{"id":43578,"date":"2026-03-27T16:47:26","date_gmt":"2026-03-27T16:47:26","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/43578\/"},"modified":"2026-03-27T16:47:26","modified_gmt":"2026-03-27T16:47:26","slug":"%e8%81%af%e6%ba%96%e6%9c%83%e7%90%86%e4%ba%8b%e7%b1%b3%e8%98%ad%e8%a1%a8%e7%a4%ba%ef%bc%8c%e8%bc%83%e5%b0%8f%e7%9a%84%e8%b3%87%e7%94%a2%e8%b2%a0%e5%82%b5%e8%a1%a8%e5%b0%87%e6%9c%89%e5%8a%a9%e6%96%bc","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/43578\/","title":{"rendered":"\u806f\u6e96\u6703\u7406\u4e8b\u7c73\u862d\u8868\u793a\uff0c\u8f03\u5c0f\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u5c07\u6709\u52a9\u65bc\u5229\u7387\u5236\u5b9a\uff1b\u5c0d\u7e2e\u8868\u6301\u61f7\u7591\u614b\u5ea6\u8005\u7f3a\u4e4f\u60f3\u50cf\u529b"},"content":{"rendered":"\u806f\u6e96\u6703\uff08Federal Reserve\uff0c\u7c21\u7a31 Fed\uff1b\u7f8e\u570b\u7684\u4e2d\u592e\u9280\u884c\uff09\u7406\u4e8b Stephen Miran \u8868\u793a\uff0c\u7e2e\u5c0f\u806f\u6e96\u6703\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\uff08balance sheet\uff1b\u6307 Fed \u6301\u6709\u7684\u8cc7\u7522\u8207\u8ca0\u50b5\u898f\u6a21\uff09\u53ef\u4ee5\u8b93\u5229\u7387\u653f\u7b56\uff08interest rate policy\uff1b\u7528\u8abf\u6574\u5229\u7387\u5f71\u97ff\u501f\u8cb8\u8207\u7d93\u6fdf\u7684\u505a\u6cd5\uff09\u66f4\u5bb9\u6613\u64cd\u4f5c\u3002\u4ed6\u8aaa\uff0c\u6709\u4e00\u689d\u8def\u5f91\u53ef\u4ee5\u628a Fed \u7684\u6301\u6709\u8cc7\u7522\uff08holdings\uff1bFed \u6301\u6709\u7684\u50b5\u5238\u7b49\u8cc7\u7522\uff09\u6e1b\u5c11 1 \u5146\u5230 2 \u5146\u7f8e\u5143\u3002\n\n\u4ed6\u8aaa\uff0c\u8981\u628a\u8cc7\u7522\u8ca0\u50b5\u8868\u7e2e\u5c0f\u5230\u90a3\u500b\u7a0b\u5ea6\u9700\u8981\u597d\u5e7e\u5e74\u3002\u4ed6\u88dc\u5145\uff0c\u80fd\u5426\u6e1b\u5c11\u6301\u6709\u8cc7\u7522\uff0c\u53d6\u6c7a\u65bc\u5e02\u5834\u5c0d\u300c\u6e96\u5099\u91d1\u300d\uff08reserves\uff1b\u9280\u884c\u653e\u5728 Fed \u7684\u5b58\u6b3e\uff0c\u7528\u4f86\u6e05\u7b97\u8207\u61c9\u4ed8\u652f\u4ed8\u9700\u6c42\uff09\u7684\u9700\u6c42\u8b8a\u5316\u3002\n\n<h3>\u8f03\u5c0f\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u5e36\u4f86\u66f4\u5927\u7684\u653f\u7b56\u5f48\u6027<\/h3>\nMiran \u8868\u793a\uff0c\u8f03\u5c0f\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u6703\u8b93 Fed \u5728\u4e0b\u4e00\u6b21\u5371\u6a5f\u6642\u6709\u66f4\u591a\u9078\u9805\u3002\u4ed6\u8aaa\uff0c\u8cc7\u7522\u8ca0\u50b5\u8868\u592a\u5927\u6703\u626d\u66f2\u5e02\u5834\uff08distort markets\uff1b\u8b93\u50f9\u683c\u8207\u4ea4\u6613\u884c\u70ba\u504f\u96e2\u6b63\u5e38\u4f9b\u9700\uff09\uff0c\u4e26\u7d66 Fed \u5e36\u4f86\u9ebb\u7169\u3002\n\n\u4ed6\u8aaa\uff0c\u4ed6\u770b\u4e0d\u5230\u9700\u8981\u51fa\u552e\u4efb\u4f55 Fed \u6301\u6709\u8cc7\u7522\u7684\u7406\u7531\u3002\u4ed6\u4e5f\u8868\u793a\uff0c\u4ed6\u4e0d\u662f\u5728\u4e3b\u5f35\u56de\u5230\u300c\u6e96\u5099\u91d1\u7a00\u7f3a\u300d\uff08scarce reserves\uff1b\u9280\u884c\u6e96\u5099\u91d1\u5f88\u5c11\u3001\u8cc7\u91d1\u8f03\u7dca\u7684\u5236\u5ea6\uff09\u7684\u7cfb\u7d71\u3002\n\n\u4ed6\u8aaa\uff0c\u66f4\u7a4d\u6975\u7684\u5e02\u5834\u64cd\u4f5c\uff08market interventions\uff1bFed \u9032\u5834\u505a\u8cc7\u91d1\u8207\u5229\u7387\u76f8\u95dc\u64cd\u4f5c\uff09\u53ef\u4ee5\u5e6b\u52a9\u7ba1\u7406\u8cc7\u7522\u8ca0\u50b5\u8868\u898f\u6a21\u3002\u4ed6\u8aaa\uff0cFed \u61c9\u964d\u4f4e\u5e02\u5834\u5c0d\u300c\u56de\u8cfc\u64cd\u4f5c\u300d\uff08repo operations\uff1b\u4ee5\u50b5\u5238\u4f5c\u62b5\u62bc\u7684\u77ed\u671f\u501f\u8cb8\u5de5\u5177\uff0c\u7528\u4f86\u63d0\u4f9b\u77ed\u671f\u8cc7\u91d1\uff09\u7684\u6c61\u540d\u5316\uff08stigma\uff1b\u628a\u4f7f\u7528\u5b83\u8996\u70ba\u58d3\u529b\u6216\u51fa\u554f\u984c\u7684\u8a0a\u865f\uff09\uff0c\u4e5f\u61c9\u964d\u4f4e\u5c0d\u4f7f\u7528\u300c\u8cbc\u73fe\u7a97\u53e3\u300d\uff08discount window\uff1b\u9280\u884c\u5411 Fed \u76f4\u63a5\u501f\u9322\u7684\u7ba1\u9053\uff09\u7684\u8ca0\u9762\u89c0\u611f\u3002\n\n\u9019\u4e9b\u8ac7\u8a71\u5c0d\u7f8e\u5143\uff08US Dollar\uff09\u7684\u5f71\u97ff\u4e0d\u5927\u3002\u5e02\u5834\u4ecd\u805a\u7126\u5728\u4e2d\u6771\u885d\u7a81\u7684\u9032\u5c55\u3002\n<p>\n\n<p><strong>\u7acb\u5373\u958b\u59cb\u4ea4\u6613 &#8211; 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