{"id":38865,"date":"2022-08-28T17:11:06","date_gmt":"2022-08-28T09:11:06","guid":{"rendered":"https:\/\/\/?p=38865"},"modified":"2023-12-06T14:00:18","modified_gmt":"2023-12-06T06:00:18","slug":"fed-shrink-balance-sheet-mean","status":"publish","type":"post","link":"https:\/\/\/fed-shrink-balance-sheet-mean\/","title":{"rendered":"\u7e2e\u8868\u662f\u4ec0\u9ebc\uff1f\u7e2e\u8868\u65e5\u671f\uff1f\u7e2e\u8868\u5c0d\u91d1\u878d\u5e02\u5834\u6709\u4ec0\u9ebc\u5f71\u97ff"},"content":{"rendered":"<!-- \/367108978\/Rich01_PC_up_728x90 -->\n\t<div class='div-gpt-ad-css' id='div-gpt-ad-1564472272479-0' style='width: 728px; height: 90px;'>\n\t  <script>\n\t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1564472272479-0'); });\n\t  <\/script>\n\t<\/div><p><img decoding=\"async\" class=\"alignnone size-full wp-image-38870\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220712093734_51.jpg\" alt=\"\u7e2e\u8868\" width=\"960\" height=\"502\" \/><\/p>\n<p>2022\u5e745\u67084\u65e5\uff0c\u7f8e\u570b\u806f\u6e96\u6703(Fed)\u767c\u8868\u8072\u660e\uff0c\u5c07\u5f9e2022\u5e746\u6708\u958b\u59cb\u555f\u52d5\u7e2e\u8868\uff0c\u524d\u4e09\u500b\u6708\u6bcf\u6708\u7e2e\u8868\u6700\u591a475\u5104\u7f8e\u5143\uff0c\u4e4b\u5f8c\u6bcf\u500b\u6708\u7e2e\u8868\u4e0a\u9650950\u5104\u7f8e\u5143\uff0c\u672a\u4f86\u4e09\u5e74\u9810\u8a08\u5171\u8981\u7e2e\u8868\u7d043\u5146\u7f8e\u5143\uff0c\u4f54\u76ee\u524d\u806f\u6e96\u6703\u7e3d\u8cc7\u7522\u7d04\u4e09\u5206\u4e4b\u4e00\u3002<\/p>\n<p>\u9019\u500b\u6d88\u606f\u4e00\u51fa\uff0c\u8b93\u6295\u8cc7\u4eba\u4fe1\u5fc3\u5927\u53d7\u6253\u64ca\uff0c\u80a1\u5e02\u4e5f\u56e0\u800c\u53d7\u5230\u885d\u64ca\uff0c\u5230\u5e95\u806f\u6e96\u6703\u7684\u7e2e\u8868\u662f\u4ec0\u9ebc\u610f\u601d\uff0c\u70ba\u4ec0\u9ebc\u8cc7\u672c\u5e02\u5834\u6703\u5982\u6b64\u7684\u95dc\u6ce8\u5462\uff1f<\/p>\n<p>\u9019\u7bc7\u6587\u7ae0\u5e02\u5834\u5148\u751f\u5c31\u8981\u544a\u8a34\u4f60\uff0c\u7e2e\u8868\u7684\u539f\u7406\u4ee5\u53ca\u5f71\u97ff\u6709\u54ea\u4e9b\u3002<\/p>\n<p><!--more--><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">\u672c\u6587\u5e02\u5834\u5148\u751f\u6703\u544a\u8a34\u4f60\uff1a<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6611f5be4f4ff\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6611f5be4f4ff\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#%E7%BE%8E%E8%81%AF%E5%84%B2FED2022%E7%B8%AE%E8%A1%A8%E6%97%A5%E6%9C%9F%E5%BF%AB%E8%A8%8A\" title=\"\u7f8e\u806f\u5132FED2022\u7e2e\u8868\u65e5\u671f\u5feb\u8a0a\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7f8e\u806f\u5132FED2022\u7e2e\u8868\u65e5\u671f\u5feb\u8a0a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#%E7%B8%AE%E8%A1%A8%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\" title=\"\u7e2e\u8868\u662f\u4ec0\u9ebc\u610f\u601d\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7e2e\u8868\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#%E7%B8%AE%E8%A1%A8%E5%A6%82%E4%BD%95%E9%80%B2%E8%A1%8C%EF%BC%9F\" title=\"\u7e2e\u8868\u5982\u4f55\u9032\u884c\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7e2e\u8868\u5982\u4f55\u9032\u884c\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#%E7%B8%AE%E8%A1%A8%E8%B7%9F%E5%8D%87%E6%81%AF%E4%B9%8B%E9%96%93%E6%9C%89%E4%BB%80%E9%BA%BC%E9%97%9C%E4%BF%82%EF%BC%9F\" title=\"\u7e2e\u8868\u8ddf\u5347\u606f\u4e4b\u9593\u6709\u4ec0\u9ebc\u95dc\u4fc2\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7e2e\u8868\u8ddf\u5347\u606f\u4e4b\u9593\u6709\u4ec0\u9ebc\u95dc\u4fc2\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#%E7%B8%AE%E8%A1%A8_vs_%E6%B8%9B%E5%B0%91%E8%B3%BC%E5%82%B5\" title=\"\u7e2e\u8868 vs \u6e1b\u5c11\u8cfc\u50b5\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7e2e\u8868 vs \u6e1b\u5c11\u8cfc\u50b5<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#%E7%B8%AE%E8%A1%A8%E5%B0%8D%E8%82%A1%E5%B8%82%E3%80%81%E5%82%B5%E5%B8%82%E3%80%81%E9%87%91%E8%9E%8D%E8%82%A1%E6%9C%89%E5%93%AA%E4%BA%9B%E5%BD%B1%E9%9F%BF%EF%BC%9F\" title=\"\u7e2e\u8868\u5c0d\u80a1\u5e02\u3001\u50b5\u5e02\u3001\u91d1\u878d\u80a1\u6709\u54ea\u4e9b\u5f71\u97ff\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7e2e\u8868\u5c0d\u80a1\u5e02\u3001\u50b5\u5e02\u3001\u91d1\u878d\u80a1\u6709\u54ea\u4e9b\u5f71\u97ff\uff1f<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#1_%E7%B8%AE%E8%A1%A8%E5%B0%8D%E8%82%A1%E5%B8%82%E7%9A%84%E5%BD%B1%E9%9F%BF%EF%BC%9A%E8%B2%A0%E9%9D%A2%E5%BD%B1%E9%9F%BF\" title=\"1. \u7e2e\u8868\u5c0d\u80a1\u5e02\u7684\u5f71\u97ff\uff1a\u8ca0\u9762\u5f71\u97ff\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">1. \u7e2e\u8868\u5c0d\u80a1\u5e02\u7684\u5f71\u97ff\uff1a\u8ca0\u9762\u5f71\u97ff<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#2_%E5%B0%8D%E5%82%B5%E5%B8%82%E7%9A%84%E5%BD%B1%E9%9F%BF%EF%BC%9A%E5%82%B5%E5%88%B8%E5%83%B9%E6%A0%BC%E4%B8%8B%E8%B7%8C%EF%BC%8C%E6%AE%96%E5%88%A9%E7%8E%87%E4%B8%8A%E5%8D%87\" title=\"2. \u5c0d\u50b5\u5e02\u7684\u5f71\u97ff\uff1a\u50b5\u5238\u50f9\u683c\u4e0b\u8dcc\uff0c\u6b96\u5229\u7387\u4e0a\u5347\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">2. \u5c0d\u50b5\u5e02\u7684\u5f71\u97ff\uff1a\u50b5\u5238\u50f9\u683c\u4e0b\u8dcc\uff0c\u