Jialat... _老虎社区_美港股上老虎

2021-12-16

Jialat... Uncertainty is definitely not Mr Market friends. Will reduce holding n only enter at dip

Fed will aggressively dial back its monthly bond buying, sees three rate hikes next year<blockquote>美联储将大幅减少每月债券购买，预计明年将加息三次</blockquote>

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":690091020,"tweetId":"690091020","gmtCreate":1639611717369,"gmtModify":1639611718806,"author":{"id":3568070265339857,"idStr":"3568070265339857","authorId":3568070265339857,"authorIdStr":"3568070265339857","name":"LohYK","avatar":"https://static.tigerbbs.com/d6add0343094f5e965e831fa432314ef","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":13,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":145,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Jialat... Uncertainty is definitely not Mr Market friends. Will reduce holding n only enter at dip</body></html>","htmlText":"<html><head></head><body>Jialat... Uncertainty is definitely not Mr Market friends. Will reduce holding n only enter at dip</body></html>","text":"Jialat... Uncertainty is definitely not Mr Market friends. Will reduce holding n only enter at dip","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/690091020","repostId":1111705843,"repostType":2,"repost":{"id":"1111705843","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1639594904,"share":"https://www.laohunote.com/m/news/1111705843?lang=zh_CN&edition=full","pubTime":"2021-12-16 03:01","market":"us","language":"en","title":"Fed will aggressively dial back its monthly bond buying, sees three rate hikes next year<blockquote>美联储将大幅减少每月债券购买，预计明年将加息三次</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1111705843","media":"Tiger Newspress","summary":"The Federal Reserve provided multiple indications Wednesday that its run of ultra-easy policy since ","content":"The Federal Reserve provided multiple indications Wednesday that its run of ultra-easy policy since the beginning of the Covid pandemic is coming to a close, making moves that were even more aggressive than markets had anticipated.<blockquote>美联储周三提供了多个迹象，表明自新冠疫情开始以来的超宽松政策即将结束，其举措比市场预期的更加激进。</blockquote> For one, the Fed said it will accelerate the reduction of its monthly bond purchases.<blockquote>首先，美联储表示将加快减少每月债券购买规模。</blockquote> The Fed will be buying $60 billion of bonds each month starting January, half the level prior to the November taper and $30 billion less than it had been buying in December. The Fed was tapering by $15 billion a month in November, doubled that in December, then will accelerate the reduction further come 2022.<blockquote>从1月份开始，美联储每月将购买600亿美元债券，是11月份缩减债券规模前水平的一半，比12月份减少300亿美元。美联储11月份每月缩减150亿美元，是12月份的两倍，然后将在2022年进一步加速缩减。</blockquote> After that wraps up, probably around March, the central bank expects to start raising interest rates, which were held steady at this week’s meeting.<blockquote>在此之后，央行预计将在 3 月份左右开始加息，而在本周的会议上，利率一直保持稳定。</blockquote> Projections released Wednesday indicate that Fed officials see as many as three rate hikes coming in 2022, with two in the following year and two more in 2024.<blockquote>周三发布的预测显示，美联储官员预计 2022 年将加息多达三次，明年加息两次，2024 年再加息两次。</blockquote> The Federal Open Market Committee’s moves, approved unanimously, represent a substantial adjustment to policy that has been the loosest in its 108-year history. The post-meeting statement noted the impact from inflation.<blockquote>联邦公开市场委员会的举措获得了一致通过，这是对其 108 年历史上最宽松政策的重大调整。会后声明指出了通货膨胀的影响。</blockquote> “Supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation,” the statement said.<blockquote>“声明说：”与大流行病和经济重新开放有关的供需失衡继续导致通货膨胀水平上升。</blockquote> The statement also noted that “job gains have been solid in recent months, and the unemployment&nbsp;rate has declined substantially.”<blockquote>声明还指出，“近几个月来就业增长稳健，失业率大幅下降”。</blockquote> Both policy moves came in response to escalating inflation, which is running at its highest level in 39 years for consumer prices. Wholesale prices in November jumped 9.6%, the fastest on record in a sign that inflation pressures are becoming more ingrained and broad-based.