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2021-06-01

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2021-05-13

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2021-05-25

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2021-05-23

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2021-05-08

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2021-05-28

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Half a Trillion Dollars Is Sitting at the Fed Earning Nothing<blockquote>美联储坐拥5万亿美元却一无所获</blockquote>

2021-05-31

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2021-06-03

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2021-05-26

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2021-05-09

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Dow ends higher<blockquote>随着医疗保健的压力，标普500下跌；道指收高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1106176005","media":"Reuters","summary":"The S&P 500dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.The S&P 500 financial sectorhit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector3.9%, its biggest $one$-day gain in nearly four months. 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The heavyweight tech sector(.SPLRCT)fell while the healthcare sector(.SPXHC)was dragged down by a weak profit forecast from <a href=\"https://laohu8.com/S/ABT\">Abbott Laboratories</a>(ABT.N).</p><p><blockquote>标普500金融板块(.SPSY)创历史新高，而燃料需求预期增长提振油价，并帮助提振能源板块(.SPNY)上涨3.9%，为最大<a href=\"https://laohu8.com/S/AONE\">一</a>-近四个月来的日涨幅。重量级科技板块(.SPLRCT)下跌，而医疗保健板块(.SPXHC)则受到来自<a href=\"https://laohu8.com/S/ABT\">雅培实验室</a>（N部）。</blockquote></p><p>Data showed U.S.manufacturing activity pickedup in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.</p><p><blockquote>数据显示，由于经济重新开放中被压抑的需求提振了订单，美国5月份制造业活动有所回升。但由于原材料和劳动力短缺，未完成的工作堆积起来。</blockquote></p><p>\"People came back from a holiday weekend convinced that the economy is recovering nicely and that any inflation that we might be seeing in labor and other costs is temporary,\" Peter Tuz, president of <a href=\"https://laohu8.com/S/CCF\">Chase</a> Investment Counsel in Charlottesville, Virginia.</p><p><blockquote>“人们从假期周末回来后确信经济正在良好复苏，我们可能在劳动力和其他成本方面看到的任何通胀都是暂时的，”<a href=\"https://laohu8.com/S/CCF\">追逐</a>弗吉尼亚州夏洛茨维尔的投资顾问。</blockquote></p><p>The Dow Jones Industrial Average(.DJI)rose 45.86 points, or 0.13%, to 34,575.31; the S&amp;P 500(.SPX)lost 2.07 points, or 0.05%, at 4,202.04; and the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite(.IXIC)dropped 12.26 points, or 0.09%, to 13,736.48.</p><p><blockquote>道琼工业指数(.DJI)涨45.86点，或0.13%，报34,575.31；标普500(.SPX)下跌2.07点，或0.05%，报4,202.04点；和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>综合指数(.IXIC)下跌12.26点，或0.09%，至13,736.48点。</blockquote></p><p>Along with sharp gains for financials and energy, the small-cap Russell 2000(.RUT)rose 1.1% on Tuesday, underscoring strength for segments of the stock market expected to do particularly well in an expanding economy.</p><p><blockquote>随着金融和能源股的大幅上涨，小盘股罗素2000指数(.RUT)周二上涨1.1%，突显了预计在经济扩张中表现尤其出色的股市板块的强势。</blockquote></p><p>While the S&amp;P 500 remains less than 1% of its record high after four straight months of gains, investors are worried about whether rising inflation could hit equity prices.</p><p><blockquote>尽管标普500在连续四个月上涨后仍不到历史高点的1%，但投资者担心通胀上升是否会打击股价。</blockquote></p><p>\"We have supply chain issues, delays, price increases, pricing pressures in general, we have got employers saying they have got difficulty sourcing labor,\" said Kristina Hooper, chief global market strategist at <a href=\"https://laohu8.com/S/IVZ\">Invesco</a> in <a href=\"https://laohu8.com/S/NWY\">New York</a>.</p><p><blockquote>首席全球市场策略师克里斯蒂娜·胡珀(Kristina Hooper)表示：“我们面临供应链问题、延误、价格上涨、总体定价压力，雇主表示他们很难找到劳动力。”<a href=\"https://laohu8.com/S/IVZ\">景顺</a>在<a href=\"https://laohu8.com/S/NWY\">纽约</a>.</blockquote></p><p>\"So this is a microcosm of what we are already hearing about and seeing in the overall economy and it's just a reminder that inflation remains a concern.\"</p><p><blockquote>“因此，这是我们在整体经济中已经听到和看到的情况的一个缩影，它只是提醒人们通货膨胀仍然是一个问题。”</blockquote></p><p>A Wall St. sign is seen near the <a href=\"https://laohu8.com/S/NYRT\">New York</a> Stock Exchange (NYSE) in <a href=\"https://laohu8.com/S/NGD\">New</a> York <a href=\"https://laohu8.com/S/CHCO\">City</a>, U.S., May 4, 2021. REUTERS/Brendan McDermid/File Photo</p><p><blockquote>附近可以看到华尔街的标志<a href=\"https://laohu8.com/S/NYRT\">纽约</a>纽约证券交易所<a href=\"https://laohu8.com/S/NGD\">新的</a>约克<a href=\"https://laohu8.com/S/CHCO\">城市</a>，美国，2021年5月4日。路透社/Brendan McDermid/资料照片</blockquote></p><p>Stock markets on Friday brushed off a surge inkey inflation readingsfor April following reassurances from Federal Reserve officials that the central bank’s ultra-loose monetary policy would remain in place.</p><p><blockquote>在美联储官员保证央行超宽松货币政策将继续实施后，周五股市没有出现四月份关键通胀数据的飙升。</blockquote></p><p>Minneapolis Federal Reserve Bank President Neel Kashkari and Fed Vice Chair for supervision Randal Quarles on Tuesday reiterated the view that higher prices would be transitory.</p><p><blockquote>明尼阿波利斯联邦储备银行行长尼尔·卡什卡利和美联储负责监管的副主席兰德尔·夸尔斯周二重申了价格上涨将是暂时的观点。</blockquote></p><p>This week's focus will be on a raft of economic data, culminating with U.S. payrolls due on Friday.</p><p><blockquote>本周的焦点将是大量经济数据，最终将于周五公布的美国就业数据。</blockquote></p><p>Abbott Labs shares fell 9.3% after the company cut itsfull-year 2021 profit forecast, citing expectations for a sharp decline in revenue from its COVID-19 tests as more Americans get vaccinated. Shares of other test makers also fell.</p><p><blockquote>雅培实验室(Abbott Labs)下调2021年全年利润预期，理由是随着越来越多的美国人接种疫苗，预计其COVID-19检测收入将大幅下降，该公司股价下跌9.3%。其他测试制造商的股价也下跌。</blockquote></p><p>Cloudera Inc(CLDR.N)shares jumped 23.9% after private equity firms KKR &amp; Co(KKR.N)and Clayton Dubilier &amp; Rice LLCagreed to take the data analytics firm private.</p><p><blockquote>Cloudera Inc(CLDR.N)在私募股权公司KKR&amp;Co(KKR)之后，股价上涨23.9%。N)和Clayton Dubilier&amp;Rice LLCA同意将这家数据分析公司私有化。</blockquote></p><p>A group of“meme stocks” extended gainsfrom the previous week, with shares of <a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings Inc(AMC.N)up 22.7% after the movie theater chain said it sold $230 million of its stock.</p><p><blockquote>一批“模因股”延续了前一周的涨幅，其中<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>控股公司(AMC.N)上涨22.7%，此前这家连锁电影院表示出售了价值2.3亿美元的股票。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 2.54-to-1 ratio; on <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>, a 1.79-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为2.54比1；在<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>1.79比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 73 new 52-week highs and no new lows; the Nasdaq Composite recorded 168 new highs and 25 new lows.</p><p><blockquote>标普500创下73个52周新高，无新低；纳斯达克综合指数录得168个新高和25个新低。</blockquote></p><p>About 10.7 billion shares changed hands in U.S. exchanges, compared with the 10.5 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有107亿股易手，而过去20个交易日的日均交易量为105亿股。</blockquote></p><p><b>Here are company's financial statements：</b></p><p><blockquote><b>以下是公司的财务报表：</b></blockquote></p><p><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom reports blowout earnings but warns of a coming slowdown</b></a></p><p><blockquote><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom报告盈利井喷，但警告即将放缓</b></a></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>S&P 500 dips, as healthcare weighs; Dow ends higher<blockquote>随着医疗保健的压力，标普500下跌；道指收高</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; 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color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nS&P 500 dips, as healthcare weighs; Dow ends higher<blockquote>随着医疗保健的压力，标普500下跌；道指收高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-06-02 07:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The S&amp;P 500(.SPX)dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.</p><p><blockquote>标普500(.SPX)周二下跌，医疗保健和科技股的下跌被能源和金融股的上涨所抵消，投资者权衡最新的美国经济数据是否有反弹和通胀上升的迹象。