{"id":1312,"date":"2026-03-20T07:32:10","date_gmt":"2026-03-19T23:32:10","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=1312"},"modified":"2026-03-20T07:32:10","modified_gmt":"2026-03-19T23:32:10","slug":"arthur-hayes%ef%bc%9a%e4%b8%ba%e4%bd%95%e6%94%bf%e5%ba%9c%e8%b5%a4%e5%ad%97%e5%b0%86%e6%98%af%e5%8a%a0%e5%af%86%e8%b4%a7%e5%b8%81%e7%89%9b%e5%b8%82%e7%9a%84%e7%bb%88%e6%9e%81%e7%87%83%e6%96%99","status":"publish","type":"post","link":"https:\/\/www.manwah.net\/?p=1312","title":{"rendered":"Arthur Hayes\uff1a\u4e3a\u4f55\u653f\u5e9c\u8d64\u5b57\u5c06\u662f\u52a0\u5bc6\u8d27\u5e01\u725b\u5e02\u7684\u7ec8\u6781\u71c3\u6599\uff1f"},"content":{"rendered":"
\"MICA<\/div>\n<\/div>\n
\n
\n
<\/div>\n<\/p><\/div>\n
\n

\u5f15\u8a00\uff1a\u653f\u6cbb\u6fc0\u52b1\u4e0e\u503a\u52a1\u7684\u5fc5\u7136\u6027<\/strong><\/h3>\n

\u8d5e\u9882\u4e2d\u672c\u806a\uff0c\u65f6\u95f4\u4e0e\u590d\u5229\u6cd5\u5219\u7684\u5b58\u5728\uff0c\u72ec\u7acb\u4e8e\u4e2a\u4f53\u8eab\u5206\u3002<\/p>\n

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\u5982\u679c\u8054\u51c6\u4f1a\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u6210\u957f\uff0c\u90a3\u4fbf\u662f\u7f8e\u5143\u6d41\u52a8\u6027\u5229\u597d\uff0c\u6700\u7ec8\u5c06\u63a8\u9ad8\u6bd4\u7279\u5e01\u548c\u5176\u4ed6\u52a0\u5bc6\u8d27\u5e01\u7684\u4ef7\u683c\u3002<\/p>\n

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\u95ee\u9898\u73af\u8282<\/p>\n

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\u662f\u7684\u3002<\/p>\n

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\"Arthur<\/p>\n

\u9274\u4e8e\u524d\u4e24\u4e2a\u95ee\u9898\u7684\u7b54\u6848\u90fd\u662f\u300c\u662f\u300d\uff0c\u90a3\u4e48\uff1a<\/p>\n

\u5e74\u5ea6\u8054\u90a6\u8d64\u5b57= \u5e74\u5ea6\u516c\u503a\u53d1\u884c\u989d<\/p>\n

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\u541e\u98df\u503a\u52a1\u7684\u300c\u5e9f\u5f03\u7269\u300d<\/h3>\n

1. \u5916\u56fd\u592e\u884c<\/strong><\/p>\n

\"Arthur<\/p>\n

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2. \u7f8e\u56fd\u79c1\u4eba\u90e8\u95e8<\/strong><\/p>\n

\u6839\u636e\u7f8e\u56fd\u52b3\u5de5\u7edf\u8ba1\u5c40\u7684\u6570\u636e\uff0c2024 \u5e74\u7684\u4e2a\u4eba\u50a8\u84c4\u7387\u4e3a 4.6% \u3002\u540c\u5e74\uff0c\u7f8e\u56fd\u8054\u90a6\u8d64\u5b57\u5360 GDP \u7684 6% \u3002\u9274\u4e8e\u8d64\u5b57\u89c4\u6a21\u5927\u4e8e\u50a8\u84c4\u7387\uff0c\u79c1\u4eba\u90e8\u95e8\u4e0d\u53ef\u80fd\u6210\u4e3a\u56fd\u503a\u7684\u8fb9\u9645\u4e70\u5bb6\u3002<\/p>\n

3. \u5546\u4e1a\u94f6\u884c<\/strong><\/p>\n

\u56db\u5927\u4e3b\u8981\u8d27\u5e01\u4e2d\u5fc3\u5546\u4e1a\u94f6\u884c\u662f\u5426\u6b63\u5728\u5927\u91cf\u8d2d\u4e70\u7f8e\u503a\uff1f\u7b54\u6848\u662f\u5426\u3002<\/p>\n