6b96\u5229\u7387\u4e0a\u5347<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#3_%E5%B0%8D%E9%87%91%E8%9E%8D%E8%82%A1%E7%9A%84%E5%BD%B1%E9%9F%BF%EF%BC%9A%E6%AD%A3%E8%B2%A0%E5%85%A9%E9%9D%A2%E7%9A%86%E6%9C%89\" title=\"3. \u5c0d\u91d1\u878d\u80a1\u7684\u5f71\u97ff\uff1a\u6b63\u8ca0\u5169\u9762\u7686\u6709\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">3. \u5c0d\u91d1\u878d\u80a1\u7684\u5f71\u97ff\uff1a\u6b63\u8ca0\u5169\u9762\u7686\u6709<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#%E6%AD%B7%E5%8F%B2%E4%B8%8A%E7%9A%84%E7%B8%AE%E8%A1%A8\" title=\"\u6b77\u53f2\u4e0a\u7684\u7e2e\u8868\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6b77\u53f2\u4e0a\u7684\u7e2e\u8868<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#1_19992000%E5%B9%B4%E7%B8%AE%E8%A1%A8%EF%BC%9A%E8%A6%8F%E6%A8%A1%E5%8F%88%E5%A4%A7%E5%8F%88%E6%80%A5%EF%BC%8C%E6%98%AF%E5%B0%8E%E8%87%B4%E7%89%9B%E5%B8%82%E7%B5%90%E6%9D%9F%E7%9A%84%E9%87%8D%E8%A6%81%E6%8E%A8%E6%89%8B\" title=\"1. 1999~2000\u5e74\u7e2e\u8868\uff1a\u898f\u6a21\u53c8\u5927\u53c8\u6025\uff0c\u662f\u5c0e\u81f4\u725b\u5e02\u7d50\u675f\u7684\u91cd\u8981\u63a8\u624b\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">1. 1999~2000\u5e74\u7e2e\u8868\uff1a\u898f\u6a21\u53c8\u5927\u53c8\u6025\uff0c\u662f\u5c0e\u81f4\u725b\u5e02\u7d50\u675f\u7684\u91cd\u8981\u63a8\u624b<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#2_2017%EF%BD%9E2019%E5%B9%B4%E7%B8%AE%E8%A1%A8%EF%BC%9A%E7%B8%AE%E8%A1%A8%E5%B9%85%E5%BA%A6%E4%B8%8D%E5%A4%A7%EF%BC%8C%E5%B0%8D%E7%BE%8E%E8%82%A1%E6%B2%92%E6%9C%89%E9%80%A0%E6%88%90%E5%A4%AA%E5%A4%A7%E5%BD%B1%E9%9F%BF\" title=\"2. 2017\uff5e2019\u5e74\u7e2e\u8868\uff1a\u7e2e\u8868\u5e45\u5ea6\u4e0d\u5927\uff0c\u5c0d\u7f8e\u80a1\u6c92\u6709\u9020\u6210\u592a\u5927\u5f71\u97ff\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">2. 2017\uff5e2019\u5e74\u7e2e\u8868\uff1a\u7e2e\u8868\u5e45\u5ea6\u4e0d\u5927\uff0c\u5c0d\u7f8e\u80a1\u6c92\u6709\u9020\u6210\u592a\u5927\u5f71\u97ff<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#3_2022%E5%B9%B4%E7%B8%AE%E8%A1%A8%EF%BC%9A%E6%99%82%E7%A8%8B%E8%BC%83%E9%95%B7%E4%B8%94%E8%A6%8F%E6%A8%A1%E8%BC%83%E5%A4%A7%EF%BC%8C%E8%82%A1%E5%B8%82%E5%91%88%E7%8F%BE%E6%82%B2%E8%A7%80%E6%B0%A3%E6%B0%9B%EF%BC%8C%E9%80%A0%E6%88%90%E7%86%8A%E5%B8%82%E5%88%B0%E4%BE%86\" title=\"3. 2022\u5e74\u7e2e\u8868\uff1a\u6642\u7a0b\u8f03\u9577\u4e14\u898f\u6a21\u8f03\u5927\uff0c\u80a1\u5e02\u5448\u73fe\u60b2\u89c0\u6c23\u6c1b\uff0c\u9020\u6210\u718a\u5e02\u5230\u4f86\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">3. 2022\u5e74\u7e2e\u8868\uff1a\u6642\u7a0b\u8f03\u9577\u4e14\u898f\u6a21\u8f03\u5927\uff0c\u80a1\u5e02\u5448\u73fe\u60b2\u89c0\u6c23\u6c1b\uff0c\u9020\u6210\u718a\u5e02\u5230\u4f86<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/#%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E7%B8%AE%E8%A1%A8%E6%9C%89%E4%BB%80%E9%BA%BC%E5%BD%B1%E9%9F%BF%EF%BC%9F\" title=\"\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u7e2e\u8868\u6709\u4ec0\u9ebc\u5f71\u97ff\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u7e2e\u8868\u6709\u4ec0\u9ebc\u5f71\u97ff\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E8%81%AF%E5%84%B2FED2022%E7%B8%AE%E8%A1%A8%E6%97%A5%E6%9C%9F%E5%BF%AB%E8%A8%8A\"><\/span>\u7f8e\u806f\u5132FED2022\u7e2e\u8868\u65e5\u671f\u5feb\u8a0a<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>2022\u5e745\u6708\u5ba3\u5e03\uff0c\u59d4\u54e1\u6703\u6c7a\u5b9a\u5f9e 6 \u6708 1 \u65e5\u958b\u59cb\u7e2e\u6e1b\u6301\u6709\u7684\u516c\u50b5\u3001\u6a5f\u69cb\u50b5\u548c\u6a5f\u69cb\u62b5\u62bc\u64d4\u4fdd\u8b49\u5238\u3002<\/p>\n<p>\u672a\u4f863\u5e74\u9810\u8a08\u5171\u8981\u7e2e\u8868\u7d043\u5146\u7f8e\u5143\uff0c\u4f54\u76ee\u524d\u806f\u6e96\u6703\u7e3d\u8cc7\u7522\u7d04\u4e09\u5206\u4e4b\u4e00\u3002<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\"><strong>\u91dd\u5c0d\u516c\u50b5\uff1a<\/strong>\u7e2e\u8868\u5e45\u5ea6\u8a2d\u5b9a\u5728\u6bcf\u6708300\u5104\u7f8e\u5143\uff0c\u5be6\u884c3\u500b\u6708\u5f8c\uff089\u6708\uff09\u63d0\u9ad8\u5230\u6bcf\u6708600\u5104\u7f8e\u5143\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u91dd\u5c0d<a href=/index.html"https:\/\/\/what-is-mbs-security\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">MBS<\/a>\uff1a<\/strong>\u7e2e\u8868\u5e45\u5ea6\u8a2d\u5b9a\u5728\u6bcf\u6708175\u5104\u7f8e\u5143\uff0c\u5be6\u884c3\u500b\u6708\u5f8c\uff089\u6708\uff09\u63d0\u9ad8\u5230\u6bcf\u6708350\u5104\u7f8e\u5143\u3002<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B8%AE%E8%A1%A8%E6%98%AF%E4%BB%80%E9%BA%BC%E6%84%8F%E6%80%9D%EF%BC%9F\"><\/span>\u7e2e\u8868\u662f\u4ec0\u9ebc\u610f\u601d\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u7e2e\u8868 (\u82f1\u6587: shrink balance sheet )\u610f\u601d\u662f\u7e2e\u6e1b\u806f\u6e96\u6703\u7684<a href=/index.html"https:\/\/\/what-is-balance-sheet-4\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u8cc7\u7522\u8ca0\u50b5\u8868\u3002<\/a><\/p>\n<blockquote><p>\u5728\u4e86\u89e3\u7e2e\u8868\u524d\uff0c\u53ef\u4ee5\u5148\u4e86\u89e3\u7f8e\u806f\u5132(\u4e5f\u7a31<a href=/index.html"https:\/\/\/waht-is-fed-libor-and-sibor\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u806f\u6e96\u6703 