</blockquote></p><p>The S&amp;P 500 financial sector(.SPSY)hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector(.SPNY)3.9%, its biggest <a href=\"https://laohu8.com/S/AONE\">one</a>-day gain in nearly four months. The heavyweight tech sector(.SPLRCT)fell while the healthcare sector(.SPXHC)was dragged down by a weak profit forecast from <a href=\"https://laohu8.com/S/ABT\">Abbott Laboratories</a>(ABT.N).</p><p><blockquote>标普500金融板块(.SPSY)创历史新高，而燃料需求预期增长提振油价，并帮助提振能源板块(.SPNY)上涨3.9%，为最大<a href=\"https://laohu8.com/S/AONE\">一</a>-近四个月来的日涨幅。重量级科技板块(.SPLRCT)下跌，而医疗保健板块(.SPXHC)则受到来自<a href=\"https://laohu8.com/S/ABT\">雅培实验室</a>（N部）。</blockquote></p><p>Data showed U.S.manufacturing activity pickedup in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.</p><p><blockquote>数据显示，由于经济重新开放中被压抑的需求提振了订单，美国5月份制造业活动有所回升。但由于原材料和劳动力短缺，未完成的工作堆积起来。</blockquote></p><p>\"People came back from a holiday weekend convinced that the economy is recovering nicely and that any inflation that we might be seeing in labor and other costs is temporary,\" Peter Tuz, president of <a href=\"https://laohu8.com/S/CCF\">Chase</a> Investment Counsel in Charlottesville, Virginia.</p><p><blockquote>“人们从假期周末回来后确信经济正在良好复苏，我们可能在劳动力和其他成本方面看到的任何通胀都是暂时的，”<a href=\"https://laohu8.com/S/CCF\">追逐</a>弗吉尼亚州夏洛茨维尔的投资顾问。</blockquote></p><p>The Dow Jones Industrial Average(.DJI)rose 45.86 points, or 0.13%, to 34,575.31; the S&amp;P 500(.SPX)lost 2.07 points, or 0.05%, at 4,202.04; and the <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a> Composite(.IXIC)dropped 12.26 points, or 0.09%, to 13,736.48.</p><p><blockquote>道琼工业指数(.DJI)涨45.86点，或0.13%，报34,575.31；标普500(.SPX)下跌2.07点，或0.05%，报4,202.04点；和<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>综合指数(.IXIC)下跌12.26点，或0.09%，至13,736.48点。</blockquote></p><p>Along with sharp gains for financials and energy, the small-cap Russell 2000(.RUT)rose 1.1% on Tuesday, underscoring strength for segments of the stock market expected to do particularly well in an expanding economy.</p><p><blockquote>随着金融和能源股的大幅上涨，小盘股罗素2000指数(.RUT)周二上涨1.1%，突显了预计在经济扩张中表现尤其出色的股市板块的强势。</blockquote></p><p>While the S&amp;P 500 remains less than 1% of its record high after four straight months of gains, investors are worried about whether rising inflation could hit equity prices.</p><p><blockquote>尽管标普500在连续四个月上涨后仍不到历史高点的1%，但投资者担心通胀上升是否会打击股价。</blockquote></p><p>\"We have supply chain issues, delays, price increases, pricing pressures in general, we have got employers saying they have got difficulty sourcing labor,\" said Kristina Hooper, chief global market strategist at <a href=\"https://laohu8.com/S/IVZ\">Invesco</a> in <a href=\"https://laohu8.com/S/NWY\">New York</a>.</p><p><blockquote>首席全球市场策略师克里斯蒂娜·胡珀(Kristina Hooper)表示：“我们面临供应链问题、延误、价格上涨、总体定价压力，雇主表示他们很难找到劳动力。”<a href=\"https://laohu8.com/S/IVZ\">景顺</a>在<a href=\"https://laohu8.com/S/NWY\">纽约</a>.</blockquote></p><p>\"So this is a microcosm of what we are already hearing about and seeing in the overall economy and it's just a reminder that inflation remains a concern.\"</p><p><blockquote>“因此，这是我们在整体经济中已经听到和看到的情况的一个缩影，它只是提醒人们通货膨胀仍然是一个问题。”</blockquote></p><p>A Wall St. sign is seen near the <a href=\"https://laohu8.com/S/NYRT\">New York</a> Stock Exchange (NYSE) in <a href=\"https://laohu8.com/S/NGD\">New</a> York <a href=\"https://laohu8.com/S/CHCO\">City</a>, U.S., May 4, 2021. REUTERS/Brendan McDermid/File Photo</p><p><blockquote>附近可以看到华尔街的标志<a href=\"https://laohu8.com/S/NYRT\">纽约</a>纽约证券交易所<a href=\"https://laohu8.com/S/NGD\">新的</a>约克<a href=\"https://laohu8.com/S/CHCO\">城市</a>，美国，2021年5月4日。路透社/Brendan McDermid/资料照片</blockquote></p><p>Stock markets on Friday brushed off a surge inkey inflation readingsfor April following reassurances from Federal Reserve officials that the central bank’s ultra-loose monetary policy would remain in place.</p><p><blockquote>在美联储官员保证央行超宽松货币政策将继续实施后，周五股市没有出现四月份关键通胀数据的飙升。</blockquote></p><p>Minneapolis Federal Reserve Bank President Neel Kashkari and Fed Vice Chair for supervision Randal Quarles on Tuesday reiterated the view that higher prices would be transitory.</p><p><blockquote>明尼阿波利斯联邦储备银行行长尼尔·卡什卡利和美联储负责监管的副主席兰德尔·夸尔斯周二重申了价格上涨将是暂时的观点。</blockquote></p><p>This week's focus will be on a raft of economic data, culminating with U.S. payrolls due on Friday.</p><p><blockquote>本周的焦点将是大量经济数据，最终将于周五公布的美国就业数据。</blockquote></p><p>Abbott Labs shares fell 9.3% after the company cut itsfull-year 2021 profit forecast, citing expectations for a sharp decline in revenue from its COVID-19 tests as more Americans get vaccinated. Shares of other test makers also fell.</p><p><blockquote>雅培实验室(Abbott Labs)下调2021年全年利润预期，理由是随着越来越多的美国人接种疫苗，预计其COVID-19检测收入将大幅下降，该公司股价下跌9.3%。其他测试制造商的股价也下跌。</blockquote></p><p>Cloudera Inc(CLDR.N)shares jumped 23.9% after private equity firms KKR &amp; Co(KKR.N)and Clayton Dubilier &amp; Rice LLCagreed to take the data analytics firm private.</p><p><blockquote>Cloudera Inc(CLDR.N)在私募股权公司KKR&amp;Co(KKR)之后，股价上涨23.9%。N)和Clayton Dubilier&amp;Rice LLCA同意将这家数据分析公司私有化。</blockquote></p><p>A group of“meme stocks” extended gainsfrom the previous week, with shares of <a href=\"https://laohu8.com/S/AMC\">AMC Entertainment</a> Holdings Inc(AMC.N)up 22.7% after the movie theater chain said it sold $230 million of its stock.</p><p><blockquote>一批“模因股”延续了前一周的涨幅，其中<a href=\"https://laohu8.com/S/AMC\">AMC院线</a>控股公司(AMC.N)上涨22.7%，此前这家连锁电影院表示出售了价值2.3亿美元的股票。</blockquote></p><p>Advancing issues outnumbered decliners on the NYSE by a 2.54-to-1 ratio; on <a href=\"https://laohu8.com/S/NDAQ\">Nasdaq</a>, a 1.79-to-1 ratio favored advancers.</p><p><blockquote>纽约证券交易所上涨股与下跌股的比例为2.54比1；在<a href=\"https://laohu8.com/S/NDAQ\">纳斯达克</a>1.79比1的比率有利于上涨者。</blockquote></p><p>The S&amp;P 500 posted 73 new 52-week highs and no new lows; the Nasdaq Composite recorded 168 new highs and 25 new lows.</p><p><blockquote>标普500创下73个52周新高，无新低；纳斯达克综合指数录得168个新高和25个新低。</blockquote></p><p>About 10.7 billion shares changed hands in U.S. exchanges, compared with the 10.5 billion daily average over the last 20 sessions.</p><p><blockquote>美国交易所约有107亿股易手，而过去20个交易日的日均交易量为105亿股。</blockquote></p><p><b>Here are company's financial statements：</b></p><p><blockquote><b>以下是公司的财务报表：</b></blockquote></p><p><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom reports blowout earnings but warns of a coming slowdown</b></a></p><p><blockquote><a href=\"https://laohu8.com/NW/1184181912\" target=\"_blank\"><b>Zoom报告盈利井喷，但警告即将放缓</b></a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.reuters.com/business/sp-500-dips-healthcare-weighs-dow-ends-higher-2021-06-01/\">Reuters</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"161125":"标普500","513500":"标普500ETF博时","SH":"做空标普500-Proshares","IVV":"标普500ETF-iShares","OEX":"标普100","UPRO":"三倍做多标普500ETF-ProShares",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SSO":"2倍做多标普500ETF-ProShares","SDS":"两倍做空标普500 ETF-ProShares","OEF":"标普100指数ETF-iShares","SPXU":"三倍做空标普500ETF-ProShares","SPY":"标普500ETF"},"source_url":"https://www.reuters.com/business/sp-500-dips-healthcare-weighs-dow-ends-higher-2021-06-01/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106176005","content_text":"The S&P 500(.SPX)dipped on Tuesday, with declines in healthcare and tech shares countered by energy and financial gains, as investors weighed the latest U.S. economic data for signs of a rebound and rising inflation.The S&P 500 financial sector(.SPSY)hit a record high, while expected growth in fuel demand boosted oil prices and helped lift the energy sector(.SPNY)3.9%, its biggest one-day gain in nearly four months. The heavyweight tech sector(.SPLRCT)fell while the healthcare sector(.SPXHC)was dragged down by a weak profit forecast from Abbott Laboratories(ABT.N).Data showed U.S.manufacturing activity pickedup in May as pent-up demand in a reopening economy boosted orders. But unfinished work piled up because of shortages of raw materials and labor.