快捷有保障\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：张俊 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