耶倫獲新授權 可擴大逆回購工具
Federal Reserve officials gave their chairwoman Janet Yellen the authority to expand an experimental program run by the New York Fed, which is designed to give the central bank better control over short-term interest rates, minutes from the central bank's January meeting revealed.
據美國聯邦儲備委員會(Federal Reserve, 簡稱：美聯儲) 1月份會議紀要顯示，美聯儲官員給予主席耶倫(Janet Yellen)擴大由紐約聯儲執行的一項試點計劃規模的權力，該計劃旨在使美聯儲更好地掌控短期利率。The program is called an overnight fixed-rate reverse repurchase facility. Under the program, which the Fed started in September, the Fed lends bonds from its large holdings of Treasury securities in exchange for cash from eligible financial firms. Policymakers can change the interest rate offered on this tool, effectively setting a floor for short-term interest rates.
根據這項名爲隔夜固息逆回購工具的計劃，美聯儲從所持大規模國債中借出債券以置換具備資質的金融機構手中的現金。該計劃是在去年9月份啓動的。決策者可以調整這項工具的利率報價，實際上也就給短期利率設定了最低基準。Market participants have been watching this program closely because it could be an important tool used by the Fed when it eventually starts raising short-term interest rates.
市場人士密切關注這項計劃，因爲這是美聯儲最終開始上調短期利率時可能使用的一項重要工具。
The Fed announced at the conclusion of its January policy meeting that officials voted to extend the program by another year and raise the limit on how much business banks and other trading partners could do with the facility each day to $5 billion each, up from $3 billion. The release noted that officials expected that allotment cap to increase further in coming months. The New York Fed is authorized to set a rate on these transactions between zero and 0.05%.
美聯儲在1月份政策會議結束後宣佈，官員們投票同意將隔夜固息逆回購工具再延長一年，並將各商業銀行及其他交易對手使用該工具的每日規模上限從30億美元提高至50億美元。會議聲明指出，官員們預計配額上限將會在未來幾個月進一步上調。紐約聯儲獲授權將此類交易的利率設定在0-0.05%之間。Minutes from the Fed's Jan. 28-29 meeting suggested the Fed saw a significant expansion over time to potentially unlimited size and gave Ms. Yellen wide berth to make decisions about how to run it. Ms. Yellen was sworn in as chairwoman Feb. 1.
美聯儲1月28-29日會議紀要顯示，美聯儲預計隨着時間推移會逐步大幅擴大該計劃規模且未設定上限，並且就如何運作該計劃賦予耶倫廣泛的空間。'The Chair of the FOMC would authorize any changes in the offered rate or per-counterparty bid limit. Adjustments to the bid limit would be made in gradual steps, and the Committee would be consulted before the exercise would move to full allotment,' the minutes said.
會議紀要稱，聯邦公開市場委員會(FOMC)主席將批准對上述計劃的利率報價或各交易對手競價上限的調整。對競價上限的調整將是逐步進行的，FOMC將在進行全面分配前進行商議。This discretion appears to have led two officials--Dallas Fed President Richard Fisher and Philadelphia Fed President Charles Plosser--to vote against the changes to the program. The duo 'dissented because of their preference for retaining a cap on the maximum size of counterparties' offers during the extension,' the minutes said. Mr. Plosser also wanted a shorter extension. Mr. Fisher and Mr. Plosser declined through spokespeople to elaborate on their reasons for objecting to the program changes.
這似乎導致了兩名美聯儲官員――達拉斯聯儲行長Richard Fisher和費城聯儲行長Charles Plosser――投票反對該計劃。會議紀要稱，這兩位官員傾向於在該計劃擴大過程中保留交易對手競購規模的上限。這兩人不願通過發言人就反對該計劃調整的原因進行詳述。It was unclear from the minutes whether Fed officials would have to vote to completely eliminate the cap on bid size or merely be given a chance to discuss the move. A Fed spokeswoman declined to comment. If the Fed were to use the facility to manage short-term rates, there would be no limit on how much a trading partner could lend the Fed as the program is envisioned.
會議紀要沒有明確指出美聯儲官員究竟是需要就完全取消競購規模上限進行投票，還是隻是爲了獲得一個研究相關問題的機會。美聯儲發言人拒絕就此置評。如果美聯儲通過該工具來管理短期利率，那麼根據該計劃的構想交易對手向美聯儲借出的資金可能就沒有上限。Most Fed officials aren't in a hurry to raise short-term rates, but the decision to loosen the constraints on the testing of it underscore how promising many Fed officials see in the tool. It could potentially allow the Fed to control interest rates without having to drain the trillions of dollars of reserves in the banking that would need to be removed to pinpoint precisely manage the level of the fed funds rate, the traditional lever by which the central bank has managed short-term rates and which moves in relation to bank reserves.
雖然多數美聯儲官員並不急於上調短期利率，但放寬上述計劃的限制凸顯出許多美聯儲官員對這項工具寄予的希望。這麼做或能使美聯儲在不需要從銀行業回籠數萬億美元準備金的情況下來控制利率。