\"People came back from a holiday weekend convinced that the economy is recovering nicely and that any inflation that we might be seeing in labor and other costs is temporary,\" Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.The Dow Jones Industrial Average(.DJI)rose 45.86 points, or 0.13%, to 34,575.31; the S&P 500(.SPX)lost 2.07 points, or 0.05%, at 4,202.04; and the Nasdaq Composite(.IXIC)dropped 12.26 points, or 0.09%, to 13,736.48.Along with sharp gains for financials and energy, the small-cap Russell 2000(.RUT)rose 1.1% on Tuesday, underscoring strength for segments of the stock market expected to do particularly well in an expanding economy.While the S&P 500 remains less than 1% of its record high after four straight months of gains, investors are worried about whether rising inflation could hit equity prices.\"We have supply chain issues, delays, price increases, pricing pressures in general, we have got employers saying they have got difficulty sourcing labor,\" said Kristina Hooper, chief global market strategist at Invesco in New York.\"So this is a microcosm of what we are already hearing about and seeing in the overall economy and it's just a reminder that inflation remains a concern.\"A Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid/File PhotoStock markets on Friday brushed off a surge inkey inflation readingsfor April following reassurances from Federal Reserve officials that the central bank’s ultra-loose monetary policy would remain in place.Minneapolis Federal Reserve Bank President Neel Kashkari and Fed Vice Chair for supervision Randal Quarles on Tuesday reiterated the view that higher prices would be transitory.This week's focus will be on a raft of economic data, culminating with U.S. payrolls due on Friday.Abbott Labs shares fell 9.3% after the company cut itsfull-year 2021 profit forecast, citing expectations for a sharp decline in revenue from its COVID-19 tests as more Americans get vaccinated. Shares of other test makers also fell.Cloudera Inc(CLDR.N)shares jumped 23.9% after private equity firms KKR & Co(KKR.N)and Clayton Dubilier & Rice LLCagreed to take the data analytics firm private.A group of“meme stocks” extended gainsfrom the previous week, with shares of AMC Entertainment Holdings Inc(AMC.N)up 22.7% after the movie theater chain said it sold $230 million of its stock.Advancing issues outnumbered decliners on the NYSE by a 2.54-to-1 ratio; on Nasdaq, a 1.79-to-1 ratio favored advancers.The S&P 500 posted 73 new 52-week highs and no new lows; the Nasdaq Composite recorded 168 new highs and 25 new lows.About 10.7 billion shares changed hands in U.S. exchanges, compared with the 10.5 billion daily average over the last 20 sessions.Here are company's financial statements：Zoom reports blowout earnings but warns of a coming 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and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/137419090","repostId":"1188611521","repostType":4,"isVote":1,"tweetType":1,"viewCount":1987,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134925795,"gmtCreate":1622202473317,"gmtModify":1634182905499,"author":{"id":"3581939097294287","authorId":"3581939097294287","name":"Elixior","avatar":"https://static.tigerbbs.com/609795b5630b6ebfadf0a921e4cecac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939097294287","idStr":"3581939097294287"},"themes":[],"htmlText":"Solid","listText":"Solid","text":"Solid","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/134925795","isVote":1,"tweetType":1,"viewCount":803,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134925435,"gmtCreate":1622202455027,"gmtModify":1634182905620,"author":{"id":"3581939097294287","authorId":"3581939097294287","name":"Elixior","avatar":"https://static.tigerbbs.com/609795b5630b6ebfadf0a921e4cecac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939097294287","idStr":"3581939097294287"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/134925435","repostId":"1136464317","repostType":4,"repost":{"id":"1136464317","kind":"news","pubTimestamp":1622202260,"share":"https://www.laohu8.com/m/news/1136464317?lang=zh_CN&edition=full","pubTime":"2021-05-28 19:44","market":"us","language":"en","title":"Half a Trillion Dollars Is Sitting at the Fed Earning Nothing<blockquote>美联储坐拥5万亿美元却一无所获</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136464317","media":"Bloomberg","summary":"(Bloomberg) -- There’s so much spare cash sloshing around U.S. funding markets that investors are ch","content":"<p>(Bloomberg) -- There’s so much spare cash sloshing around U.S. funding markets that investors are choosing to park almost half a trillion dollars at the central bank -- earning absolutely nothing.</p><p><blockquote>（彭博社）——美国金融市场上有如此多的闲钱，以至于投资者选择将近5000亿美元存入央行——却一无所获。</blockquote></p><p>Usage of the Federal Reserve’s reverse repo facility -- a mechanism that’s part of the central bank’s arsenal for helping to steer short-term interest rates -- surged on Thursday to an unprecedented $485.3 billion. And with the forces driving the dollar glut still some way from abating, that figure could climb further, adding fuel to an increasingly complex debate about what the Fed should do with its various tools to keep a rein on policy.</p><p><blockquote>美联储逆回购工具（该机制是美联储帮助引导短期利率的武器库的一部分）的使用量周四飙升至前所未有的4,853亿美元。由于推动美元过剩的力量仍有一段距离减弱，这一数字可能会进一步攀升，为关于美联储应该如何利用其各种工具来控制政策的日益复杂的辩论火上浇油。</blockquote></p><p>While the offering rate on the Fed reverse repo facility is 0%, there is a lack of alternative places to safely stash money for very short periods. On top of that, some of those -- like Treasury bills and market-based repurchase agreements -- have seen their rates fall at times to negative levels, meaning investors are essentially paying for the privilege of putting their money somewhere. Compared to that, 0% doesn’t seem so bad.</p><p><blockquote>虽然美联储逆回购工具的发行利率为0%，但缺乏其他地方可以在很短的时间内安全地存放资金。最重要的是，其中一些——例如国库券和基于市场的回购协议——的利率有时会降至负水平，这意味着投资者本质上是在为将资金投入到某个地方的特权付费。相比之下，0%似乎并没有那么糟糕。</blockquote></p><p>The RRP facility, as it’s commonly called, is “the only safety valve” for the pressure that’s been building up in money markets, according to Gennadiy Goldberg, a senior rates strategist at TD Securities in New York. “It’s really just holding back the flood of cash coming.”</p><p><blockquote>道明证券(TD Securities)驻纽约高级利率策略师根纳迪·戈德堡(Gennadiy Goldberg)表示，通常所说的RRP工具是应对货币市场压力的“唯一安全阀”。“这实际上只是阻止了大量现金的到来。”</blockquote></p><p>Taper Talk</p><p><blockquote>锥形谈话</blockquote></p><p>The massive buildup of dollars in the funding market is in part related to the Fed’s huge monthly bond-buying program, and is therefore providing fodder for the debate about just when and how quickly the Federal Reserve ought to begin dialing back its asset purchases. But the connection between the purchases and short-end dislocations is not straightforward. Many observers doubt that this as an issue that will substantially move the Fed’s position on tapering, and it is the prospects of sustained inflation and interest-rate hikes that are seen as the key drivers of that discussion.</p><p><blockquote>融资市场上美元的大量积累在一定程度上与美联储每月庞大的债券购买计划有关，因此为关于美联储应该何时以及以多快的速度开始缩减资产购买的辩论提供了素材。但购买和短端错位之间的联系并不简单。许多观察人士怀疑这一问题是否会大幅改变美联储缩减购债规模的立场，而持续通胀和加息的前景被视为这一讨论的关键驱动力。</blockquote></p><p>“I don’t think tapering is going to solve this,” said Subadra Rajappa, a strategist at Societe Generale SA. “Tapering is only going to add to the confusion. If they taper asset purchases, it’s going to roil global markets.”</p><p><blockquote>法国兴业银行（Societe Generale SA）策略师Subadra Rajappa表示：“我认为缩减规模不会解决这个问题。缩减规模只会加剧混乱。如果他们缩减资产购买规模，将会搅乱全球市场。”</blockquote></p><p>The enormous amount of fiscal stimulus being pumped into the economy is also playing a role in the glut, as is the need for the Treasury to curtail the amount of money it has on hand so it can meet a looming legal requirement on cash levels that is linked to the reinstatement of the federal debt ceiling.</p><p><blockquote>注入经济的巨额财政刺激也在供应过剩中发挥了作用，财政部需要削减手头的资金，以便满足迫在眉睫的现金水平法律要求。与恢复联邦债务上限有关。