Fed<\/a>)\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c<\/p>\n<p>\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\u4e2d\uff0c\u8ca0\u50b5\u5305\u62ec\u5546\u696d\u9280\u884c\u7684\u8d85\u984d\u6e96\u5099\u91d1\uff0c\u4ee5\u53ca\u6d41\u901a\u5728\u5916\u7684\u8ca8\u5e63\uff0c\u800c\u8cc7\u7522\u5247\u662f\u516c\u50b5\u3001\u9ec3\u91d1\u53ca\u5404\u7a2e\u50b5\u5238\u3002\u5176\u4e2d\u8ca0\u50b5\u7684\u591a\u5be1\u5f71\u97ff\u5230\u5728\u5916\u6d41\u901a\u4f9b\u61c9\u7684\u8ca8\u5e63\u7e3d\u91cf\u591a\u5be1\uff0c\u7e2e\u8868\u5247\u662f\u6703\u8b93\u8cc7\u7522\u548c\u8ca0\u50b5\u90fd\u4e00\u4f75\u6e1b\u5c11\uff0c\u56e0\u6b64\u5728\u5916\u6d41\u901a\u7684\u8ca8\u5e63\u91cf\u6703\u6e1b\u5c11\u3002<\/p>\n<p>\u4e4b\u524d\u5e02\u5834\u5148\u751f\u6709\u5beb\u5c08\u6587\u4ecb\u7d39\uff0c\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/fed-balance-sheet-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e00\u6587\u770b\u61c2\u7f8e\u806f\u5132(Fed)\u8cc7\u7522\u8ca0\u50b5\u8868\u7684\u7d44\u6210<\/a><\/p><\/blockquote>\n<p>\u7f8e\u806f\u5132\u300c\u7e2e\u8868\u300d\u4ee3\u8868<strong>\u7e2e\u5c0fFed\u7684\u8cc7\u7522\u8ca0\u50b5\u8868<\/strong>\uff0c\u767d\u8a71\u4f86\u8aaa\u5c31\u662f\u628a\u5b83\u5370\u51fa\u53bb\u7684\u9214\u7968\u6162\u6162\u6536\u56de\u4f86\uff0c\u9019\u662f\u592e\u884c\u7dca\u7e2e<a href=/index.html"https:\/\/\/what-is-monetary-policy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8ca8\u5e63\u653f\u7b56<\/a>\u7684\u505a\u6cd5\uff0c\u76ee\u7684\u662f\u8abf\u7bc0\u904e\u71b1\u7684\u7d93\u6fdf\u6216\u662f\u6291\u5236<a href=/index.html"https:\/\/\/blog-post_17-8\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u901a\u8ca8\u81a8\u8139<\/a>\u3002<\/p>\n<p>\u4e00\u822c\u5e38\u807d\u5230\u7684 \u91cf\u5316\u7dca\u7e2e(QT, \u5168\u540dQuantitative Tightening)\uff0c\u5c31\u662f\u7e2e\u8868\u7684\u505a\u6cd5\uff0c\u8207<a href=/index.html"https:\/\/\/what-is-quantitative-easing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91cf\u5316\u5bec\u9b06QE<\/a>\u662f\u5b8c\u5168\u76f8\u53cd\u7684\u64cd\u4f5c\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B8%AE%E8%A1%A8%E5%A6%82%E4%BD%95%E9%80%B2%E8%A1%8C%EF%BC%9F\"><\/span>\u7e2e\u8868\u5982\u4f55\u9032\u884c\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u806f\u6e96\u6703\u5e38\u898b\u7684\u7e2e\u8868\u57f7\u884c\u65b9\u5f0f\uff1a\u505c\u6b62\u628a\u5230\u671f\u50b5\u5238\u7684\u672c\u91d1\u6240\u5f97\u518d\u6295\u5165\u8cfc\u8cb7\u65b0\u50b5\u3002<\/strong><\/p>\n<p>\u8209\u4f8b\u4f86\u8aaa\uff1a<\/p>\n<p>\u5982\u679c\u9019\u500b\u6708\u50b5\u5238\u5230\u671f\u91d1\u984d\u50f9\u503c100\u5104\u7f8e\u5143\uff0c\u4ee3\u8868\u9019\u500b\u6708\u7d50\u675f\u6642\uff0c\u6703\u6709100\u5104\u7f8e\u5143\u5e02\u5834\u4e0a\u7684\u8cc7\u91d1\u9700\u8981\u511f\u9084\u672c\u91d1\uff0c\u5f9e\u5e02\u5834\u6d41\u56de\u5230\u806f\u6e96\u6703\u3002<\/p>\n<p>\u4e00\u822c\u60c5\u6cc1\u4e0b\uff0c\u806f\u6e96\u6703\u539f\u672c\u6703\u5728\u50b5\u5238\u5230\u671f\u6642\u589e\u52a0\u8cb7100\u5104\u7f8e\u5143\u65b0\u50b5\uff0c\u8b93\u9019\u7b46\u8cc7\u91d1\u91cd\u65b0\u6d41\u5411\u5e02\u5834\u3002<\/p>\n<p>\u7576\u806f\u6e96\u6703\u5e0c\u671b\u6e1b\u5c11\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u53ea\u8981\u505c\u6b62\u628a\u9019100\u5104\u7f8e\u5143\u518d\u6295\u5165\u8cb7\u65b0\u50b5\uff0c\u90a3\u9ebc\u5e02\u5834\u6bcf\u500b\u6708\u5c31\u662f\u6e1b\u5c11\u4e86100\u5104\u7f8e\u5143\u7684\u8cc7\u91d1\uff0c<\/p>\n<p>\u5982\u6b64\u6301\u7e8c\u57f7\u884c\uff0c\u5c31\u53ef\u4ee5\u9010\u6f38\u6e1b\u5c11\u5b83\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u3002<\/p>\n<p>\u9664\u6b64\u4e4b\u5916\uff0c\u806f\u6e96\u6703\u4e5f\u80fd\u900f\u904e\u5411\u9280\u884c\u53ca\u793e\u6703\u5927\u773e\u8ce3\u51fa\u624b\u4e0a\u6301\u6709\u7684\u50b5\u5238\u4ee5\u6536\u56de\u8cc7\u91d1\u3002<\/p>\n<blockquote><p>\u300c\u7e2e\u8868\u300d\u7684\u76f8\u53cd\u8a5e\u662f\u300c<strong>\u64f4\u8868<\/strong>\u300d\uff0c\u6307\u806f\u6e96\u6703\u5927\u898f\u6a21\u5411\u9280\u884c\u53ca\u793e\u6703\u5927\u773e\u8cfc\u8cb7\u7f8e\u570b\u570b\u50b5\u7b49\u8cc7\u7522\u4e26\u5411\u793e\u6703\u6ce8\u5165\u8cc7\u91d1\u6d41\u52d5\u6027\uff0c\u9019\u662f\u592e\u884c\u64f4\u5f35\u8ca8\u5e63\u653f\u7b56\u7684\u505a\u6cd5\u3002<\/p>\n<p>\u81ea1990\u5e74\u4ee3\u4ee5\u4f86\u7f8e\u806f\u5132\u5e7e\u4e4e\u90fd\u662f\u8655\u65bc\u9577\u671f\u64f4\u8868\u7684\u72c0\u614b\u3002<\/p>\n<p>\u6211\u5011\u5e38\u807d\u5230\u7684<a