\"Arthur<\/p>\n

\u5728 2025 \u8d22\u5e74\uff0c\u8fd9\u56db\u5927\u8d27\u5e01\u4e2d\u5fc3\u94f6\u884c\u8d2d\u4e70\u4e86\u4ef7\u503c\u7ea6 3,000 \u4ebf\u7f8e\u5143\u7684\u7f8e\u503a\u3002\u800c\u5728\u540c\u4e00\u8d22\u5e74\uff0c\u8d22\u653f\u90e8\u53d1\u884c\u4e86 1.992 \u5146\u7f8e\u5143\u7684\u7f8e\u503a\u3002\u867d\u7136\u8fd9\u90e8\u5206\u4e70\u5bb6\u65e0\u7591\u662f\u7f8e\u503a\u7684\u91cd\u8981\u4e70\u5bb6\uff0c\u4f46\u4ed6\u4eec\u5e76\u975e\u6700\u540e\u7684\u8fb9\u9645\u4e70\u5bb6\u3002<\/p>\n

4. \u76f8\u5bf9\u4ef7\u503c\uff08RV\uff09\u907f\u9669\u57fa\u91d1<\/strong><\/p>\n

RV \u57fa\u91d1\u662f\u56fd\u503a\u7684\u8fb9\u9645\u4e70\u5bb6\uff0c\u8fd9\u4e00\u70b9\u5728\u8054\u51c6\u4f1a\u6700\u8fd1\u7684\u4e00\u4efd\u6587\u4ef6\u4e2d\u5f97\u5230\u4e86\u627f\u8ba4\u3002<\/p>\n

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\u5982\u56fe 5 \u6240\u793a\uff0c\u4ece 2022 \u5e74 1 \u6708\u5230 2024 \u5e74 12 \u6708\u671f\u95f4\u2014\u2014\u8fd9\u6bb5\u65f6\u95f4\u8054\u51c6\u4f1a\u900f\u8fc7\u5141\u8bb8\u5230\u671f\u7f8e\u503a\u6d41\u51fa\u5176\u6295\u8d44\u7ec4\u5408\u6765\u7f29\u51cf\u8d44\u4ea7\u8d1f\u503a\u8868\u2014\u2014\u5f00\u66fc\u7fa4\u5c9b\u907f\u9669\u57fa\u91d1\u51c0\u8d2d\u4e70\u4e86 1.2 \u5146\u7f8e\u5143\u7684\u56fd\u503a\u3002\u5047\u8bbe\u8fd9\u4e9b\u8d2d\u4e70\u5168\u90e8\u7531\u56fd\u503a\u548c\u503a\u5238\u7ec4\u6210\uff0c\u90a3\u4e48\u5b83\u4eec\u5438\u6536\u4e86\u56fd\u503a\u548c\u503a\u5238\u51c0\u53d1\u884c\u91cf\u7684 37%\uff0c\u51e0\u4e4e\u76f8\u5f53\u4e8e\u6240\u6709\u5176\u4ed6\u5916\u56fd\u6295\u8d44\u8005\u8d2d\u4e70\u91cf\u7684\u603b\u548c\u3002<\/p>\n

\"Arthur<\/p>\n

RV \u57fa\u91d1\u7684\u4ea4\u6613\u6a21\u5f0f\uff1a<\/p>\n

    \n
  • \u4e70\u5165\u73b0\u8d27\u56fd\u503a<\/li>\n
  • \u5356\u51fa\u76f8\u5e94\u7684\u56fd\u503a\u671f\u8d27\u5408\u7ea6<\/li>\n<\/ul>\n

    \"Arthur<\/p>\n

    \u611f\u8c22 Joseph Wang \u63d0\u4f9b\u7684\u56fe\u8868\u3002 SOFR \u4ea4\u6613\u91cf\u662f\u8861\u91cf RV \u57fa\u91d1\u53c2\u4e0e\u56fd\u503a\u5e02\u573a\u89c4\u6a21\u7684\u4ee3\u7406\u6307\u6807\u3002\u5982\u4f60\u6240\u89c1\uff0c\u503a\u52a1\u8d1f\u62c5\u7684\u6210\u957f\u5bf9\u5e94\u8457 SOFR \u4ea4\u6613\u91cf\u7684\u6210\u957f\u3002\u8fd9\u663e\u793a RV \u57fa\u91d1\u662f\u56fd\u503a\u7684\u8fb9\u9645\u4e70\u5bb6\u3002<\/p>\n