</blockquote></p><p>Nowhere to Go</p><p><blockquote>无处可去</blockquote></p><p>This drawdown in the Treasury general account is not only boosting the amount of cash reserves in the system in search of a home, but the speed at which it’s happening also means there are fewer instruments for short-end investors to buy. That’s because one of the easiest ways to reduce the cash balance is to not issue as many Treasury bills -- the government’s shortest-term instruments -- when the old ones mature.</p><p><blockquote>财政部普通账户的减少不仅增加了系统中寻找住房的现金储备数量，而且这种情况发生的速度也意味着可供短期投资者购买的工具减少。这是因为减少现金余额的最简单方法之一是在旧国库券到期时不要发行太多国库券（政府最短期的工具）。</blockquote></p><p>Simply putting the cash to work in a bank account is also not a ready solution, with regulatory constraints spurring some banks to turn away deposits, which instead flow toward money-market funds and feed the abundance.</p><p><blockquote>简单地将现金存入银行账户也不是一个现成的解决方案，监管限制促使一些银行拒绝存款，转而流向货币市场基金并养活富足的人。</blockquote></p><p>Usage of the Fed’s RRP facility has now exceeded levels typically only seen at key dates in the funding calendar -- even though the current period is not typically a major crunch point. The previous record volume of $474.6 billion took place on Dec. 31, 2015, while the next biggest day was also on the final day of a year. Month-and quarter-end periods have also been known to show some signs of stress, so it’s a distinct possibility that usage will climb again on Friday, the final trading day of this month, although many observers doubt that it will stop there. Results of the next operation are set to be published around 1:15 p.m. Friday afternoon New York time.</p><p><blockquote>美联储建议零售价工具的使用量现在已经超过了通常只有在融资日历中关键日期才能看到的水平——尽管当前时期通常不是主要的关键时刻。上一个4746亿美元的创纪录交易量发生在2015年12月31日，而下一个最大的一天也是在一年的最后一天。众所周知，月末和季度末也显示出一些压力迹象，因此使用量很可能会在本月最后一个交易日周五再次攀升，尽管许多观察家怀疑这种情况是否会就此停止。下一次手术的结果将于下午1点15分左右公布。纽约时间周五下午。</blockquote></p><p>Relieving Pressure</p><p><blockquote>释放压力</blockquote></p><p>Indeed, some argue that the facility is doing exactly what it’s supposed to, and that is why the Fed recently increased the amount of business that each organization can do with it, as well as the accessibility of it to new counterparties.</p><p><blockquote>事实上，一些人认为该设施正在做它应该做的事情，这就是为什么美联储最近增加了每个组织可以利用它做的业务量，以及新交易对手对它的访问。</blockquote></p><p>By providing a venue for funds, the Fed is relieving some of the downward pressure on front-end rates if everyone had to go into repo or T-bills. And that in turn enables them to keep their key benchmark, the effective fed funds rate, within its goalposts.</p><p><blockquote>通过为资金提供场所，如果每个人都必须购买回购或国库券，美联储正在缓解前端利率的一些下行压力。这反过来又使他们能够将关键基准（有效联邦基金利率）保持在目标范围内。</blockquote></p><p>That rate is currently hovering around 0.06%, in the lower end of the Fed’s zero to 0.25% target range, but still acceptable to officials. A decline in other market-based front-end rates could once again bring to the fore talk of changes to so-called administered rates, the different levels that the Fed sets for excess reserve holdings and the RRP facility. But so long as the front-end remains in check, the Fed also has the option of standing pat.</p><p><blockquote>该利率目前徘徊在0.06%左右，处于美联储零至0.25%目标区间的下限，但仍为官员所接受。其他基于市场的前端利率的下降可能会再次引发人们对所谓管理利率变化的讨论，即美联储为超额准备金持有和RRP工具设定的不同水平。但只要前端仍然受到控制，美联储也可以选择按兵不动。</blockquote></p><p></p><p>SocGen’s Rajappa doesn’t see a catalyst for them to shift IOER or RRP rates and said that even if the Fed did tweak them “there will still be demand for the reverse repo facility.”</p><p><blockquote>法国兴业银行的拉贾帕认为他们没有改变IOER或RRP利率的催化剂，并表示即使美联储确实调整了这些利率，“仍然会有对逆回购工具的需求”。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Half a Trillion Dollars Is Sitting at the Fed Earning Nothing<blockquote>美联储坐拥5万亿美元却一无所获</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHalf a Trillion Dollars Is Sitting at the Fed Earning Nothing<blockquote>美联储坐拥5万亿美元却一无所获</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-05-28 19:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- There’s so much spare cash sloshing around U.S. funding markets that investors are choosing to park almost half a trillion dollars at the central bank -- earning absolutely nothing.</p><p><blockquote>（彭博社）——美国金融市场上有如此多的闲钱，以至于投资者选择将近5000亿美元存入央行——却一无所获。</blockquote></p><p>Usage of the Federal Reserve’s reverse repo facility -- a mechanism that’s part of the central bank’s arsenal for helping to steer short-term interest rates -- surged on Thursday to an unprecedented $485.3 billion. And with the forces driving the dollar glut still some way from abating, that figure could climb further, adding fuel to an increasingly complex debate about what the Fed should do with its various tools to keep a rein on policy.</p><p><blockquote>美联储逆回购工具（该机制是美联储帮助引导短期利率的武器库的一部分）的使用量周四飙升至前所未有的4,853亿美元。由于推动美元过剩的力量仍有一段距离减弱，这一数字可能会进一步攀升，为关于美联储应该如何利用其各种工具来控制政策的日益复杂的辩论火上浇油。</blockquote></p><p>While the offering rate on the Fed reverse repo facility is 0%, there is a lack of alternative places to safely stash money for very short periods. On top of that, some of those -- like Treasury bills and market-based repurchase agreements -- have seen their rates fall at times to negative levels, meaning investors are essentially paying for the privilege of putting their money somewhere. Compared to that, 0% doesn’t seem so bad.</p><p><blockquote>虽然美联储逆回购工具的发行利率为0%，但缺乏其他地方可以在很短的时间内安全地存放资金。最重要的是，其中一些——例如国库券和基于市场的回购协议——的利率有时会降至负水平，这意味着投资者本质上是在为将资金投入到某个地方的特权付费。相比之下，0%似乎并没有那么糟糕。</blockquote></p><p>The RRP facility, as it’s commonly called, is “the only safety valve” for the pressure that’s been building up in money markets, according to Gennadiy Goldberg, a senior rates strategist at TD Securities in New York. “It’s really just holding back the flood of cash coming.”</p><p><blockquote>道明证券(TD Securities)驻纽约高级利率策略师根纳迪·戈德堡(Gennadiy Goldberg)表示，通常所说的RRP工具是应对货币市场压力的“唯一安全阀”。“这实际上只是阻止了大量现金的到来。”</blockquote></p><p>Taper Talk</p><p><blockquote>锥形谈话</blockquote></p><p>The massive buildup of dollars in the funding market is in part related to the Fed’s huge monthly bond-buying program, and is therefore providing fodder for the debate about just when and how quickly the Federal Reserve ought to begin dialing back its asset purchases. But the connection between the purchases and short-end dislocations is not straightforward. Many observers doubt that this as an issue that will substantially move the Fed’s position on tapering, and it is the prospects of sustained inflation and interest-rate hikes that are seen as the key drivers of that discussion.</p><p><blockquote>融资市场上美元的大量积累在一定程度上与美联储每月庞大的债券购买计划有关，因此为关于美联储应该何时以及以多快的速度开始缩减资产购买的辩论提供了素材。但购买和短端错位之间的联系并不简单。许多观察人士怀疑这一问题是否会大幅改变美联储缩减购债规模的立场，而持续通胀和加息的前景被视为这一讨论的关键驱动力。</blockquote></p><p>“I don’t think tapering is going to solve this,” said Subadra Rajappa, a strategist at Societe Generale SA. “Tapering is only going to add to the confusion. If they taper asset purchases, it’s going to roil global markets.”</p><p><blockquote>法国兴业银行（Societe Generale SA）策略师Subadra Rajappa表示：“我认为缩减规模不会解决这个问题。缩减规模只会加剧混乱。如果他们缩减资产购买规模，将会搅乱全球市场。”</blockquote></p><p>The enormous amount of fiscal stimulus being pumped into the economy is also playing a role in the glut, as is the need for the Treasury to curtail the amount of money it has on hand so it can meet a looming legal requirement on cash levels that is linked to the reinstatement of the federal debt ceiling.</p><p><blockquote>注入经济的巨额财政刺激也在供应过剩中发挥了作用，财政部需要削减手头的资金，以便满足迫在眉睫的现金水平法律要求。与恢复联邦债务上限有关。</blockquote></p><p>Nowhere to Go</p><p><blockquote>无处可去</blockquote></p><p>This drawdown in the Treasury general account is not only boosting the amount of cash reserves in the system in search of a home, but the speed at which it’s happening also means there are fewer instruments for short-end investors to buy. That’s because one of the easiest ways to reduce the cash balance is to not issue as many Treasury bills -- the government’s shortest-term instruments -- when the old ones mature.</p><p><blockquote>财政部普通账户的减少不仅增加了系统中寻找住房的现金储备数量，而且这种情况发生的速度也意味着可供短期投资者购买的工具减少。这是因为减少现金余额的最简单方法之一是在旧国库券到期时不要发行太多国库券（政府最短期的工具）。</blockquote></p><p>Simply putting the cash to work in a bank account is also not a ready solution, with regulatory constraints spurring some banks to turn away deposits, which instead flow toward money-market funds and feed the abundance.