<blockquote>这两项政策举措都是为了应对不断升级的通货膨胀，消费者价格正处于 39 年来的最高水平。11 月份批发价格上涨 9.6%，创下有记录以来最快的涨幅，这表明通胀压力变得更加根深蒂固和广泛。</blockquote> Fed officials long have stressed that inflation is “transitory,” which Chairman Jerome Powell has defined as unlikely to leave a lasting imprint on the economy. He and other central bank leaders, as well as Treasury Secretary Janet Yellen, have stressed that prices are booming due to pandemic-related factors such as extraordinary demand that has outstripped supply but ultimately will fade.<blockquote>美联储官员长期以来一直强调通胀是 “暂时的”，主席杰罗姆-鲍威尔（Jerome Powell）将通胀定义为不太可能给经济留下持久印记。他和其他央行领导人以及财政部长珍妮特·耶伦都强调，由于与大流行相关的因素，例如需求超过供应但最终会消退的异常需求，价格正在飙升。</blockquote> However, the term had become a pejorative and the post-meeting statement eliminated it. Powell telegraphed the move during congressional testimony last month, saying “it’s probably a good time to retire that word and try to explain more clearly what we meant.”<blockquote>然而，这个词已经变成了贬义词，会后声明取消了它。鲍威尔在上个月的国会作证时传达了这一举动，他说：“现在可能是时候收回这个词，并试图更清楚地解释我们的意思了。”</blockquote> For the Powell Fed, tightening policy now marks a dramatic pivot off a policy enacted just over a year ago. Known as “flexible average inflation targeting,” which meant it would be content with inflation a little above or below its long-held 2% target.<blockquote>对于鲍威尔美联储来说，现在的紧缩政策标志着一年多前制定的政策发生了戏剧性的转变。被称为 “灵活的平均通胀目标”，这意味着它对通胀率略高于或低于其长期持有的 2% 目标感到满意。</blockquote> The policy’s practical application was that the Fed was willing to let inflation run a little hot in the interest of completely healing the labor market from the hit it took during the pandemic. The Fed’s new policy sought employment that was both full and inclusive across racial, gender and economic lines. Officials agreed not to raise interest rates in anticipation of rising inflation, as the central bank had done in the past.<blockquote>该政策的实际应用是，美联储愿意让通胀稍微升温，以彻底治愈劳动力市场在大流行病期间遭受的打击。美联储的新政策寻求跨越种族、性别和经济界限的充分和包容性就业。官员们同意不像央行过去那样，因预期通胀上升而加息。</blockquote> However, as the “transitory” narrative came into question and inflation began to look stronger and more durable, the Fed has had to rethink its intentions and change gears.<blockquote>然而，随着 “过渡性 ”说法受到质疑，通胀开始变得更加强劲和持久，美联储不得不重新考虑其意图并改变方向。</blockquote> The asset purchase taper began in November, with a reduction of $10 billion in Treasury purchases and $5 billion in mortgage-backed securities. That still left the month buys at $70 billion and $35 billion respectively.<blockquote>资产购买缩减于11月开始，减少了100亿美元的国债购买和50亿美元的抵押贷款支持证券。这使得当月的购买量分别达到 700 亿美元和 350 亿美元。</blockquote> However, the Fed’s $8.7 trillion balance sheet increased by just $2 billion over the past four weeks, with Treasury holdings up $52 billion and MBS actually reduced by $23 billion. Over the past 12 months, Treasury holdings have expanded by $978 billion while MBS have risen by $567 billion.<blockquote>然而，美联储8.7万亿美元的资产负债表在过去四周仅增加了20亿美元，美国国债持有量增加了520亿美元，MBS实际上减少了230亿美元。过去 12 个月，美国国债持有量增加了 9,780 亿美元，而 MBS 增加了 5,670 亿美元。</blockquote> Under the new terms of a program also known as quantitative easing, the Fed would accelerate the decline of its holdings until it is no longer adding to its portfolio. That would bring QE to an end in the spring and allow the Fed to raise rates anytime after. The Fed has said it likely would not raise rates and continue buying bonds simultaneously, as the two moves would work at cross purposes.<blockquote>根据也称为量化宽松的计划的新条款，美联储将加速其持有量的减少，直到不再增加其投资组合。这将在春季结束量化宽松，并允许美联储随时加息。美联储表示，可能不会同时加息和继续购买债券，因为这两项举措将具有交叉目的。</blockquote> From there, the Fed at anytime could start reducing its balance sheet either by selling securities outright, or, in the more likely scenario, begin allowing the proceeds of its current bond holdings to run off each month at a controlled pace.<blockquote>从那时起，美联储可以随时开始缩减资产负债表，要么直接出售证券，要么在更有可能的情况下，开始允许其当前持有的债券收益每月以可控的速度流失。