    RV \u57fa\u91d1\u8fdb\u884c\u8fd9\u79cd\u4ea4\u6613\u662f\u4e3a\u4e86\u8d5a\u53d6\u4e24\u79cd\u5de5\u5177\u4e4b\u95f4\u7684\u5fae\u5c0f\u4ef7\u5dee\u3002\u7531\u4e8e\u8fd9\u79cd\u4ef7\u5dee\u6781\u5c0f\uff08\u4ee5\u57fa\u70b9\u8861\u91cf\uff1b1 \u4e2a\u57fa\u70b9= 0.01%\uff09\uff0c\u56e0\u6b64\u8d5a\u94b1\u7684\u552f\u4e00\u65b9\u6cd5\u5c31\u662f\u4e3a\u8d2d\u4e70\u56fd\u503a\u7684\u884c\u4e3a\u878d\u8d44\u3002<\/p>\n

    \u8fd9\u5f15\u5bfc\u6211\u4eec\u8fdb\u5165\u672c\u6587\u6700\u91cd\u8981\u7684\u90e8\u5206\uff0c\u5373\u7406\u89e3\u8054\u51c6\u4f1a\u7684\u4e0b\u4e00\u6b65\uff1a<\/p>\n

    RV \u57fa\u91d1\u5982\u4f55\u4e3a\u8d2d\u4e70\u56fd\u503a\u878d\u8d44\uff1f<\/p>\n

    \u56de\u8d2d\u5e02\u573a\u3001\u9690\u6027\u91cf\u5316\u5bbd\u677e\u4e0e\u7f8e\u5143\u521b\u9020<\/h3>\n

    RV \u57fa\u91d1\u900f\u8fc7\u56de\u8d2d\u534f\u8bae\uff08repo\uff09\u4e3a\u5176\u56fd\u503a\u8d2d\u4e70\u878d\u8d44\u3002\u5728\u4e00\u4e2a\u65e0\u7f1d\u4ea4\u6613\u4e2d\uff0cRV \u57fa\u91d1\u5c06\u8d2d\u4e70\u7684\u56fd\u503a\u8bc1\u5238\u4f5c\u4e3a\u62b5\u62bc\u54c1\uff0c\u501f\u5165\u9694\u591c\u73b0\u91d1\uff0c\u7136\u540e\u7528\u8fd9\u7b14\u501f\u6765\u7684\u73b0\u91d1\u5b8c\u6210\u56fd\u503a\u7684\u7ed3\u7b97\u3002\u5982\u679c\u73b0\u91d1\u5145\u88d5\uff0c\u56de\u8d2d\u5229\u7387\u5c06\u4ee5\u4f4e\u4e8e\u6216\u521a\u597d\u7b49\u4e8e\u8054\u51c6\u4f1a\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0a\u9650\u7684\u6c34\u5e73\u8fdb\u884c\u4ea4\u6613\u3002\u4e3a\u4ec0\u4e48\uff1f<\/p>\n

    \u8054\u51c6\u4f1a\u5982\u4f55\u64cd\u7eb5\u77ed\u671f\u5229\u7387<\/p>\n

    \u8054\u51c6\u4f1a\u6709\u4e24\u4e2a\u653f\u7b56\u5229\u7387\uff1a\u8054\u90a6\u57fa\u91d1\u5229\u7387\u7684\u4e0a\u9650\uff08Upper Fed Funds\uff09\u548c\u4e0b\u9650\uff08Lower Fed Funds\uff09\uff1b\u76ee\u524d\u5206\u522b\u4e3a 4.00% \u548c 3.75% \u3002\u4e3a\u4e86\u5c06\u5b9e\u9645\u77ed\u671f\u5229\u7387\uff08SOFR\uff0c\u5373\u62c5\u4fdd\u9694\u591c\u878d\u8d44\u5229\u7387\uff09\u5f3a\u5236\u7ef4\u6301\u5728\u8fd9\u4e2a\u533a\u95f4\u5185\uff0c\u8054\u51c6\u4f1a\u4f7f\u7528\u4e86\u4ee5\u4e0b\u5de5\u5177\uff08\u6309\u5229\u7387\u4ece\u4f4e\u5230\u9ad8\u6392\u5e8f\uff09\uff1a<\/p>\n