</p><p><blockquote>简单地将现金存入银行账户也不是一个现成的解决方案，监管限制促使一些银行拒绝存款，转而流向货币市场基金并养活富足的人。</blockquote></p><p>Usage of the Fed’s RRP facility has now exceeded levels typically only seen at key dates in the funding calendar -- even though the current period is not typically a major crunch point. The previous record volume of $474.6 billion took place on Dec. 31, 2015, while the next biggest day was also on the final day of a year. Month-and quarter-end periods have also been known to show some signs of stress, so it’s a distinct possibility that usage will climb again on Friday, the final trading day of this month, although many observers doubt that it will stop there. Results of the next operation are set to be published around 1:15 p.m. Friday afternoon New York time.</p><p><blockquote>美联储建议零售价工具的使用量现在已经超过了通常只有在融资日历中关键日期才能看到的水平——尽管当前时期通常不是主要的关键时刻。上一个4746亿美元的创纪录交易量发生在2015年12月31日，而下一个最大的一天也是在一年的最后一天。众所周知，月末和季度末也显示出一些压力迹象，因此使用量很可能会在本月最后一个交易日周五再次攀升，尽管许多观察家怀疑这种情况是否会就此停止。下一次手术的结果将于下午1点15分左右公布。纽约时间周五下午。</blockquote></p><p>Relieving Pressure</p><p><blockquote>释放压力</blockquote></p><p>Indeed, some argue that the facility is doing exactly what it’s supposed to, and that is why the Fed recently increased the amount of business that each organization can do with it, as well as the accessibility of it to new counterparties.</p><p><blockquote>事实上，一些人认为该设施正在做它应该做的事情，这就是为什么美联储最近增加了每个组织可以利用它做的业务量，以及新交易对手对它的访问。</blockquote></p><p>By providing a venue for funds, the Fed is relieving some of the downward pressure on front-end rates if everyone had to go into repo or T-bills. And that in turn enables them to keep their key benchmark, the effective fed funds rate, within its goalposts.</p><p><blockquote>通过为资金提供场所，如果每个人都必须购买回购或国库券，美联储正在缓解前端利率的一些下行压力。这反过来又使他们能够将关键基准（有效联邦基金利率）保持在目标范围内。</blockquote></p><p>That rate is currently hovering around 0.06%, in the lower end of the Fed’s zero to 0.25% target range, but still acceptable to officials. A decline in other market-based front-end rates could once again bring to the fore talk of changes to so-called administered rates, the different levels that the Fed sets for excess reserve holdings and the RRP facility. But so long as the front-end remains in check, the Fed also has the option of standing pat.</p><p><blockquote>该利率目前徘徊在0.06%左右，处于美联储零至0.25%目标区间的下限，但仍为官员所接受。其他基于市场的前端利率的下降可能会再次引发人们对所谓管理利率变化的讨论，即美联储为超额准备金持有和RRP工具设定的不同水平。但只要前端仍然受到控制，美联储也可以选择按兵不动。</blockquote></p><p></p><p>SocGen’s Rajappa doesn’t see a catalyst for them to shift IOER or RRP rates and said that even if the Fed did tweak them “there will still be demand for the reverse repo facility.”</p><p><blockquote>法国兴业银行的拉贾帕认为他们没有改变IOER或RRP利率的催化剂，并表示即使美联储确实调整了这些利率，“仍然会有对逆回购工具的需求”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/half-trillion-dollars-sitting-fed-213955871.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/half-trillion-dollars-sitting-fed-213955871.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136464317","content_text":"(Bloomberg) -- There’s so much spare cash sloshing around U.S. funding markets that investors are choosing to park almost half a trillion dollars at the central bank -- earning absolutely nothing.Usage of the Federal Reserve’s reverse repo facility -- a mechanism that’s part of the central bank’s arsenal for helping to steer short-term interest rates -- surged on Thursday to an unprecedented $485.3 billion. And with the forces driving the dollar glut still some way from abating, that figure could climb further, adding fuel to an increasingly complex debate about what the Fed should do with its various tools to keep a rein on policy.While the offering rate on the Fed reverse repo facility is 0%, there is a lack of alternative places to safely stash money for very short periods. On top of that, some of those -- like Treasury bills and market-based repurchase agreements -- have seen their rates fall at times to negative levels, meaning investors are essentially paying for the privilege of putting their money somewhere. Compared to that, 0% doesn’t seem so bad.The RRP facility, as it’s commonly called, is “the only safety valve” for the pressure that’s been building up in money markets, according to Gennadiy Goldberg, a senior rates strategist at TD Securities in New York. “It’s really just holding back the flood of cash coming.”Taper TalkThe massive buildup of dollars in the funding market is in part related to the Fed’s huge monthly bond-buying program, and is therefore providing fodder for the debate about just when and how quickly the Federal Reserve ought to begin dialing back its asset purchases. But the connection between the purchases and short-end dislocations is not straightforward. Many observers doubt that this as an issue that will substantially move the Fed’s position on tapering, and it is the prospects of sustained inflation and interest-rate hikes that are seen as the key drivers of that discussion.“I don’t think tapering is going to solve this,” said Subadra Rajappa, a strategist at Societe Generale SA. “Tapering is only going to add to the confusion. If they taper asset purchases, it’s going to roil global markets.”The enormous amount of fiscal stimulus being pumped into the economy is also playing a role in the glut, as is the need for the Treasury to curtail the amount of money it has on hand so it can meet a looming legal requirement on cash levels that is linked to the reinstatement of the federal debt ceiling.Nowhere to GoThis drawdown in the Treasury general account is not only boosting the amount of cash reserves in the system in search of a home, but the speed at which it’s happening also means there are fewer instruments for short-end investors to buy. That’s because one of the easiest ways to reduce the cash balance is to not issue as many Treasury bills -- the government’s shortest-term instruments -- when the old ones mature.Simply putting the cash to work in a bank account is also not a ready solution, with regulatory constraints spurring some banks to turn away deposits, which instead flow toward money-market funds and feed the abundance.Usage of the Fed’s RRP facility has now exceeded levels typically only seen at key dates in the funding calendar -- even though the current period is not typically a major crunch point. The previous record volume of $474.6 billion took place on Dec. 31, 2015, while the next biggest day was also on the final day of a year. Month-and quarter-end periods have also been known to show some signs of stress, so it’s a distinct possibility that usage will climb again on Friday, the final trading day of this month, although many observers doubt that it will stop there. Results of the next operation are set to be published around 1:15 p.m. Friday afternoon New York time.Relieving PressureIndeed, some argue that the facility is doing exactly what it’s supposed to, and that is why the Fed recently increased the amount of business that each organization can do with it, as well as the accessibility of it to new counterparties.By providing a venue for funds, the Fed is relieving some of the downward pressure on front-end rates if everyone had to go into repo or T-bills. And that in turn enables them to keep their key benchmark, the effective fed funds rate, within its goalposts.That rate is currently hovering around 0.06%, in the lower end of the Fed’s zero to 0.25% target range, but still acceptable to officials. A decline in other market-based front-end rates could once again bring to the fore talk of changes to so-called administered rates, the different levels that the Fed sets for excess reserve holdings and the RRP facility. But so long as the front-end remains in check, the Fed also has the option of standing pat.SocGen’s Rajappa doesn’t see a catalyst for them to shift IOER or RRP rates and said that even if the Fed did tweak them “there will still be demand for the reverse repo facility.