2019年经济学人 货币市场和美联储(2)

 

Fortunately, the Fed's interventions¹ seemed to work. The repo rate returned to its usual level, close to the federal funds rate,

幸运的是，美联储的干预似乎起到了作用。回购利率回到了正常水平，接近联邦基金利率，

which in turn is within the range targeted by the Fed.

而联邦基金利率又在美联储的目标区间之内。

Even so, the turmoil² raised questions about how it plans to handle future cash shortages.

即便如此，市场动荡引发了外界对美联储计划如何应对未来现金短缺的质疑。

The mere³ prospect⁴ of them marks an important shift for America's financial system.

对美国的金融体系而言，仅仅是它们的前景就标志着一个重要的转变。

Before the financial crisis the Fed controlled the federal funds rate using a "corridor", with a ceiling and a floor.

金融危机前，美联储通过上限和下限“走廊”来控制联邦基金利率。

Banks with too little cash could borrow at the ceiling rate.

现金太少的银行可以按最高利率借款。

But there was no compensation for extra cash held at the Fed (the floor interest rate was zero).

但美联储持有的额外现金没有补偿（最低利率为零）。

To keep interest rates precisely⁵ on target the Fed used "open market operations",

为了使利率精确地保持在目标水平，美联储通过“公开市场操作”，

swapping⁶ Treasuries⁷ and cash to control liquidity⁸ in the banking⁹ system.

交换国债和现金，以控制银行体系的流动性。

Six years of quantitative¹⁰ easing changed all that. To push down long-term interest rates,

六年的量化宽松改变了这一切。为了降低长期利率，

the Fed bought vast quantities of long-dated Treasury¹¹ bonds. Its balance sheet ballooned to $4.5trn.

美联储购买了大量的远期国债。其资产负债表膨胀至了4.5万亿美元。

The holders— mainly banks—ended up with mountains of cash. To keep market interest rates at or above the policy rate,

持有者—主要是银行—最后得到了一大笔钱。为了保证市场利率不低于政策利率，

the Fed was authorised by Congress to raise the floor from zero, compensating¹² banks for their cash that it held.

国会授权美联储将将利率下限从零上调，以补偿银行持有的现金。

The ceiling became redundant¹³, as did open market operations. Only the floor mattered.

上限变得多余，公开市场操作也是如此。只有下限才是重要的。

But banks' cash piles have dwindled¹⁴ of late.

但是银行的现金储备最近有所减少。

Since late 2017 the Fed has been reducing its balance-sheet by not reinvesting all the proceeds when its assets mature.

自2017年末以来，美联储一直在通过在资产到期时不将所有收益进行再投资的方式缩减资产负债表。

The balance-sheet shrank from $4.5trn in 2017 to $3.8trn in June this year.

其资产负债表从2017年的4.5万亿美元减少至今年6月的3.8万亿美元。

Moreover, a wider budget deficit¹⁵ means the Treasury has had to issue more bills and bonds.

此外，预算赤字扩大意味着财政部不得不发行更多的票据和债券。

So far this year it has issued an average of $63.9bn-worth per month, net of repayments¹⁶.

今年到目前为止，扣除还款，该公司每月平均发行的债券价值639亿美元。

During the same period in 2017 the monthly figure was just $19.6bn. As banks buy Treasuries, their cash piles fall.

2017年同期，该数字仅为196亿美元。当银行购买国债时，他们的现金储备就会减少

1 interventions   

n.介入，干涉，干预( intervention的名词复数 )

参考例句：

• Economic analysis of government interventions deserves detailed discussion. 政府对经济的干预应该给予充分的论述。 来自辞典例句
• The judge's frequent interventions made a mockery of justice. 法官的屡屡干预是对正义的践踏。 来自互联网

2 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

3 mere   

adj.纯粹的；仅仅，只不过

参考例句：

• That is a mere repetition of what you said before.那不过是重复了你以前讲的话。
• It's a mere waste of time waiting any longer.再等下去纯粹是浪费时间。

4 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

5 precisely   

adv.恰好，正好，精确地，细致地

参考例句：

• It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
• The man adjusted very precisely.那个人调得很准。

6 swapping   

交换，交换技术

参考例句：

• The slow swapping and buying of horses went on. 马匹的买卖和交换就是这样慢慢地进行着。
• He was quite keen on swapping books with friends. 他非常热衷于和朋友们交换书籍。

7 treasuries   

n.（政府的）财政部( treasury的名词复数 )；国库，金库

参考例句：

• Yields on Treasuries, Bunds and gilts can remain at historically low levels. 美国国债、德国国债和英国国债的收益率仍然可以维持在历史低位。 来自互联网
• Treasuries and gold rose in response but the dollar fell sharply. 接着，国债和黄金的价格上涨，而美元价格则猛跌。 来自互联网

8 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

9 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

10 quantitative   

adj.数量的，定量的

参考例句：

• He said it was only a quantitative difference.他说这仅仅是数量上的差别。
• We need to do some quantitative analysis of the drugs.我们对药物要进行定量分析。

11 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

12 compensating   

补偿，补助，修正

参考例句：

• I am able to set up compensating networks of nerve connections. 我能建立起补偿性的神经联系网。
• It is desirable that compensating cables be run in earthed conduit. 补偿导线最好在地下管道中穿过。

13 redundant   

adj.多余的，过剩的；(食物)丰富的；被解雇的

参考例句：

• There are too many redundant words in this book.这本书里多余的词太多。
• Nearly all the redundant worker have been absorbed into other departments.几乎所有冗员，都已调往其他部门任职。

14 dwindled   

v.逐渐变少或变小( dwindle的过去式和过去分词 )

参考例句：

• Support for the party has dwindled away to nothing. 支持这个党派的人渐渐化为乌有。
• His wealth dwindled to nothingness. 他的钱财化为乌有。 来自《简明英汉词典》

15 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

16 repayments   

偿还，报答，偿付的钱物( repayment的名词复数 )

参考例句：

• The repayments of the loan are spread over 10 years. 贷款可在十年内分期偿还。
• The repayments of the loan are spread over 25 years. 这笔贷款分摊二十五年偿还。