href=/index.html"https:\/\/\/what-is-quantitative-easing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91cf\u5316\u5bec\u9b06(QE)<\/a>\u5c31\u662f\u4e00\u7a2e\u64f4\u8868\u7684\u505a\u6cd5\u3002<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B8%AE%E8%A1%A8%E8%B7%9F%E5%8D%87%E6%81%AF%E4%B9%8B%E9%96%93%E6%9C%89%E4%BB%80%E9%BA%BC%E9%97%9C%E4%BF%82%EF%BC%9F\"><\/span>\u7e2e\u8868\u8ddf\u5347\u606f\u4e4b\u9593\u6709\u4ec0\u9ebc\u95dc\u4fc2\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5728\u7e2e\u8868\u7684\u904e\u7a0b\u4e2d\uff0c\u5f80\u5f80\u6703\u4f34\u96a8\u8457\u5347\u606f\uff0c\u9019\u4e9b\u90fd\u540c\u5c6c\u65bc\u7dca\u7e2e\u7684\u8ca8\u5e63\u653f\u7b56\uff0c<\/p>\n<p>\u5982\u679c\u8981\u4e86\u89e3\u8a73\u7d30\u7684\u5347\u606f\u6a5f\u5236\uff0c\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-raise-interest-rates\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5347\u606f\u6559\u5b78\u61f6\u4eba\u5305<\/a><\/p>\n<p>\u4f46\u7e2e\u8868\u548c\u5347\u606f\u662f\u5169\u4ef6\u4e0d\u540c\u7684\u4e8b\uff0c\u4e5f\u4e26\u975e\u7d55\u5c0d\u6703\u4e00\u4f75\u767c\u751f\uff0c\u5be6\u969b\u555f\u52d5\u54ea\u4e00\u7a2e\u65b9\u6cd5\u662f\u6839\u64da\u7576\u4e0b\u7684\u7d93\u6fdf\u74b0\u5883\u6c7a\u5b9a\uff0c\u4e0d\u904e\u901a\u5e38\u5728\u63a1\u53d6\u8ca8\u5e63\u7dca\u7e2e\u653f\u7b56\u6642\u671f\u90fd\u662f\u96d9\u7ba1\u9f4a\u4e0b\u642d\u914d\u4f7f\u7528\u3002<\/p>\n<p>\u7576\u592e\u884c\u5347\u606f\u7684\u6642\u5019\uff0c\u6c11\u773e\u5b58\u6b3e\u53ca\u8cb8\u6b3e\u7684\u5229\u7387\u90fd\u6703\u8ddf\u8457\u63d0\u9ad8\uff0c\u56e0\u6b64\u6c11\u773e\u53ca\u4f01\u696d\u6703\u66f4\u9858\u610f\u50be\u5411\u628a\u9322\u5b58\u5728\u9280\u884c\uff0c\u6e1b\u5c11\u6295\u8cc7\u8ddf\u6d88\u8cbb\u3001\u8981\u6c42\u66f4\u9ad8\u7684\u6295\u8cc7\u5831\u916c\uff0c\u5e02\u5834\u4e0a\u7684\u71b1\u9322\u56e0\u800c\u8b8a\u5c11\u3002<\/p>\n<p>\u5982\u6b64\u4e00\u4f86\uff0c\u53ef\u4ee5\u8ddf\u7e2e\u8868\u4e00\u6a23\u9054\u5230\u8abf\u7bc0\u7d93\u6fdf\u904e\u71b1\u6216\u662f\u6291\u5236<a href=/index.html"https:\/\/\/blog-post_17-8\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u901a\u81a8<\/a>\u7684\u6548\u679c\u3002<\/p>\n<p><strong>\u5347\u606f\u653f\u7b56\u6bd4\u8f03\u6fc0\u9032\uff0c\u7e2e\u8868\u6bd4\u8f03\u548c\u7de9<\/strong><\/p>\n<p>\u96d6\u7136\u5169\u8005\u90fd\u5c6c\u65bc\u7dca\u7e2e\u653f\u7b56\uff0c\u4f46\u5347\u606f\u7684\u5f71\u97ff\u901a\u5e38\u6703\u6bd4\u7e2e\u8868\u4f86\u7684\u5927\uff0c\u4e5f\u5c6c\u65bc\u66f4\u52a0\u6fc0\u9032\u7684\u653f\u7b56\u3002<\/p>\n<p>\u53cd\u4e4b\uff0c\u7e2e\u8868\u96d6\u7136\u4e5f\u662f\u7dca\u7e2e\u653f\u7b56\uff0c\u4f46\u6703\u6bd4\u5347\u606f\u66f4\u548c\u7de9\u4e00\u9ede\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B8%AE%E8%A1%A8_vs_%E6%B8%9B%E5%B0%91%E8%B3%BC%E5%82%B5\"><\/span>\u7e2e\u8868 vs \u6e1b\u5c11\u8cfc\u50b5<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u53e6\u4e00\u500b\u8207\u7e2e\u8868\u5f88\u76f8\u4f3c\u7684\u64cd\u4f5c\uff0c\u53eb\u505a\u6e1b\u5c11\u8cfc\u50b5\uff08\u6216\u7e2e\u6e1b\u8cfc\u50b5\uff09\u3002<\/p>\n<ul>\n<li><strong>\u7e2e\u8868<\/strong>\uff1a\u505c\u6b62\u8cfc\u8cb7\u65b0\u50b5\uff0c\u751a\u81f3\u51fa\u552e\u50b5\u5238\u8cc7\u7522\uff0c\u8b93\u592e\u884c\u8cc7\u7522\u8ca0\u50b5\u8868\u898f\u6a21\u6e1b\u5c11\u3002<\/li>\n<li><strong>\u6e1b\u5c11\u8cfc\u50b5<\/strong>\uff1a\u7e7c\u7e8c\u8cfc\u8cb7\u65b0\u7684\u50b5\u5238\uff0c\u4f46\u6e1b\u5c11\u8cfc\u8cb7\u7684\u91cf\uff0c\u592e\u884c\u8cc7\u7522\u8ca0\u50b5\u8868\u4ecd\u6703\u7e7c\u7e8c\u64f4\u5927\uff0c\u53ea\u662f\u64f4\u5927\u901f\u5ea6\u6e1b\u7de9\u3002<\/li>\n<\/ul>\n<p>\u6e1b\u5c11\u8cfc\u50b5\u807d\u8d77\u4f86\u8ddf\u7e2e\u8868\u5f88\u50cf\uff0c\u90fd\u662f\u6e1b\u5c11\u8cb7\u65b0\u50b5\u7684\u91cf\uff0c<\/p>\n<p>\u4f46\u662f\u6e1b\u5c11\u8cfc\u50b5\u662f\u6307\u5728\u91cf\u5316\u5bec\u9b06\u7684\u64f4\u8868\u968e\u6bb5\uff0c\u57f7\u884c\u8cfc\u50b5\u6642\u8cb7\u7684\u5c11\u4e00\u9ede\uff0c\u4f8b\u5982\u539f\u672c\u6bcf\u500b\u6708\u8cb7100\u5104\u6e1b\u5230\u8cb750\u5104\u7684\u65b0\u50b5\uff0c\u4f46\u5be6\u969b\u4e0a\u806f\u6e96\u6703\u8cc7\u7522\u8ca0\u50b5\u8868\u4ecd\u5728\u96a8\u6642\u9593\u64f4\u5927\uff0c\u6307\u662f\u64f4\u5927\u901f\u5ea6\u6e1b\u7de9\u3002<\/p>\n<p>\u800c\u7e2e\u8868\u5247\u662f\u505c\u6b62\u8cb7\u65b0\u7684\u50b5\u5238\uff0c\u8b93\u806f\u6e96\u6703\u8cc7\u7522\u8ca0\u50b5\u8868\u96a8\u6642\u9593\u6e1b\u5c11\u3002<\/p>\n<p>\u6e1b\u5c11\u8cfc\u50b5\u8207\u7e2e\u8868\u76f8\u6bd4\uff0c\u6e1b\u5c11\u8cfc\u50b5\u53c8\u5c6c\u65bc\u6bd4\u7e2e\u8868\u66f4\u52a0\u6eab\u548c\u7684\u7dca\u7e2e\u624b\u6bb5\uff0c\u5728\u6e1b\u5c11\u8cfc\u50b5\u4e4b\u4e0b\uff0c\u5e02\u5834\u4ecd\u5c6c\u65bc\u64f4\u8868\u5bec\u9b06\u7684\u72c0\u614b\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%B8%AE%E8%A1%A8%E5%B0%8D%E8%82%A1%E5%B8%82%E3%80%81%E5%82%B5%E5%B8%82%E3%80%81%E9%87%91%E8%9E%8D%E8%82%A1%E6%9C%89%E5%93%AA%E4%BA%9B%E5%BD%B1%E9%9F%BF%EF%BC%9F\"><\/span>\u7e2e\u8868\u5c0d\u80a1\u5e02\u3001\u50b5\u5e02\u3001\u91d1\u878d\u80a1\u6709\u54ea\u4e9b\u5f71\u97ff\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u7e2e\u8868\u6703\u4f7f\u5f97\u91d1\u878d\u4e0a\u6d41\u52d5\u7684\u8ca8\u5e63\u6e1b\u5c11\uff0c\u52e2\u5fc5\u6703\u5c0d\u91d1\u878d\u5e02\u5834\u7522\u751f\u5f71\u97ff\u3002<\/p>\n<p>\u4e0b\u5716\u662fFed\u8cc7\u7522\u8207<a