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132663559,"gmtCreate":1622085601671,"gmtModify":1634183973482,"author":{"id":"3581939097294287","authorId":"3581939097294287","name":"Elixior","avatar":"https://static.tigerbbs.com/609795b5630b6ebfadf0a921e4cecac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939097294287","idStr":"3581939097294287"},"themes":[],"htmlText":"Like and comment plss","listText":"Like and comment plss","text":"Like and comment plss","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/132663559","repostId":"2138149518","repostType":4,"isVote":1,"tweetType":1,"viewCount":328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":132663327,"gmtCreate":1622085573069,"gmtModify":1634183973727,"author":{"id":"3581939097294287","authorId":"3581939097294287","name":"Elixior","avatar":"https://static.tigerbbs.com/609795b5630b6ebfadf0a921e4cecac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939097294287","idStr":"3581939097294287"},"themes":[],"htmlText":"Solid","listText":"Solid","text":"Solid","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/132663327","repostId":"2138149518","repostType":4,"isVote":1,"tweetType":1,"viewCount":674,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136289927,"gmtCreate":1622020176969,"gmtModify":1634184602772,"author":{"id":"3581939097294287","authorId":"3581939097294287","name":"Elixior","avatar":"https://static.tigerbbs.com/609795b5630b6ebfadf0a921e4cecac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581939097294287","idStr":"3581939097294287"},"themes":[],"htmlText":"Like and. 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pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/107184426","repostId":"1106882084","repostType":4,"isVote":1,"tweetType":1,"viewCount":652,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":134925435,"gmtCreate":1622202455027,"gmtModify":1634182905620,"author":{"id":"3581939097294287","authorId":"3581939097294287","name":"Elixior","avatar":"https://static.tigerbbs.com/609795b5630b6ebfadf0a921e4cecac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581939097294287","authorIdStr":"3581939097294287"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/134925435","repostId":"1136464317","repostType":4,"repost":{"id":"1136464317","kind":"news","pubTimestamp":1622202260,"share":"https://www.laohu8.com/m/news/1136464317?lang=zh_CN&edition=full","pubTime":"2021-05-28 19:44","market":"us","language":"en","title":"Half a Trillion Dollars Is Sitting at the Fed Earning Nothing<blockquote>美联储坐拥5万亿美元却一无所获</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1136464317","media":"Bloomberg","summary":"(Bloomberg) -- There’s so much spare cash sloshing around U.S. funding markets that investors are ch","content":"<p>(Bloomberg) -- There’s so much spare cash sloshing around U.S. funding markets that investors are choosing to park almost half a trillion dollars at the central bank -- earning absolutely nothing.</p><p><blockquote>（彭博社）——美国金融市场上有如此多的闲钱，以至于投资者选择将近5000亿美元存入央行——却一无所获。</blockquote></p><p>Usage of the Federal Reserve’s reverse repo facility -- a mechanism that’s part of the central bank’s arsenal for helping to steer short-term interest rates -- surged on Thursday to an unprecedented $485.3 billion. And with the forces driving the dollar glut still some way from abating, that figure could climb further, adding fuel to an increasingly complex debate about what the Fed should do with its various tools to keep a rein on policy.</p><p><blockquote>美联储逆回购工具（该机制是美联储帮助引导短期利率的武器库的一部分）的使用量周四飙升至前所未有的4,853亿美元。由于推动美元过剩的力量仍有一段距离减弱，这一数字可能会进一步攀升，为关于美联储应该如何利用其各种工具来控制政策的日益复杂的辩论火上浇油。</blockquote></p><p>While the offering rate on the Fed reverse repo facility is 0%, there is a lack of alternative places to safely stash money for very short periods. On top of that, some of those -- like Treasury bills and market-based repurchase agreements -- have seen their rates fall at times to negative levels, meaning investors are essentially paying for the privilege of putting their money somewhere. Compared to that, 0% doesn’t seem so bad.</p><p><blockquote>虽然美联储逆回购工具的发行利率为0%，但缺乏其他地方可以在很短的时间内安全地存放资金。最重要的是，其中一些——例如国库券和基于市场的回购协议——的利率有时会降至负水平，这意味着投资者本质上是在为将资金投入到某个地方的特权付费。相比之下，0%似乎并没有那么糟糕。</blockquote></p><p>The RRP facility, as it’s commonly called, is “the only safety valve” for the pressure that’s been building up in money markets, according to Gennadiy Goldberg, a senior rates strategist at TD Securities in New York. “It’s really just holding back the flood of cash coming.”</p><p><blockquote>道明证券(TD Securities)驻纽约高级利率策略师根纳迪·戈德堡(Gennadiy Goldberg)表示，通常所说的RRP工具是应对货币市场压力的“唯一安全阀”。“这实际上只是阻止了大量现金的到来。”</blockquote></p><p>Taper Talk</p><p><blockquote>锥形谈话</blockquote></p><p>The massive buildup of dollars in the funding market is in part related to the Fed’s huge monthly bond-buying program, and is therefore providing fodder for the debate about just when and how quickly the Federal Reserve ought to begin dialing back its asset purchases. But the connection between the purchases and short-end dislocations is not straightforward. Many observers doubt that this as an issue that will substantially move the Fed’s position on tapering, and it is the prospects of sustained inflation and interest-rate hikes that are seen as the key drivers of that discussion.</p><p><blockquote>融资市场上美元的大量积累在一定程度上与美联储每月庞大的债券购买计划有关，因此为关于美联储应该何时以及以多快的速度开始缩减资产购买的辩论提供了素材。但购买和短端错位之间的联系并不简单。许多观察人士怀疑这一问题是否会大幅改变美联储缩减购债规模的立场，而持续通胀和加息的前景被视为这一讨论的关键驱动力。</blockquote></p><p>“I don’t think tapering is going to solve this,” said Subadra Rajappa, a strategist at Societe Generale SA. “Tapering is only going to add to the confusion. If they taper asset purchases, it’s going to roil global markets.”</p><p><blockquote>法国兴业银行（Societe Generale SA）策略师Subadra Rajappa表示：“我认为缩减规模不会解决这个问题。缩减规模只会加剧混乱。如果他们缩减资产购买规模，将会搅乱全球市场。”</blockquote></p><p>The enormous amount of fiscal stimulus being pumped into the economy is also playing a role in the glut, as is the need for the Treasury to curtail the amount of money it has on hand so it can meet a looming legal requirement on cash levels that is linked to the reinstatement of the federal debt ceiling.</p><p><blockquote>注入经济的巨额财政刺激也在供应过剩中发挥了作用，财政部需要削减手头的资金，以便满足迫在眉睫的现金水平法律要求。与恢复联邦债务上限有关。</blockquote></p><p>Nowhere to Go</p><p><blockquote>无处可去</blockquote></p><p>This drawdown in the Treasury general account is not only boosting the amount of cash reserves in the system in search of a home, but the speed at which it’s happening also means there are fewer instruments for short-end investors to buy. That’s because one of the easiest ways to reduce the cash balance is to not issue as many Treasury bills -- the government’s shortest-term instruments -- when the old ones mature.</p><p><blockquote>财政部普通账户的减少不仅增加了系统中寻找住房的现金储备数量，而且这种情况发生的速度也意味着可供短期投资者购买的工具减少。这是因为减少现金余额的最简单方法之一是在旧国库券到期时不要发行太多国库券（政府最短期的工具）。</blockquote></p><p>Simply putting the cash to work in a bank account is also not a ready solution, with regulatory constraints spurring some banks to turn away deposits, which instead flow toward money-market funds and feed the abundance.</p><p><blockquote>简单地将现金存入银行账户也不是一个现成的解决方案，监管限制促使一些银行拒绝存款，转而流向货币市场基金并养活富足的人。</blockquote></p><p>Usage of the Fed’s RRP facility has now exceeded levels typically only seen at key dates in the funding calendar -- even though the current period is not typically a major crunch point. The previous record volume of $474.6 billion took place on Dec. 31, 2015, while the next biggest day was also on the final day of a year. Month-and quarter-end periods have also been known to show some signs of stress, so it’s a distinct possibility that usage will climb again on Friday, the final trading day of this month, although many observers doubt that it will stop there. Results of the next operation are set to be published around 1:15 p.m. Friday afternoon New York time.</p><p><blockquote>美联储建议零售价工具的使用量现在已经超过了通常只有在融资日历中关键日期才能看到的水平——尽管当前时期通常不是主要的关键时刻。上一个4746亿美元的创纪录交易量发生在2015年12月31日，而下一个最大的一天也是在一年的最后一天。众所周知，月末和季度末也显示出一些压力迹象，因此使用量很可能会在本月最后一个交易日周五再次攀升，尽管许多观察家怀疑这种情况是否会就此停止。