</blockquote> Powell likely will face questioning at his 2:30 p.m. ET news conference about the future of the balance sheet, which has expanded by nearly $3.9 trillion since the early pandemic days.<blockquote>鲍威尔可能会在下午 2:30 的美国东部时间新闻发布会上就资产负债表的未来提出质疑，自疫情初期以来，资产负债表已经扩大了近 3.9 万亿美元。</blockquote>","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>Fed will aggressively dial back its monthly bond buying, sees three rate hikes next year<blockquote>美联储将大幅减少每月债券购买，预计明年将加息三次</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\">\nFed will aggressively dial back its monthly bond buying, sees three rate hikes next year<blockquote>美联储将大幅减少每月债券购买，预计明年将加息三次</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2021-12-16 03:01\n</div>\n</a>\n</h4>\n</header>\n<article>\nThe Federal Reserve provided multiple indications Wednesday that its run of ultra-easy policy since the beginning of the Covid pandemic is coming to a close, making moves that were even more aggressive than markets had anticipated.<blockquote>美联储周三提供了多个迹象，表明自新冠疫情开始以来的超宽松政策即将结束，其举措比市场预期的更加激进。</blockquote> For one, the Fed said it will accelerate the reduction of its monthly bond purchases.<blockquote>首先，美联储表示将加快减少每月债券购买规模。</blockquote> The Fed will be buying $60 billion of bonds each month starting January, half the level prior to the November taper and $30 billion less than it had been buying in December. The Fed was tapering by $15 billion a month in November, doubled that in December, then will accelerate the reduction further come 2022.<blockquote>从1月份开始，美联储每月将购买600亿美元债券，是11月份缩减债券规模前水平的一半，比12月份减少300亿美元。美联储11月份每月缩减150亿美元，是12月份的两倍，然后将在2022年进一步加速缩减。</blockquote> After that wraps up, probably around March, the central bank expects to start raising interest rates, which were held steady at this week’s meeting.<blockquote>在此之后，央行预计将在 3 月份左右开始加息，而在本周的会议上，利率一直保持稳定。</blockquote> Projections released Wednesday indicate that Fed officials see as many as three rate hikes coming in 2022, with two in the following year and two more in 2024.<blockquote>周三发布的预测显示，美联储官员预计 2022 年将加息多达三次，明年加息两次，2024 年再加息两次。</blockquote> The Federal Open Market Committee’s moves, approved unanimously, represent a substantial adjustment to policy that has been the loosest in its 108-year history. The post-meeting statement noted the impact from inflation.<blockquote>联邦公开市场委员会的举措获得了一致通过，这是对其 108 年历史上最宽松政策的重大调整。会后声明指出了通货膨胀的影响。</blockquote> “Supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation,” the statement said.<blockquote>“声明说：”与大流行病和经济重新开放有关的供需失衡继续导致通货膨胀水平上升。</blockquote> The statement also noted that “job gains have been solid in recent months, and the unemployment&nbsp;rate has declined substantially.”<blockquote>声明还指出，“近几个月来就业增长稳健，失业率大幅下降”。</blockquote> Both policy moves came in response to escalating inflation, which is running at its highest level in 39 years for consumer prices. Wholesale prices in November jumped 9.6%, the fastest on record in a sign that inflation pressures are becoming more ingrained and broad-based.<blockquote>这两项政策举措都是为了应对不断升级的通货膨胀，消费者价格正处于 39 年来的最高水平。11 月份批发价格上涨 9.6%，创下有记录以来最快的涨幅，这表明通胀压力变得更加根深蒂固和广泛。</blockquote> Fed officials long have stressed that inflation is “transitory,” which Chairman Jerome Powell has defined as unlikely to leave a lasting imprint on the economy. He and other central bank leaders, as well as Treasury Secretary Janet Yellen, have stressed that prices are booming due to pandemic-related factors such as extraordinary demand that has outstripped supply but ultimately will fade.<blockquote>美联储官员长期以来一直强调通胀是 “暂时的”，主席杰罗姆-鲍威尔（Jerome Powell）将通胀定义为不太可能给经济留下持久印记。他和其他央行领导人以及财政部长珍妮特·耶伦都强调，由于与大流行相关的因素，例如需求超过供应但最终会消退的异常需求，价格正在飙升。</blockquote> However, the term had become a pejorative and the post-meeting statement eliminated it. Powell telegraphed the move during congressional testimony last month, saying “it’s probably a good time to retire that word and try to explain more clearly what we meant.”<blockquote>然而，这个词已经变成了贬义词，会后声明取消了它。