href=/index.html"https:\/\/\/what-is-wilshire-5000-index\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5a01\u590f\u723e5000\u6307\u6578<\/a>\u7684\u8d70\u52e2\u6bd4\u8f03\u5716\uff0c\u5c31\u53ef\u770b\u51fa\u7f8e\u806f\u5132\u8cc7\u7522\u548c\u80a1\u5e02\u7684\u95dc\u4fc2\uff0c\u5728\u8d70\u52e2\u4e0a\u78ba\u5be6\u53ef\u80fd\u5b58\u5728\u4e00\u4e9b\u95dc\u806f\u6027\uff0c<\/p>\n<p><strong>\u4e0d\u904e\u9019\u4e0d\u4ee3\u8868\u7f8e\u806f\u5132\u8cc7\u7522\u300c\u5fc5\u7136\u300d\u80fd\u5920\u5f71\u97ff\u80a1\u5e02\uff0c\u56e0\u70ba\u5e02\u5834\u90fd\u4e0d\u662f\u55ae\u4e00\u56e0\u7d20\u9020\u6210\u7684<\/strong><\/p>\n<p>\u4f46\u82e5\u80fd\u5920\u89c0\u5bdf\u8207\u7406\u89e3\u7f8e\u806f\u5132\u8cc7\u7522\u53ef\u80fd\u6703\u5982\u4f55\u5f71\u97ff\u91d1\u878d\u5e02\u5834\uff0c\u4e5f\u80fd\u5920\u8b93\u6211\u5011\u5728\u6295\u8cc7\u6642\u591a\u9ede\u8cc7\u8a0a\u4f86\u5224\u65b7\u8d70\u52e2\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-41184\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220829092518_48.jpg\" alt=\"FED-\u5a01\u590f\u723e5000\" width=\"2090\" height=\"1094\" srcset=\"https:\/\/\/wp-content\/uploads\/20220829092518_48.jpg 2090w, https:\/\/\/wp-content\/uploads\/20220829092518_48-1536x804.jpg 1536w, https:\/\/\/wp-content\/uploads\/20220829092518_48-2048x1072.jpg 2048w\" sizes=\"(max-width: 2090px) 100vw, 2090px\" \/><\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u8cc7\u7522\u8ca0\u50b5\u8868\u548c\u80a1\u5e02\u8d70\u52e2\uff0c\u6642\u9593\u4e0d\u6703\u5b8c\u5168\u525b\u597d\u5c0d\u8d77\u4f86\u3002<\/p>\n<p>\u56e0\u70ba\u806f\u6e96\u6703\u5404\u7a2e\u8ca8\u5e63\u653f\u7b56\u767c\u751f\u6539\u8b8a\u6642\uff0c\u901a\u5e38\u6703\u5728\u4e00\u6bb5\u6642\u9593\u4e4b\u524d\u5c31\u5148\u91cb\u653e\u8a0a\u606f\uff0c\u800c\u6b64\u6642\u80a1\u5e02\u5c31\u53ef\u80fd\u63d0\u65e9\u958b\u59cb\u53cd\u61c9\u3002\u5be6\u969b\u64f4\u8868\u548c\u7e2e\u8868\u5f80\u5f80\u90fd\u662f\u4e00\u6bb5\u6642\u9593\u5167\u6301\u7e8c\u57f7\u884c\u7684\u653f\u7b56\uff0c\u4e0d\u6703\u548c\u80a1\u5e02\u7684\u53cd\u61c9\u6642\u6a5f\u5b8c\u5168\u4e00\u81f4\u3002<\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"1_%E7%B8%AE%E8%A1%A8%E5%B0%8D%E8%82%A1%E5%B8%82%E7%9A%84%E5%BD%B1%E9%9F%BF%EF%BC%9A%E8%B2%A0%E9%9D%A2%E5%BD%B1%E9%9F%BF\"><\/span>1. \u7e2e\u8868\u5c0d\u80a1\u5e02\u7684\u5f71\u97ff\uff1a\u8ca0\u9762\u5f71\u97ff<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>\u7e2e\u8868\u5c0d\u80a1\u5e02\u4f86\u8aaa\u4e00\u822c\u90fd\u662f\u8ca0\u9762\u7684\u5f71\u97ff<\/strong><\/p>\n<p>\u5728\u7dca\u7e2e\u653f\u7b56\u4e0b\u6d41\u901a\u7684\u8ca8\u5e63\u6e1b\u5c11\uff0c\u53ef\u4ee5\u66f4\u767d\u8a71\u60f3\u6210\u662f\u300c\u8cc7\u91d1\u53d6\u5f97\u8b8a\u56f0\u96e3\u3001\u6210\u672c\u63d0\u9ad8\u300d\uff0c<\/p>\n<p>\u5c0d\u4f01\u696d\u800c\u8a00\uff0c\u7e2e\u8868\u96d6\u7136\u6c92\u6709\u76f4\u63a5\u5f71\u97ff\uff0c<br \/>\n\u4f46\u662f\u7576\u806f\u6e96\u6703\u91cb\u653e\u51fa\u7e2e\u8868\u8a0a\u606f\uff0c\u5f80\u5f80\u5c31\u6697\u793a\u5e02\u5834\u672a\u4f86\u6703\u662f\u7dca\u7e2e\u653f\u7b56\u7684\u65b9\u5411\uff0c\u9019\u6703\u5c0e\u81f4\u91d1\u878d\u6a5f\u69cb\u7684\u5b58\u6b3e\u6e96\u5099\u91d1\u6e1b\u5c11\uff0c\u5728\u653e\u6b3e\u4e0a\u66f4\u52a0\u4fdd\u5b88\u8b39\u614e\uff0c\u9593\u63a5\u5f71\u97ff\u4f01\u696d\u501f\u8cb8\u53d6\u5f97\u8cc7\u91d1\u7684\u96e3\u6613\u5ea6\u8b8a\u56f0\u96e3\uff0c\u53ca\u50b5\u52d9\u7684\u6210\u672c\u63d0\u9ad8\u3002<\/p>\n<p>\u56e0\u6b64\u4f01\u696d\u6703\u958b\u59cb\u66f4\u52a0\u4fdd\u5b88\u7684\u63a7\u5236\u652f\u51fa\u8207\u6295\u8cc7\uff0c\u800c\u7576\u5404\u5bb6\u4f01\u696d\u90fd\u6e1b\u5c11\u652f\u51fa\u8207\u6295\u8cc7\uff0c\u5be6\u969b\u4e0a\u7d93\u6fdf\u6d3b\u52d5\u5c31\u6703\u653e\u7de9\u3002<\/p>\n<p>\u7576\u4eba\u5011\u5c0d\u672a\u4f86\u6709\u7d93\u6fdf\u6d3b\u52d5\u653e\u7de9\u7684\u9810\u671f\uff0c\u5f80\u5f80\u5c0d\u80a1\u50f9\u4f30\u503c\u5c31\u6703\u66f4\u52a0\u4fdd\u5b88\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_%E5%B0%8D%E5%82%B5%E5%B8%82%E7%9A%84%E5%BD%B1%E9%9F%BF%EF%BC%9A%E5%82%B5%E5%88%B8%E5%83%B9%E6%A0%BC%E4%B8%8B%E8%B7%8C%EF%BC%8C%E6%AE%96%E5%88%A9%E7%8E%87%E4%B8%8A%E5%8D%87\"><\/span>2. \u5c0d\u50b5\u5e02\u7684\u5f71\u97ff\uff1a<strong>\u50b5\u5238\u50f9\u683c\u4e0b\u8dcc\uff0c\u6b96\u5229\u7387\u4e0a\u5347<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u7e2e\u8868\u610f\u5473\u8457\u806f\u6e96\u6703\u5230\u671f\u7684\u50b5\u5238\u91d1\u984d\u5c07\u4e0d\u518d\u6295\u5165\u5e02\u5834\uff0c\u5982\u679c\u6bcf\u6708\u5230\u671f\u7684\u91d1\u984d\u662f100\u5104\u7f8e\u91d1\uff0c\u90a3\u9ebc\u5e02\u5834\u4e0a\u5c31\u6703\u5c11\u4e86100\u5104\u7f8e\u5143\u7684\u8cc7\u91d1\u3002<\/p>\n<p>\u50b5\u5238\u5e02\u5834\u56e0\u70ba\u5c11\u4e86\u806f\u6e96\u6703\u9019\u500b\u5927\u8cb7\u5bb6\uff0c\u5c0e\u81f4\u9700\u6c42\u6e1b\u5c11\u3001\u50b5\u5238\u50f9\u683c\u4e0b\u8dcc\u3001\u6b96\u5229\u7387\u4e0a\u5347\u3002<\/p>\n<p>\u800c\u5982\u679c\u806f\u6e96\u6703\u9664\u4e86\u505c\u6b62\u8cfc\u50b5\u4ee5\u5916\uff0c\u9032\u4e00\u6b65\u62cb\u552e\u50b5\u5238\uff0c\u53ef\u80fd\u9084\u6703\u9020\u6210\u50b5\u5238\u50f9\u683c\u4e0b\u8dcc\u3002<\/p>\n<p>\u9664\u4e86\u516c\u50b5\u5e02\u5834\u4ee5\u5916\uff0c\u516c\u53f8\u50b5\u5e02\u5834\u4e5f\u662f\u6703\u56e0\u70ba\u9810\u671f\u53ca\u8cc7\u91d1\u6210\u672c\u4e0a\u5347\uff0c\u5c0e\u81f4\u50b5\u5238\u4e0b\u8dcc\u3001\u6b96\u5229\u7387\u4e0a\u5347\u3002<\/p>\n<blockquote><p>\u5f9e\u4e0b\u8868FED\u8207\u7f8e\u50b5\u6b96\u5229\u7387\u7684\u6bd4\u8f03\u5716\uff0c\u4f60\u53ef\u4ee5\u767c\u73fe\u6709\u7e2e\u8868\u9810\u671f\u6703\u4f7f\u5f97\u57fa\u6e96\u5229\u7387\u4e0a\u5347\uff0c\u56e0\u6b64\u50b5\u5238\u50f9\u683c\u4e0b\u8dcc\u5c0e\u81f4\u50b5\u5238\u6b96\u5229\u7387\u4e0a\u5347\u3002<\/p>\n<p>\u8981\u7279\u5225\u63d0\u5230\u7684\u5c31\u662f\uff0c<span