下一次手术的结果将于下午1点15分左右公布。纽约时间周五下午。</blockquote></p><p>Relieving Pressure</p><p><blockquote>释放压力</blockquote></p><p>Indeed, some argue that the facility is doing exactly what it’s supposed to, and that is why the Fed recently increased the amount of business that each organization can do with it, as well as the accessibility of it to new counterparties.</p><p><blockquote>事实上，一些人认为该设施正在做它应该做的事情，这就是为什么美联储最近增加了每个组织可以利用它做的业务量，以及新交易对手对它的访问。</blockquote></p><p>By providing a venue for funds, the Fed is relieving some of the downward pressure on front-end rates if everyone had to go into repo or T-bills. And that in turn enables them to keep their key benchmark, the effective fed funds rate, within its goalposts.</p><p><blockquote>通过为资金提供场所，如果每个人都必须购买回购或国库券，美联储正在缓解前端利率的一些下行压力。这反过来又使他们能够将关键基准（有效联邦基金利率）保持在目标范围内。</blockquote></p><p>That rate is currently hovering around 0.06%, in the lower end of the Fed’s zero to 0.25% target range, but still acceptable to officials. A decline in other market-based front-end rates could once again bring to the fore talk of changes to so-called administered rates, the different levels that the Fed sets for excess reserve holdings and the RRP facility. But so long as the front-end remains in check, the Fed also has the option of standing pat.</p><p><blockquote>该利率目前徘徊在0.06%左右，处于美联储零至0.25%目标区间的下限，但仍为官员所接受。其他基于市场的前端利率的下降可能会再次引发人们对所谓管理利率变化的讨论，即美联储为超额准备金持有和RRP工具设定的不同水平。但只要前端仍然受到控制，美联储也可以选择按兵不动。</blockquote></p><p></p><p>SocGen’s Rajappa doesn’t see a catalyst for them to shift IOER or RRP rates and said that even if the Fed did tweak them “there will still be demand for the reverse repo facility.”</p><p><blockquote>法国兴业银行的拉贾帕认为他们没有改变IOER或RRP利率的催化剂，并表示即使美联储确实调整了这些利率，“仍然会有对逆回购工具的需求”。</blockquote></p><p></p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Half a Trillion Dollars Is Sitting at the Fed Earning Nothing<blockquote>美联储坐拥5万亿美元却一无所获</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHalf a Trillion Dollars Is Sitting at the Fed Earning Nothing<blockquote>美联储坐拥5万亿美元却一无所获</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-05-28 19:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- There’s so much spare cash sloshing around U.S. funding markets that investors are choosing to park almost half a trillion dollars at the central bank -- earning absolutely nothing.</p><p><blockquote>（彭博社）——美国金融市场上有如此多的闲钱，以至于投资者选择将近5000亿美元存入央行——却一无所获。</blockquote></p><p>Usage of the Federal Reserve’s reverse repo facility -- a mechanism that’s part of the central bank’s arsenal for helping to steer short-term interest rates -- surged on Thursday to an unprecedented $485.3 billion. And with the forces driving the dollar glut still some way from abating, that figure could climb further, adding fuel to an increasingly complex debate about what the Fed should do with its various tools to keep a rein on policy.</p><p><blockquote>美联储逆回购工具（该机制是美联储帮助引导短期利率的武器库的一部分）的使用量周四飙升至前所未有的4,853亿美元。由于推动美元过剩的力量仍有一段距离减弱，这一数字可能会进一步攀升，为关于美联储应该如何利用其各种工具来控制政策的日益复杂的辩论火上浇油。</blockquote></p><p>While the offering rate on the Fed reverse repo facility is 0%, there is a lack of alternative places to safely stash money for very short periods. On top of that, some of those -- like Treasury bills and market-based repurchase agreements -- have seen their rates fall at times to negative levels, meaning investors are essentially paying for the privilege of putting their money somewhere. Compared to that, 0% doesn’t seem so bad.</p><p><blockquote>虽然美联储逆回购工具的发行利率为0%，但缺乏其他地方可以在很短的时间内安全地存放资金。最重要的是，其中一些——例如国库券和基于市场的回购协议——的利率有时会降至负水平，这意味着投资者本质上是在为将资金投入到某个地方的特权付费。相比之下，0%似乎并没有那么糟糕。</blockquote></p><p>The RRP facility, as it’s commonly called, is “the only safety valve” for the pressure that’s been building up in money markets, according to Gennadiy Goldberg, a senior rates strategist at TD Securities in New York. “It’s really just holding back the flood of cash coming.”</p><p><blockquote>道明证券(TD Securities)驻纽约高级利率策略师根纳迪·戈德堡(Gennadiy Goldberg)表示，通常所说的RRP工具是应对货币市场压力的“唯一安全阀”。“这实际上只是阻止了大量现金的到来。”</blockquote></p><p>Taper Talk</p><p><blockquote>锥形谈话</blockquote></p><p>The massive buildup of dollars in the funding market is in part related to the Fed’s huge monthly bond-buying program, and is therefore providing fodder for the debate about just when and how quickly the Federal Reserve ought to begin dialing back its asset purchases. But the connection between the purchases and short-end dislocations is not straightforward. Many observers doubt that this as an issue that will substantially move the Fed’s position on tapering, and it is the prospects of sustained inflation and interest-rate hikes that are seen as the key drivers of that discussion.</p><p><blockquote>融资市场上美元的大量积累在一定程度上与美联储每月庞大的债券购买计划有关，因此为关于美联储应该何时以及以多快的速度开始缩减资产购买的辩论提供了素材。但购买和短端错位之间的联系并不简单。许多观察人士怀疑这一问题是否会大幅改变美联储缩减购债规模的立场，而持续通胀和加息的前景被视为这一讨论的关键驱动力。</blockquote></p><p>“I don’t think tapering is going to solve this,” said Subadra Rajappa, a strategist at Societe Generale SA. “Tapering is only going to add to the confusion. If they taper asset purchases, it’s going to roil global markets.”</p><p><blockquote>法国兴业银行（Societe Generale SA）策略师Subadra Rajappa表示：“我认为缩减规模不会解决这个问题。缩减规模只会加剧混乱。如果他们缩减资产购买规模，将会搅乱全球市场。”</blockquote></p><p>The enormous amount of fiscal stimulus being pumped into the economy is also playing a role in the glut, as is the need for the Treasury to curtail the amount of money it has on hand so it can meet a looming legal requirement on cash levels that is linked to the reinstatement of the federal debt ceiling.</p><p><blockquote>注入经济的巨额财政刺激也在供应过剩中发挥了作用，财政部需要削减手头的资金，以便满足迫在眉睫的现金水平法律要求。与恢复联邦债务上限有关。</blockquote></p><p>Nowhere to Go</p><p><blockquote>无处可去</blockquote></p><p>This drawdown in the Treasury general account is not only boosting the amount of cash reserves in the system in search of a home, but the speed at which it’s happening also means there are fewer instruments for short-end investors to buy. That’s because one of the easiest ways to reduce the cash balance is to not issue as many Treasury bills -- the government’s shortest-term instruments -- when the old ones mature.</p><p><blockquote>财政部普通账户的减少不仅增加了系统中寻找住房的现金储备数量，而且这种情况发生的速度也意味着可供短期投资者购买的工具减少。这是因为减少现金余额的最简单方法之一是在旧国库券到期时不要发行太多国库券（政府最短期的工具）。</blockquote></p><p>Simply putting the cash to work in a bank account is also not a ready solution, with regulatory constraints spurring some banks to turn away deposits, which instead flow toward money-market funds and feed the abundance.</p><p><blockquote>简单地将现金存入银行账户也不是一个现成的解决方案，监管限制促使一些银行拒绝存款，转而流向货币市场基金并养活富足的人。</blockquote></p><p>Usage of the Fed’s RRP facility has now exceeded levels typically only seen at key dates in the funding calendar -- even though the current period is not typically a major crunch point. The previous record volume of $474.6 billion took place on Dec. 31, 2015, while the next biggest day was also on the final day of a year. Month-and quarter-end periods have also been known to show some signs of stress, so it’s a distinct possibility that usage will climb again on Friday, the final trading day of this month, although many observers doubt that it will stop there. Results of the next operation are set to be published around 1:15 p.m. Friday afternoon New York time.</p><p><blockquote>美联储建议零售价工具的使用量现在已经超过了通常只有在融资日历中关键日期才能看到的水平——尽管当前时期通常不是主要的关键时刻。上一个4746亿美元的创纪录交易量发生在2015年12月31日，而下一个最大的一天也是在一年的最后一天。众所周知，月末和季度末也显示出一些压力迹象，因此使用量很可能会在本月最后一个交易日周五再次攀升，尽管许多观察家怀疑这种情况是否会就此停止。下一次手术的结果将于下午1点15分左右公布。纽约时间周五下午。</blockquote></p><p>Relieving Pressure</p><p><blockquote>释放压力</blockquote></p><p>Indeed, some argue that the facility is doing exactly what it’s supposed to, and that is why the Fed recently increased the amount of business that each organization can do with it, as well as the accessibility of it to new counterparties.</p><p><blockquote>事实上，一些人认为该设施正在做它应该做的事情，这就是为什么美联储最近增加了每个组织可以利用它做的业务量，以及新交易对手对它的访问。</blockquote></p><p>By providing a venue for funds, the Fed is relieving some of the downward pressure on front-end rates if everyone had to go into repo or T-bills. And that in turn enables them to keep their key benchmark, the effective fed funds rate, within its goalposts.