鲍威尔在上个月的国会作证时传达了这一举动，他说：“现在可能是时候收回这个词，并试图更清楚地解释我们的意思了。”</blockquote> For the Powell Fed, tightening policy now marks a dramatic pivot off a policy enacted just over a year ago. Known as “flexible average inflation targeting,” which meant it would be content with inflation a little above or below its long-held 2% target.<blockquote>对于鲍威尔美联储来说，现在的紧缩政策标志着一年多前制定的政策发生了戏剧性的转变。被称为 “灵活的平均通胀目标”，这意味着它对通胀率略高于或低于其长期持有的 2% 目标感到满意。</blockquote> The policy’s practical application was that the Fed was willing to let inflation run a little hot in the interest of completely healing the labor market from the hit it took during the pandemic. The Fed’s new policy sought employment that was both full and inclusive across racial, gender and economic lines. Officials agreed not to raise interest rates in anticipation of rising inflation, as the central bank had done in the past.<blockquote>该政策的实际应用是，美联储愿意让通胀稍微升温，以彻底治愈劳动力市场在大流行病期间遭受的打击。美联储的新政策寻求跨越种族、性别和经济界限的充分和包容性就业。官员们同意不像央行过去那样，因预期通胀上升而加息。</blockquote> However, as the “transitory” narrative came into question and inflation began to look stronger and more durable, the Fed has had to rethink its intentions and change gears.<blockquote>然而，随着 “过渡性 ”说法受到质疑，通胀开始变得更加强劲和持久，美联储不得不重新考虑其意图并改变方向。</blockquote> The asset purchase taper began in November, with a reduction of $10 billion in Treasury purchases and $5 billion in mortgage-backed securities. That still left the month buys at $70 billion and $35 billion respectively.<blockquote>资产购买缩减于11月开始，减少了100亿美元的国债购买和50亿美元的抵押贷款支持证券。这使得当月的购买量分别达到 700 亿美元和 350 亿美元。</blockquote> However, the Fed’s $8.7 trillion balance sheet increased by just $2 billion over the past four weeks, with Treasury holdings up $52 billion and MBS actually reduced by $23 billion. Over the past 12 months, Treasury holdings have expanded by $978 billion while MBS have risen by $567 billion.<blockquote>然而，美联储8.7万亿美元的资产负债表在过去四周仅增加了20亿美元，美国国债持有量增加了520亿美元，MBS实际上减少了230亿美元。过去 12 个月，美国国债持有量增加了 9,780 亿美元，而 MBS 增加了 5,670 亿美元。</blockquote> Under the new terms of a program also known as quantitative easing, the Fed would accelerate the decline of its holdings until it is no longer adding to its portfolio. That would bring QE to an end in the spring and allow the Fed to raise rates anytime after. The Fed has said it likely would not raise rates and continue buying bonds simultaneously, as the two moves would work at cross purposes.<blockquote>根据也称为量化宽松的计划的新条款，美联储将加速其持有量的减少，直到不再增加其投资组合。这将在春季结束量化宽松，并允许美联储随时加息。美联储表示，可能不会同时加息和继续购买债券，因为这两项举措将具有交叉目的。</blockquote> From there, the Fed at anytime could start reducing its balance sheet either by selling securities outright, or, in the more likely scenario, begin allowing the proceeds of its current bond holdings to run off each month at a controlled pace.<blockquote>从那时起，美联储可以随时开始缩减资产负债表，要么直接出售证券，要么在更有可能的情况下，开始允许其当前持有的债券收益每月以可控的速度流失。</blockquote> Powell likely will face questioning at his 2:30 p.m. ET news conference about the future of the balance sheet, which has expanded by nearly $3.9 trillion since the early pandemic days.<blockquote>鲍威尔可能会在下午 2:30 的美国东部时间新闻发布会上就资产负债表的未来提出质疑，自疫情初期以来，资产负债表已经扩大了近 3.9 万亿美元。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111705843","content_text":"The Federal Reserve provided multiple indications Wednesday that its run of ultra-easy policy since the beginning of the Covid pandemic is coming to a close, making moves that were even more aggressive than markets had anticipated.\nFor one, the Fed said it will accelerate the reduction of its monthly bond purchases.\nThe Fed will be buying $60 billion of bonds each month starting January, half the level prior to the November taper and $30 billion less than it had been buying in December. The Fed was tapering by $15 billion a month in November, doubled that in December, then will accelerate the reduction further come 2022.\nAfter that wraps up, probably around March, the central bank expects to start raising interest rates, which were held steady at this week’s meeting.