class=\"s1\">2018<\/span>\u4e2d\u7f8e\u8cbf\u6613\u6230\u6642\u5347\u606f\u7591\u616e\u7b49\u56e0\u7d20 \uff0c\u6295\u8cc7\u4eba\u666e\u904d\u5c0d\u80a1\u5e02\u7522\u751f\u6050\u614c\uff0c\u8a31\u8cc7\u91d1\u8f49\u79fb\u5230\u50b5\u5e02\u6240\u4ee5\u8cc7\u91d1\u8f49\u79fb\u50b5\u5e02\u4f7f\u5f97\u6b96\u5229\u7387\u4e0a\u5347\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-41189\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220829094228_71.jpg\" alt=\"FED-\u50b5\u5e02\" width=\"2090\" height=\"1094\" srcset=\"https:\/\/\/wp-content\/uploads\/20220829094228_71.jpg 2090w, https:\/\/\/wp-content\/uploads\/20220829094228_71-1536x804.jpg 1536w, https:\/\/\/wp-content\/uploads\/20220829094228_71-2048x1072.jpg 2048w\" sizes=\"(max-width: 2090px) 100vw, 2090px\" \/><\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"3_%E5%B0%8D%E9%87%91%E8%9E%8D%E8%82%A1%E7%9A%84%E5%BD%B1%E9%9F%BF%EF%BC%9A%E6%AD%A3%E8%B2%A0%E5%85%A9%E9%9D%A2%E7%9A%86%E6%9C%89\"><\/span>3. \u5c0d\u91d1\u878d\u80a1\u7684\u5f71\u97ff\uff1a\u6b63\u8ca0\u5169\u9762\u7686\u6709<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u7e2e\u8868\u5c0d\u91d1\u878d\u80a1\u6709\u591a\u7a2e\u4e0d\u540c\u5c64\u9762\u7684\u5f71\u97ff\uff0c<\/p>\n<p>\u5728\u7dca\u7e2e\u653f\u7b56\u4e4b\u4e0b\uff0c\u4ee5\u6700\u91cd\u8981\u7684\u9280\u884c\u7522\u696d\u4f86\u8aaa\uff0c<\/p>\n<p>\u8ca0\u9762\u5f71\u97ff\u5305\u62ec\u9280\u884c\u7684\u7d93\u71df\u6210\u672c\u901a\u5e38\u6703\u4e0a\u5347\u3001\u9280\u884c\u7684\u8cc7\u7522\u50f9\u503c\u4e0b\u964d\u3001\u653e\u6b3e\u984d\u5ea6\u6e1b\u5c11\u3001\u4f01\u696d\u501f\u8cb8\u7684\u9700\u6c42\u6e1b\u5c11\u3001\u9055\u7d04\u7387\u4e0a\u5347\u53ca\u4e0d\u826f\u8cc7\u7522\u589e\u52a0\uff0c\u53e6\u5916\u5e02\u5834\u9810\u671f\u672a\u4f86\u7d93\u6fdf\u6d3b\u52d5\u653e\u7de9\uff0c\u4e5f\u6703\u8b93\u91d1\u878d\u80a1\u4f30\u503c\u4e0b\u964d\u3002<\/p>\n<p>\u6b63\u9762\u7684\u5f71\u97ff\u4e3b\u8981\u662f<a href=/index.html"https:\/\/\/interest-rate-spreads-effect-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u9280\u884c\u5b58\u653e\u6b3e\u5229\u5dee<\/a>\u6703\u64f4\u5927\uff0c\u800c\u548c\u7de9\u7684\u7dca\u7e2e\uff0c\u4e5f\u6709\u52a9\u65bc\u907f\u514d\u91d1\u878d\u696d\u904e\u5ea6\u64f4\u5927\u69d3\u687f\u3002<\/p>\n<p>\u5be6\u969b\u4e0a\u6574\u9ad4\u800c\u8a00\uff0c\u77ed\u671f\u8ca0\u9762\u5f71\u97ff\u901a\u5e38\u9084\u662f\u5927\u65bc\u6b63\u9762\u5f71\u97ff\uff0c\u9577\u671f\u5f71\u97ff\u5247\u53d6\u6c7a\u65bc\u7dca\u7e2e\u653f\u7b56\u662f\u5426\u80fd\u8b93\u7d93\u6fdf\u964d\u6eab\u904e\u7a0b\u662f\u548c\u7de9\u9084\u662f\u904e\u65bc\u6fc0\u70c8\u3002<\/p>\n<p>\u4e00\u65e6\u904e\u5ea6\u6fc0\u70c8\u7684\u7dca\u7e2e\uff0c\u4e0d\u826f\u8cc7\u7522\u5feb\u901f\u589e\u52a0\uff0c\u4e5f\u6709\u53ef\u80fd\u5c0e\u81f4\u4e00\u9023\u4e32\u8ca0\u9762\u7684\u9023\u9396\u53cd\u61c9\u3002\u4f46\u9664\u975e\u662f\u70ba\u4e86\u5f37\u786c\u6297\u8861\u901a\u81a8\uff0c\u5426\u5247\u806f\u6e96\u6703\u4e00\u822c\u4e0d\u6703\u5e0c\u671b\u8ca8\u5e63\u653f\u7b56\u5c0e\u81f4\u5982\u6b64\u7d50\u679c\u3002<\/p>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u63d0\u793a\uff1a\u5347\u606f\u548c\u7e2e\u8868\u540c\u6a23\u5c6c\u65bc\u7dca\u7e2e\u653f\u7b56\uff0c\u90fd\u6709\u985e\u4f3c\u7684\u5f71\u97ff\uff0c\u4f46\u5347\u606f\u7684\u6548\u679c\u66f4\u52a0\u5f37\u70c8\u3002<\/p>\n<p>\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-raise-interest-rates\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5347\u606f\u662f\u4ec0\u9ebc\uff1f\u6703\u6709\u54ea\u4e9b\u5f71\u97ff\uff1f<\/a><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E6%AD%B7%E5%8F%B2%E4%B8%8A%E7%9A%84%E7%B8%AE%E8%A1%A8\"><\/span>\u6b77\u53f2\u4e0a\u7684\u7e2e\u8868<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u8981\u67e5\u8a62\u7f8e\u806f\u5132\u6b77\u5e74\u4f86\u7684\u8cc7\u7522\u8b8a\u5316\u5716\u8868\uff0c\u53ef\u4ee5\u5728<a href=/index.html"https:\/\/fred.stlouisfed.org\/series\/WALCL\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">Economic Research<\/a>\u9019\u500b\u7db2\u7ad9\u4e0a\u770b\uff0c\u6bcf\u9031\u4e09\u90fd\u6703\u66f4\u65b0\u6700\u65b0\u6578\u64da\u3002<\/p>\n<p>\u5f9e\u4e0b\u5716\u53ef\u4ee5\u770b\u51fa\uff0c\u5f9e2002\u5e74\u4ee5\u4f86\uff0cFed\u7684\u8cc7\u7522\u4e00\u76f4\u90fd\u662f\u4e0d\u65b7\u7684\u5f80\u4e0a\u5347\uff0c\u8fd1\u5e74\u4f86\u53ea\u67091999\u5e74\u53ca2017\u5e74\u6709\u51fa\u73fe\u904e\u7e2e\u8868\u3002<br \/>\n(\u56e0\u8cc7\u6599\u9650\u5236\uff0c1999\u5e74\u7684\u7e2e\u8868\u6c92\u6709\u5728\u4e0b\u5716\u986f\u793a)<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-38877\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220712095417_100.jpg\" alt=\"Fed\u7684\u8cc7\u7522\u81ea2002\u5e74\u4f86\u5e7e\u4e4e\u4e0d\u65b7\u6500\u5347 20\u5e74\u4f86\u589e\u52a010\u500d\u4ee5\u4e0a\" width=\"960\" height=\"502\" \/><\/p>\n<p>\u76ee\u524d\u6b77\u53f2\u4e0a\u51fa\u73fe\u904e\u7684\u7e2e\u8868\uff0c\u5927\u81f4\u4e0a\u6709\u4e09\u500b\u6642\u6bb5\uff0c\u4ee5\u4e0b\u4e00\u4e00\u89e3\u91cb\uff1a<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_19992000%E5%B9%B4%E7%B8%AE%E8%A1%A8%EF%BC%9A%E8%A6%8F%E6%A8%A1%E5%8F%88%E5%A4%A7%E5%8F%88%E6%80%A5%EF%BC%8C%E6%98%AF%E5%B0%8E%E8%87%B4%E7%89%9B%E5%B8%82%E7%B5%90%E6%9D%9F%E7%9A%84%E9%87%8D%E8%A6%81%E6%8E%A8%E6%89%8B\"><\/span><strong>1. 