      \n
    • \u9694\u591c\u9006\u56de\u8d2d\u5de5\u5177\uff08RRP\uff09\uff1a \u8d27\u5e01\u5e02\u573a\u57fa\u91d1\uff08MMF\uff09\u548c\u5546\u4e1a\u94f6\u884c\u5c06\u73b0\u91d1\u5b58\u5165\u6b64\u5904\u9694\u591c\uff0c\u8d5a\u53d6\u8054\u51c6\u4f1a\u652f\u4ed8\u7684\u5229\u606f\u3002\u5956\u52b1\u5229\u7387\uff1a\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0b\u9650\u3002<\/li>\n
    • \u51c6\u5907\u91d1\u4f59\u989d\u4ed8\u606f\uff08IORB\uff09\uff1a \u5546\u4e1a\u94f6\u884c\u5b58\u653e\u5728\u8054\u51c6\u4f1a\u7684\u8d85\u989d\u51c6\u5907\u91d1\u83b7\u5f97\u5229\u606f\u3002\u5956\u52b1\u5229\u7387\uff1a\u4ecb\u4e8e\u4e0a\u4e0b\u9650\u4e4b\u95f4\u3002<\/li>\n
    • \u5e38\u8bbe\u56de\u8d2d\u5de5\u5177\uff08SRF\uff09\uff1a \u5f53\u73b0\u91d1\u7d27\u5f20\u65f6\uff0c\u5141\u8bb8\u5546\u4e1a\u94f6\u884c\u548c\u5176\u4ed6\u91d1\u878d\u673a\u6784\u62b5\u62bc\u5408\u683c\u8bc1\u5238\uff08\u4e3b\u8981\u662f\u7f8e\u503a\uff09\u5e76\u83b7\u5f97\u8054\u51c6\u4f1a\u63d0\u4f9b\u7684\u73b0\u91d1\u3002\u5b9e\u8d28\u4e0a\uff0c\u8054\u51c6\u4f1a\u5370\u949e\u5e76\u6362\u53d6\u62b5\u62bc\u8bc1\u5238\u3002\u5956\u52b1\u5229\u7387\uff1a\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0a\u9650\u3002<\/li>\n<\/ul>\n

      \"Arthur<\/p>\n

      \u4e09\u8005\u5173\u7cfb\uff1a<\/p>\n

      \u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0b\u9650= RRP < IORB < SRF = \u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0a\u9650<\/strong><\/p>\n

      SOFR\uff08\u62c5\u4fdd\u9694\u591c\u878d\u8d44\u5229\u7387\uff09\u662f\u8054\u51c6\u4f1a\u7684\u76ee\u6807\u5229\u7387\uff0c\u4ee3\u8868\u591a\u79cd\u56de\u8d2d\u4ea4\u6613\u7684\u7efc\u5408\u5229\u7387\u3002\u5982\u679c SOFR \u4ea4\u6613\u4ef7\u9ad8\u4e8e\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0a\u9650\uff0c\u8868\u793a\u7cfb\u7edf\u73b0\u91d1\u7d27\u5f20\uff0c\u8fd9\u5c06\u5f15\u53d1\u5927\u95ee\u9898\u3002\u4e00\u65e6\u73b0\u91d1\u7d27\u5f20\uff0cSOFR \u5c06\u98d9\u5347\uff0c\u9ad8\u5ea6\u6760\u6746\u5316\u7684\u6cd5\u5e01\u91d1\u878d\u4f53\u7cfb\u5c06\u505c\u6b62\u8fd0\u4f5c\u3002<\/p>\n