\nProjections released Wednesday indicate that Fed officials see as many as three rate hikes coming in 2022, with two in the following year and two more in 2024.\nThe Federal Open Market Committee’s moves, approved unanimously, represent a substantial adjustment to policy that has been the loosest in its 108-year history. The post-meeting statement noted the impact from inflation.\n“Supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation,” the statement said.\nThe statement also noted that “job gains have been solid in recent months, and the unemployment rate has declined substantially.”\nBoth policy moves came in response to escalating inflation, which is running at its highest level in 39 years for consumer prices. Wholesale prices in November jumped 9.6%, the fastest on record in a sign that inflation pressures are becoming more ingrained and broad-based.\nFed officials long have stressed that inflation is “transitory,” which Chairman Jerome Powell has defined as unlikely to leave a lasting imprint on the economy. He and other central bank leaders, as well as Treasury Secretary Janet Yellen, have stressed that prices are booming due to pandemic-related factors such as extraordinary demand that has outstripped supply but ultimately will fade.\nHowever, the term had become a pejorative and the post-meeting statement eliminated it. Powell telegraphed the move during congressional testimony last month, saying “it’s probably a good time to retire that word and try to explain more clearly what we meant.”\nFor the Powell Fed, tightening policy now marks a dramatic pivot off a policy enacted just over a year ago. Known as “flexible average inflation targeting,” which meant it would be content with inflation a little above or below its long-held 2% target.\nThe policy’s practical application was that the Fed was willing to let inflation run a little hot in the interest of completely healing the labor market from the hit it took during the pandemic. The Fed’s new policy sought employment that was both full and inclusive across racial, gender and economic lines. Officials agreed not to raise interest rates in anticipation of rising inflation, as the central bank had done in the past.\nHowever, as the “transitory” narrative came into question and inflation began to look stronger and more durable, the Fed has had to rethink its intentions and change gears.\nThe asset purchase taper began in November, with a reduction of $10 billion in Treasury purchases and $5 billion in mortgage-backed securities. That still left the month buys at $70 billion and $35 billion respectively.\nHowever, the Fed’s $8.7 trillion balance sheet increased by just $2 billion over the past four weeks, with Treasury holdings up $52 billion and MBS actually reduced by $23 billion. Over the past 12 months, Treasury holdings have expanded by $978 billion while MBS have risen by $567 billion.\nUnder the new terms of a program also known as quantitative easing, the Fed would accelerate the decline of its holdings until it is no longer adding to its portfolio. That would bring QE to an end in the spring and allow the Fed to raise rates anytime after. The Fed has said it likely would not raise rates and continue buying bonds simultaneously, as the two moves would work at cross purposes.\nFrom there, the Fed at anytime could start reducing its balance sheet either by selling securities outright, or, in the more likely scenario, begin allowing the proceeds of its current bond holdings to run off each month at a controlled pace.\nPowell likely will face questioning at his 2:30 p.m. ET news conference about the future of the balance sheet, which has expanded by nearly $3.9 trillion since the early pandemic days.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1384,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":83,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/690091020"}