1999~2000<\/strong><strong>\u5e74\u7e2e\u8868\uff1a\u898f\u6a21\u53c8\u5927\u53c8\u6025<\/strong><strong>\uff0c\u662f\u5c0e\u81f4\u725b\u5e02\u7d50\u675f\u7684\u91cd\u8981\u63a8\u624b<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u57281999\u5e74\u6642\uff0c\u7531\u65bc\u5343\u79a7\u5e74\u7684\u5373\u5c07\u5230\u4f86\uff0c\u4eba\u5011\u5c0d\u65bc\u5343\u79a7\u87f2(Y2K)\u6709\u5404\u7a2e\u64d4\u6182\uff0c\u70ba\u4e86\u56e0\u61c9\u53ef\u80fd\u5e36\u4f86\u7684\u98a8\u96aa\uff0c<\/p>\n<p>\u806f\u6e96\u6703\u958b\u59cb\u64f4\u8868\uff0c\u8cc7\u7522\u5f9e1999\u5e74\u521d\u7684\u7d045,400\u842c\u7f8e\u5143\uff0c\u5230\u5e74\u5e95\u5df2\u64f4\u5927\u81f3\u7d046,700\u5104\u7f8e\u5143\uff0c\u589e\u5e45\u7d0424%\u3002<\/p>\n<p>\u7576\u5e74\uff0c\u80a1\u5e02\u4e5f\u5448\u73fe\u4e00\u500b\u760b\u72c2\u7684\u72c0\u614b\uff0c\u8a31\u591a\u4e92\u806f\u7db2\u79d1\u6280\u80a1\u4e00\u8def\u5411\u4e0a\uff0c\u7d0d\u65af\u9054\u514b\u6307\u6578\u5f9e2,000\u591a\u9ede\u7ffb\u500d\u6f32\u81f34,000\u591a\u9ede\uff0c\u5982\u4e0b\u5716\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-38880\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220712100104_72.jpg\" alt=\"1999~2000\u5e74Fed\u8cc7\u7522\u8ca0\u50b5\u8868 vs \u90a3\u65af\u9054\u514b\u6307\u6578\u8d70\u52e2\" width=\"960\" height=\"502\" \/><\/p>\n<p>\u806f\u6e96\u6703\u96a8\u5f8c\u610f\u8b58\u5230\u5343\u79a7\u87f2\u7684\u5f71\u97ff\u6c92\u6709\u60f3\u50cf\u4e2d\u5927\uff0c\u56e0\u6b64\u6025\u5fd9\u6536\u56de\u6d41\u52d5\u6027\uff0c\u57281999\u5e74\u5e95\uff0c\u4e00\u500b\u6708\u5167\u5feb\u901f\u7e2e\u8868\u4e86\u8fd11,000\u5104\u7f8e\u5143\uff0c\u7e2e\u8868\u5e45\u5ea6\u7d0415%\u3002<\/p>\n<p>\u7db2\u8def\u6ce1\u6cab\u5f9e2000\u5e743\u6708\u958b\u59cb\u767c\u751f\uff0c\u80a1\u5e02\u66b4\u8dcc\u3002<\/p>\n<p>\u96d6\u7136\u5c0e\u81f4\u7db2\u8def\u6ce1\u6cab\u7684\u539f\u56e0\u6709\u8a31\u591a\uff0c\u4f46\u662f\u5fb7\u610f\u5fd7\u9280\u884c\u7684\u5206\u6790\u5e2bJim Reid\u8a8d\u70ba\uff0c\u5927\u91cf\u7684\u6d41\u52d5\u6027\u64a4\u51fa\u7121\u7591\u662f\u5c0e\u81f4\u725b\u5e02\u7d50\u675f\u7684\u91cd\u8981\u63a8\u624b\u4e4b\u4e00\u3002<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_2017%EF%BD%9E2019%E5%B9%B4%E7%B8%AE%E8%A1%A8%EF%BC%9A%E7%B8%AE%E8%A1%A8%E5%B9%85%E5%BA%A6%E4%B8%8D%E5%A4%A7%EF%BC%8C%E5%B0%8D%E7%BE%8E%E8%82%A1%E6%B2%92%E6%9C%89%E9%80%A0%E6%88%90%E5%A4%AA%E5%A4%A7%E5%BD%B1%E9%9F%BF\"><\/span><strong>2. 2017<\/strong><strong>\uff5e2019\u5e74\u7e2e\u8868\uff1a\u7e2e\u8868\u5e45\u5ea6\u4e0d\u5927\uff0c\u5c0d\u7f8e\u80a1\u6c92\u6709\u9020\u6210\u592a\u5927\u5f71\u97ff<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u7f8e\u570b\u5728\u7d93\u6b772014~2015\u7684\u65b0\u8208\u5e02\u5834\u5371\u6a5f\u5f8c\uff0c\u666f\u6c23\u958b\u59cb\u6062\u5fa9\uff0c\u56e0\u6b64\u806f\u6e96\u6703\u4e5f\u6c7a\u5b9a\u5f9e2015\u5e7412\u6708\u958b\u59cb\u4e00\u500b\u65b0\u7684\u5347\u606f\u5faa\u74b0\u3002<\/p>\n<p>\u4e00\u76f4\u52302017\u5e7410\u6708\uff0c\u806f\u6e96\u6703\u958b\u59cb\u9032\u884c\u7e2e\u8868\u3002<\/p>\n<p>\u7576\u6642\u806f\u6e96\u6703\u7684\u7e3d\u8cc7\u7522\u7d044.5\u5146\u7f8e\u5143\uff0c2017~2019\u4e4b\u9593\u4ee5\u7e3d\u91d1\u984d500\u5104\u7f8e\u5143\u7684\u898f\u6a21\u7e2e\u8868\uff0c\u7e3d\u7e2e\u8868\u5e45\u5ea6\u7d0411%\uff0c\u5e73\u5747\u6bcf\u500b\u6708\u7d04\u7e2e\u88681%<\/p>\n<p>\u56e0\u70ba\u7e2e\u8868\u5e45\u5ea6\u4e0d\u5927\u4e14\u7b26\u5408\u5e02\u5834\u9810\u671f\uff0c\u56e0\u6b64\u5c0d\u65bc\u6574\u9ad4\u80a1\u5e02\u4e26\u6c92\u6709\u9020\u6210\u592a\u5927\u7684\u5f71\u97ff\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39574\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220719165941_29.jpg\" alt=\"2017~2019\u806f\u6e96\u6703\u7e2e\u8868\" width=\"960\" height=\"502\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_2022%E5%B9%B4%E7%B8%AE%E8%A1%A8%EF%BC%9A%E6%99%82%E7%A8%8B%E8%BC%83%E9%95%B7%E4%B8%94%E8%A6%8F%E6%A8%A1%E8%BC%83%E5%A4%A7%EF%BC%8C%E8%82%A1%E5%B8%82%E5%91%88%E7%8F%BE%E6%82%B2%E8%A7%80%E6%B0%A3%E6%B0%9B%EF%BC%8C%E9%80%A0%E6%88%90%E7%86%8A%E5%B8%82%E5%88%B0%E4%BE%86\"><\/span><strong>3. 