      \u8fd9\u662f\u56e0\u4e3a\uff0c\u5982\u679c\u8fb9\u9645\u6d41\u52a8\u6027\u4e70\u5356\u53cc\u65b9\u65e0\u6cd5\u5728\u53ef\u9884\u6d4b\u7684\u8054\u90a6\u57fa\u91d1\u5229\u7387\u9644\u8fd1\u6eda\u52a8\u5176\u8d1f\u503a\uff0c\u4ed6\u4eec\u5c06\u906d\u53d7\u5de8\u5927\u635f\u5931\uff0c\u5e76\u505c\u6b62\u5411\u7cfb\u7edf\u63d0\u4f9b\u6d41\u52a8\u6027\u3002\u6ca1\u6709\u4eba\u4f1a\u8d2d\u4e70\u7f8e\u503a\uff0c\u56e0\u4e3a\u4ed6\u4eec\u65e0\u6cd5\u83b7\u5f97\u5ec9\u4ef7\u7684\u6760\u6746\uff0c\u5bfc\u81f4\u7f8e\u56fd\u653f\u5e9c\u65e0\u6cd5\u4ee5\u53ef\u8d1f\u62c5\u7684\u6210\u672c\u878d\u8d44\u3002<\/p>\n

      \u8fb9\u9645\u73b0\u91d1\u63d0\u4f9b\u8005\u7684\u9000\u51fa<\/strong><\/p>\n

      \u662f\u4ec0\u4e48\u5bfc\u81f4 SOFR \u4ea4\u6613\u4ef7\u9ad8\u4e8e\u4e0a\u9650\uff1f\u6211\u4eec\u9700\u8981\u68c0\u89c6\u56de\u8d2d\u5e02\u573a\u7684\u8fb9\u9645\u73b0\u91d1\u63d0\u4f9b\u8005\uff1a\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\uff08MMF\uff09\u548c\u5546\u4e1a\u94f6\u884c\u3002<\/p>\n

        \n
      1. \u8d27\u5e01\u5e02\u573a\u57fa\u91d1\uff08MMF\uff09\u7684\u9000\u51fa\uff1a MMF \u7684\u76ee\u6807\u662f\u4ee5\u6700\u5c0f\u7684\u4fe1\u7528\u98ce\u9669\u8d5a\u53d6\u77ed\u671f\u5229\u606f\u3002\u4ee5\u524d\uff0cMMF \u4f1a\u5c06\u8d44\u91d1\u4ece RRP \u64a4\u51fa\uff0c\u8f6c\u800c\u6295\u5411\u56de\u8d2d\u5e02\u573a\uff0c\u56e0\u4e3a RRP < SOFR \u3002\u4f46\u73b0\u5728\uff0c\u7531\u4e8e\u77ed\u671f\u56fd\u5e93\u5238\uff08T-bills\uff09\u7684\u6536\u76ca\u7387\u6781\u5177\u5438\u5f15\u529b\uff0cMMF \u6b63\u5728\u5c06\u8d44\u91d1\u4ece RRP \u4e2d\u53d6\u51fa\uff0c\u8f6c\u800c\u501f\u7ed9\u7f8e\u56fd\u653f\u5e9c\u3002 RRP \u4f59\u989d\u5df2\u5f52\u96f6\uff0cMMF \u57fa\u672c\u4e0a\u9000\u51fa\u4e86\u56de\u8d2d\u5e02\u573a\u7684\u73b0\u91d1\u4f9b\u5e94\u3002<\/li>\n
      2. \u5546\u4e1a\u94f6\u884c\u7684\u9650\u5236\uff1a \u94f6\u884c\u613f\u610f\u5411\u56de\u8d2d\u5e02\u573a\u63d0\u4f9b\u51c6\u5907\u91d1\uff0c\u56e0\u4e3a IORB < SOFR \u3002\u7136\u800c\uff0c\u94f6\u884c\u63d0\u4f9b\u73b0\u91d1\u7684\u80fd\u529b\u53d6\u51b3\u4e8e\u5176\u51c6\u5907\u91d1\u662f\u5426\u8db3\u591f\u3002\u81ea\u8054\u51c6\u4f1a\u4e8e 2022 \u5e74\u521d\u5f00\u59cb\u91cf\u5316\u7d27\u7f29\uff08QT\uff09\u4ee5\u6765\uff0c\u94f6\u884c\u7684\u51c6\u5907\u91d1\u5df2\u51cf\u5c11\u4e86\u6570\u5146\u7f8e\u5143\u3002\u4e00\u65e6\u8d44\u4ea7\u8d1f\u503a\u8868\u5bb9\u91cf\u840e\u7f29\uff0c\u94f6\u884c\u88ab\u8feb\u6536\u53d6\u66f4\u9ad8\u7684\u5229\u7387\u6765\u63d0\u4f9b\u73b0\u91d1\u3002<\/li>\n<\/ol>\n