</p><p><blockquote>通过为资金提供场所，如果每个人都必须购买回购或国库券，美联储正在缓解前端利率的一些下行压力。这反过来又使他们能够将关键基准（有效联邦基金利率）保持在目标范围内。</blockquote></p><p>That rate is currently hovering around 0.06%, in the lower end of the Fed’s zero to 0.25% target range, but still acceptable to officials. A decline in other market-based front-end rates could once again bring to the fore talk of changes to so-called administered rates, the different levels that the Fed sets for excess reserve holdings and the RRP facility. But so long as the front-end remains in check, the Fed also has the option of standing pat.</p><p><blockquote>该利率目前徘徊在0.06%左右，处于美联储零至0.25%目标区间的下限，但仍为官员所接受。其他基于市场的前端利率的下降可能会再次引发人们对所谓管理利率变化的讨论，即美联储为超额准备金持有和RRP工具设定的不同水平。但只要前端仍然受到控制，美联储也可以选择按兵不动。</blockquote></p><p></p><p>SocGen’s Rajappa doesn’t see a catalyst for them to shift IOER or RRP rates and said that even if the Fed did tweak them “there will still be demand for the reverse repo facility.”</p><p><blockquote>法国兴业银行的拉贾帕认为他们没有改变IOER或RRP利率的催化剂，并表示即使美联储确实调整了这些利率，“仍然会有对逆回购工具的需求”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/half-trillion-dollars-sitting-fed-213955871.html\">Bloomberg</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/half-trillion-dollars-sitting-fed-213955871.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1136464317","content_text":"(Bloomberg) -- There’s so much spare cash sloshing around U.S. funding markets that investors are choosing to park almost half a trillion dollars at the central bank -- earning absolutely nothing.Usage of the Federal Reserve’s reverse repo facility -- a mechanism that’s part of the central bank’s arsenal for helping to steer short-term interest rates -- surged on Thursday to an unprecedented $485.3 billion. And with the forces driving the dollar glut still some way from abating, that figure could climb further, adding fuel to an increasingly complex debate about what the Fed should do with its various tools to keep a rein on policy.While the offering rate on the Fed reverse repo facility is 0%, there is a lack of alternative places to safely stash money for very short periods. On top of that, some of those -- like Treasury bills and market-based repurchase agreements -- have seen their rates fall at times to negative levels, meaning investors are essentially paying for the privilege of putting their money somewhere. Compared to that, 0% doesn’t seem so bad.The RRP facility, as it’s commonly called, is “the only safety valve” for the pressure that’s been building up in money markets, according to Gennadiy Goldberg, a senior rates strategist at TD Securities in New York. “It’s really just holding back the flood of cash coming.”Taper TalkThe massive buildup of dollars in the funding market is in part related to the Fed’s huge monthly bond-buying program, and is therefore providing fodder for the debate about just when and how quickly the Federal Reserve ought to begin dialing back its asset purchases. But the connection between the purchases and short-end dislocations is not straightforward. Many observers doubt that this as an issue that will substantially move the Fed’s position on tapering, and it is the prospects of sustained inflation and interest-rate hikes that are seen as the key drivers of that discussion.“I don’t think tapering is going to solve this,” said Subadra Rajappa, a strategist at Societe Generale SA. “Tapering is only going to add to the confusion. If they taper asset purchases, it’s going to roil global markets.”The enormous amount of fiscal stimulus being pumped into the economy is also playing a role in the glut, as is the need for the Treasury to curtail the amount of money it has on hand so it can meet a looming legal requirement on cash levels that is linked to the reinstatement of the federal debt ceiling.Nowhere to GoThis drawdown in the Treasury general account is not only boosting the amount of cash reserves in the system in search of a home, but the speed at which it’s happening also means there are fewer instruments for short-end investors to buy. That’s because one of the easiest ways to reduce the cash balance is to not issue as many Treasury bills -- the government’s shortest-term instruments -- when the old ones mature.Simply putting the cash to work in a bank account is also not a ready solution, with regulatory constraints spurring some banks to turn away deposits, which instead flow toward money-market funds and feed the abundance.Usage of the Fed’s RRP facility has now exceeded levels typically only seen at key dates in the funding calendar -- even though the current period is not typically a major crunch point. The previous record volume of $474.6 billion took place on Dec. 31, 2015, while the next biggest day was also on the final day of a year. Month-and quarter-end periods have also been known to show some signs of stress, so it’s a distinct possibility that usage will climb again on Friday, the final trading day of this month, although many observers doubt that it will stop there. Results of the next operation are set to be published around 1:15 p.m. Friday afternoon New York time.Relieving PressureIndeed, some argue that the facility is doing exactly what it’s supposed to, and that is why the Fed recently increased the amount of business that each organization can do with it, as well as the accessibility of it to new counterparties.By providing a venue for funds, the Fed is relieving some of the downward pressure on front-end rates if everyone had to go into repo or T-bills. And that in turn enables them to keep their key benchmark, the effective fed funds rate, within its goalposts.That rate is currently hovering around 0.06%, in the lower end of the Fed’s zero to 0.25% target range, but still acceptable to officials. A decline in other market-based front-end rates could once again bring to the fore talk of changes to so-called administered rates, the different levels that the Fed sets for excess reserve holdings and the RRP facility. But so long as the front-end remains in check, the Fed also has the option of standing pat.SocGen’s Rajappa doesn’t see a catalyst for them to shift IOER or RRP rates and said that even if the Fed did tweak them “there will still be demand for the reverse repo facility.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":446,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":110608734,"gmtCreate":1622445637028,"gmtModify":1634101419261,"author":{"id":"3581939097294287","authorId":"3581939097294287","name":"Elixior","avatar":"https://static.tigerbbs.com/609795b5630b6ebfadf0a921e4cecac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581939097294287","authorIdStr":"3581939097294287"},"themes":[],"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/110608734","repostId":"2139438981","repostType":4,"isVote":1,"tweetType":1,"viewCount":1643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":111891333,"gmtCreate":1622673702822,"gmtModify":1634099412120,"author":{"id":"3581939097294287","authorId":"3581939097294287","name":"Elixior","avatar":"https://static.tigerbbs.com/609795b5630b6ebfadf0a921e4cecac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581939097294287","authorIdStr":"3581939097294287"},"themes":[],"htmlText":"Like and comment pls :)","listText":"Like and comment pls :)","text":"Like and comment pls :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/111891333","repostId":"2140448417","repostType":4,"isVote":1,"tweetType":1,"viewCount":1505,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":136289927,"gmtCreate":1622020176969,"gmtModify":1634184602772,"author":{"id":"3581939097294287","authorId":"3581939097294287","name":"Elixior","avatar":"https://static.tigerbbs.com/609795b5630b6ebfadf0a921e4cecac4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581939097294287","authorIdStr":"3581939097294287"},"themes":[],"htmlText":"Like and. 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