        \u4ece 2022 \u5e74\u8d77\uff0cMMF \u548c\u94f6\u884c\u8fd9\u4e24\u4e2a\u8fb9\u9645\u73b0\u91d1\u63d0\u4f9b\u8005\u90fd\u62e5\u6709\u66f4\u5c11\u7684\u73b0\u91d1\u6765\u4f9b\u7ed9\u56de\u8d2d\u5e02\u573a\u3002\u5728\u67d0\u4e2a\u65f6\u523b\uff0c\u4e24\u8005\u90fd\u4e0d\u613f\u610f\u6216\u6ca1\u6709\u80fd\u529b\u4ee5\u4f4e\u4e8e\u6216\u7b49\u4e8e\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0a\u9650\u7684\u5229\u7387\u63d0\u4f9b\u73b0\u91d1\u3002<\/p>\n

        \u4e0e\u6b64\u540c\u65f6\uff0c\u5bf9\u73b0\u91d1\u7684\u9700\u6c42\u5374\u5728\u4e0a\u5347\u3002\u8fd9\u662f\u56e0\u4e3a\u524d\u603b\u7edf\u62dc\u767b\u548c\u73b0\u5728\u7684\u5ddd\u666e\u7ee7\u7eed\u5927\u8086\u652f\u51fa\uff0c\u8981\u6c42\u53d1\u884c\u66f4\u591a\u7684\u56fd\u503a\u3002\u56fd\u503a\u7684\u8fb9\u9645\u4e70\u5bb6 RV \u57fa\u91d1\uff0c\u5fc5\u987b\u5728\u56de\u8d2d\u5e02\u573a\u4e3a\u8fd9\u4e9b\u8d2d\u4e70\u878d\u8d44\u3002<\/p>\n

        \u5982\u679c\u4ed6\u4eec\u65e0\u6cd5\u4ee5\u4f4e\u4e8e\u6216\u7565\u4f4e\u4e8e\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0a\u9650\u7684\u5229\u7387\u83b7\u5f97\u65e5\u5e38\u8d44\u91d1\uff0c\u4ed6\u4eec\u5c06\u505c\u6b62\u8d2d\u4e70\u7f8e\u503a\uff0c\u7f8e\u56fd\u653f\u5e9c\u5c06\u65e0\u6cd5\u4ee5\u53ef\u8d1f\u62c5\u7684\u5229\u7387\u4e3a\u81ea\u5df1\u878d\u8d44\u3002<\/p>\n

        SRF \u7684\u542f\u7528\u4e0e\u9690\u6027\u91cf\u5316\u5bbd\u677e\uff08Stealth QE\uff09<\/strong><\/p>\n

        \u7531\u4e8e 2019 \u5e74\u66fe\u53d1\u751f\u7c7b\u4f3c\u60c5\u51b5\uff0cFed \u8bbe\u7acb\u4e86 SRF\uff08\u5e38\u8bbe\u56de\u8d2d\u5de5\u5177\uff09\u3002\u53ea\u8981\u63d0\u4f9b\u53ef\u63a5\u53d7\u7684\u62b5\u62bc\u54c1\uff0cFed \u5c31\u80fd\u4ee5 SRF \u5229\u7387\uff08\u5373\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0a\u9650\uff09\u63d0\u4f9b\u65e0\u9650\u91cf\u7684\u73b0\u91d1\u3002\u56e0\u6b64\uff0cRV \u57fa\u91d1\u53ef\u4ee5\u786e\u4fe1\uff0c\u65e0\u8bba\u73b0\u91d1\u591a\u4e48\u7d27\u5f20\uff0c\u4ed6\u4eec\u603b\u80fd\u4ee5\u6700\u574f\u7684\u60c5\u51b5\u2014\u2014\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0a\u9650\u2014\u2014\u83b7\u5f97\u8d44\u91d1\u3002<\/p>\n

        \u5982\u679c SRF \u4f59\u989d\u9ad8\u4e8e\u96f6\uff0c\u6211\u4eec\u5c31\u77e5\u9053\u8054\u51c6\u4f1a\u6b63\u5728\u7528\u5370\u51fa\u6765\u7684\u94b1\u5151\u73b0\u653f\u5ba2\u5f00\u51fa\u7684\u652f\u7968\u3002<\/p>\n

        \u56fd\u503a\u53d1\u884c\u989d= \u7f8e\u5143\u4f9b\u5e94\u589e\u52a0\u989d<\/strong><\/p>\n

        \"Arthur
        \u4e0a\u56fe\uff08\u9876\u90e8\u9762\u677f\uff09\u663e\u793a\u4e86 (SOFR \u2013 \u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0a\u9650) \u7684\u5dee\u5f02\u3002\u5f53\u8fd9\u4e2a\u5dee\u503c\u63a5\u8fd1\u96f6\u6216\u4e3a\u6b63\u65f6\uff0c\u73b0\u91d1\u5c31\u5f88\u7d27\u5f20\u3002\u5728\u8fd9\u4e9b\u65f6\u671f\uff0cSRF\uff08\u5e95\u90e8\u9762\u677f\uff0c\u4ee5\u5341\u4ebf\u7f8e\u5143\u8ba1\uff09\u5c31\u4f1a\u88ab\u975e\u5fae\u4e0d\u8db3\u9053\u5730\u4f7f\u7528\u3002\u4f7f\u7528 SRF \u53ef\u4ee5\u8ba9\u501f\u6b3e\u4eba\u907f\u514d\u652f\u4ed8\u66f4\u9ad8\u3001\u66f4\u5c11\u88ab\u64cd\u7eb5\u7684 SOFR \u5229\u7387\u3002<\/figcaption><\/figure>\n

        \u9690\u6027\u91cf\u5316\u5bbd\u677e\uff08Stealth QE\uff09\uff1a \u8054\u51c6\u4f1a\u6709\u4e24\u79cd\u65b9\u6cd5\u786e\u4fdd\u7cfb\u7edf\u4e2d\u6709\u5145\u8db3\u73b0\u91d1\uff1a\u7b2c\u4e00\u79cd\u662f\u900f\u8fc7\u8d2d\u4e70\u94f6\u884c\u8bc1\u5238\u521b\u9020\u94f6\u884c\u51c6\u5907\u91d1\uff0c\u5373\u91cf\u5316\u5bbd\u677e\uff08QE\uff09\u3002\u7b2c\u4e8c\u79cd\u662f\u900f\u8fc7 SRF \u5411\u56de\u8d2d\u5e02\u573a\u81ea\u7531\u653e\u6b3e\u3002<\/p>\n

        QE \u73b0\u5728\u5df2\u662f\u300c\u810f\u8bdd\u300d\uff0c\u516c\u4f17\u666e\u904d\u5c06\u5176\u4e0e\u5370\u949e\u548c\u901a\u81a8\u6302\u94a9\u3002\u4e3a\u4e86\u907f\u514d\u88ab\u6307\u8d23\u5f15\u53d1\u901a\u81a8\uff0c\u8054\u51c6\u4f1a\u5c06\u52aa\u529b\u5ba3\u79f0\u5176\u653f\u7b56\u5e76\u975e QE \u3002\u8fd9\u610f\u5473\u8457 SRF \u5c06\u6210\u4e3a\u5370\u949e\u6d41\u5165\u5168\u7403\u91d1\u878d\u4f53\u7cfb\u7684\u4e3b\u8981\u7ba1\u9053\uff0c\u800c\u975e\u900f\u8fc7 QE \u521b\u9020\u66f4\u591a\u94f6\u884c\u51c6\u5907\u91d1\u3002<\/p>\n

        \u8fd9\u53ea\u80fd\u4e89\u53d6\u4e00\u4e9b\u65f6\u95f4\u3002\u4f46\u6700\u7ec8\uff0c\u56fd\u503a\u53d1\u884c\u7684\u6307\u6570\u7ea7\u6269\u5f20\u5c06\u8feb\u4f7f SRF \u88ab\u91cd\u590d\u4f7f\u7528\u3002\u8bb0\u4f4f\uff0c\u8d22\u653f\u90e8\u957f Buffalo Bill Bessent \u4e0d\u4ec5\u9700\u8981\u6bcf\u5e74\u53d1\u884c 2 \u5146\u7f8e\u5143\u6765\u8d44\u52a9\u653f\u5e9c\uff0c\u8fd8\u9700\u8981\u53d1\u884c\u6570\u4e07\u4ebf\u7f8e\u5143\u6765\u5c55\u671f\uff08roll over\uff09\u5230\u671f\u503a\u52a1\u3002<\/p>\n

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        \n

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