2022<\/strong><strong>\u5e74\u7e2e\u8868\uff1a\u6642\u7a0b\u8f03\u9577\u4e14\u898f\u6a21\u8f03\u5927\uff0c\u80a1\u5e02\u5448\u73fe\u60b2\u89c0\u6c23\u6c1b\uff0c\u9020\u6210\u718a\u5e02\u5230\u4f86<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\u806f\u6e96\u6703\u7684\u7e3d\u8cc7\u7522\u898f\u6a21\u57282020\u65b0\u51a0\u80ba\u708e\u75ab\u60c5\u524d\u7d04\u70ba4\u5146\u7f8e\u5143\uff0c\u4f46\u662f\u75ab\u60c5\u5f8c\u63a1\u7528\u7121\u9650QE\uff0c\u760b\u72c2\u5370\u9214\uff0c\u8cc7\u7522\u898f\u6a21\u81f32021\u5e74\u5e95\u5c31\u6500\u5347\u5230\u4e868.9\u5146\u7f8e\u5143\uff0c\u589e\u52a0\u4e86\u8fd15\u5146\u7f8e\u5143\uff0c\u4e5f\u52a0\u901f\u4e86\u901a\u81a8\u589e\u9577\u7684\u901f\u5ea6\u3002<\/p>\n<p>\u70ba\u4e86\u8b93\u901a\u81a8\u56de\u5230\u9577\u671f2%\u7684\u76ee\u6a19\uff0c\u806f\u6e96\u6703\u5f9e2022\u5e741\u670811\u65e5\u5c31\u8868\u793a\u63a5\u4e0b\u4f86\u7684\u6703\u8b70\u8981\u958b\u59cb\u8a0e\u8ad6\u7e2e\u8868\uff0c3\u6708\u5ba3\u5e03\u505c\u6b62\u8cfc\u50b5\uff0c\u4e26\u57285\u67084\u65e5\u6b63\u5f0f<a href=/index.html"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20220504a.htm\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u767c\u51fa\u8072\u660e<\/a>\uff0c\u65bc6\u67081\u65e5\u958b\u59cb\u9032\u884c\u7e2e\u8868\uff0c\u6e1b\u6301\u516c\u50b5\u548cMBS\u3002<\/p>\n<ul>\n<li><span style=\"font-size: 16px;\"><strong>\u91dd\u5c0d\u516c\u50b5\uff1a<\/strong>\u7e2e\u8868\u5e45\u5ea6\u8a2d\u5b9a\u5728\u6bcf\u6708300\u5104\u7f8e\u5143\uff0c3\u500b\u6708\u5f8c\u63d0\u9ad8\u5230\u6bcf\u6708600\u5104\u7f8e\u5143\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u91dd\u5c0d<a href=/index.html"https:\/\/\/what-is-mbs-security\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">MBS<\/a>\uff1a<\/strong>\u7e2e\u8868\u5e45\u5ea6\u8a2d\u5b9a\u5728\u6bcf\u6708175\u5104\u7f8e\u5143\uff0c3\u500b\u6708\u5f8c\u63d0\u9ad8\u5230\u6bcf\u6708350\u5104\u7f8e\u5143\u3002<\/span><\/li>\n<\/ul>\n<p>\u5982\u679c\u4ee5\u76ee\u524d\u806f\u6e96\u6703\u7e3d\u8cc7\u7522\u7d048.9\u5146\u7f8e\u5143\u4f86\u8aaa\uff0c\u6bcf\u500b\u6708950\u5104\u7f8e\u5143\u9019\u6a23\u7684\u7e2e\u8868\u5e45\u5ea6\u7d04\u70ba1.06%\uff0c\u82072017~2019\u5e74\u7684\u6bcf\u6708\u7e2e\u8868\u5e45\u5ea6\u5927\u81f4\u76f8\u540c\u3002<\/p>\n<p>\u4f46\u672a\u4f863\u5e74\u9810\u8a08\u5171\u8981\u7e2e\u8868\u7d043\u5146\u7f8e\u5143\uff0c\u4f54\u76ee\u524d\u806f\u6e96\u6703\u7e3d\u8cc7\u7522\u7d04\u4e09\u5206\u4e4b\u4e00\uff0c\u7e2e\u8868\u5e45\u5ea6\u4e4b\u5927\u524d\u6240\u672a\u6709\u3002<\/p>\n<p>\u9019\u6b21\u7684\u7e2e\u8868\u96d6\u7136\u4e0d\u50cf2000\u5e74\u79d1\u6280\u6ce1\u6cab\u90a3\u822c\u5287\u70c8\uff0c\u4f46\u5e45\u5ea6\u8f03\u5927\uff0c\u80a1\u5e02\u666e\u904d\u5448\u73fe\u60b2\u89c0\u7684\u6c23\u6c1b\u3002<\/p>\n<p>\u5f9e2022\u5e74\u521d\u4ee5\u4f86\uff0c\u7d71\u8a08\u81f36\u670822\u65e5\u6b62\uff0c<a href=/index.html"https:\/\/\/what-is-sp500-index\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">S&amp;P 500\u6307\u6578<\/a>\u5df2\u4e0b\u8dcc21.6%\uff0c\u7d50\u675f\u4e86\u75ab\u60c5\u5f8c\u884c\u60c5\u7684\u5927\u725b\u5e02\uff0c\u9032\u5165\u718a\u5e02\u3002<\/p>\n<p>(\u5e02\u5834\u5148\u751f\u63d0\u9192\uff1a2022\u5e74\u4ee5\u4f86\u4e5f\u6709\u5347\u606f\uff0c\u56e0\u6b64\u5c0d\u80a1\u5e02\u548c\u50b5\u5e02\u8868\u73fe\uff0c\u4e26\u4e0d\u55ae\u7d14\u53ea\u662f\u7e2e\u8868\u7684\u5f71\u97ff\uff0c\u9084\u5305\u62ec\u5347\u606f\u7684\u5f71\u97ff)<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-38881\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220712100853_73.jpg\" alt=\"S&amp;P 500\u6307\u6578\uff1a2022\u5e74\u521d\u81f36\/22\uff0c\u5df2\u4e0b\u8dcc21.6%\" width=\"960\" height=\"319\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E7%B8%AE%E8%A1%A8%E6%9C%89%E4%BB%80%E9%BA%BC%E5%BD%B1%E9%9F%BF%EF%BC%9F\"><\/span>\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u7e2e\u8868\u6709\u4ec0\u9ebc\u5f71\u97ff\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><span style=\"font-size: 16px;\">\u7f8e\u806f\u5132\u300c\u7e2e\u8868\u300d\u4ee3\u8868\u7e2e\u5c0f\u5b83\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u767d\u8a71\u4f86\u8aaa\u5c31\u662f\u628a\u5b83\u5370\u51fa\u53bb\u7684\u9214\u7968\u6162\u6162\u6536\u56de\u4f86\uff0c\u9019\u662f\u592e\u884c\u7dca\u7e2e\u8ca8\u5e63\u653f\u7b56\u7684\u505a\u6cd5\uff0c\u76ee\u7684\u662f\u8abf\u7bc0\u904e\u71b1\u7684\u7d93\u6fdf\u6216\u662f\u6291\u5236\u901a\u8ca8\u81a8\u8139\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5728\u7e2e\u8868\u7684\u904e\u7a0b\u4e2d\uff0c\u5f80\u5f80\u6703\u4f34\u96a8\u8457\u5347\u606f\uff0c\u4f46\u4e26\u975e\u7d55\u5c0d\u3002\u5169\u8005\u90fd\u53ef\u4ee5\u4f7f\u5e02\u5834\u71b1\u9322\u8b8a\u5c11\uff0c\u9054\u5230\u8ca8\u5e63\u7dca\u7e2e\u7684\u6548\u679c\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7e2e\u8868\u4e00\u822c\u6703\u9020\u6210\u80a1\u7968\u548c\u50b5\u5238\u7684\u50f9\u683c\u77ed\u671f\u5167\u4e0b\u8dcc\uff0c\u5c0d\u91d1\u878d\u80a1\u6b63\u8ca0\u5169\u9762\u5f71\u97ff\u90fd\u6709\uff0c\u4f46\u77ed\u671f\u8ca0\u9762\u5c45\u591a\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7f8e\u806f\u5132\u7e3d\u8cc7\u7522\u81ea2002\u5e74\u4ee5\u4f86\u53ef\u4ee5\u8aaa\u662f\u5e7e\u4e4e\u4e0d\u65b7\u5f80\u4e0a\u5347\uff0c20\u5e74\u4f86\u8cc7\u7522\u589e\u52a0\u4e8610\u500d\u591a\uff0c\u800c\u8cc7\u7522\u589e\u52a0\u7684\u8da8\u52e2\u4e5f\u548c\u7f8e\u80a1\u8d70\u52e2\u5448\u73fe\u9ad8\u5ea6\u7684\u6b63\u76f8\u95dc\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u5f9e\u904e\u53bb\u5e7e\u6b21\u7f8e\u806f\u5132\u7e2e\u8868\u7684\u7d93\u9a57\u4f86\u770b\uff0c\u5982\u679c\u7e2e\u8868\u9032\u884c\u7684\u53c8\u6025\u898f\u6a21\u53c8\u5927\uff0c\u5c0d\u80a1\u5e02\u6703\u9020\u6210\u76f8\u7576\u5927\u7684\u885d\u64ca\uff0c\u751a\u81f3\u53ef\u4ee5\u7d42\u7d50\u4e4b\u524d\u7684\u725b\u5e02\u9032\u5165\u718a\u5e02\uff0c\u4f46\u82e5\u7e2e\u8868\u8f03\u6eab\u548c\u4e14\u7b26\u5408\u9810\u671f\uff0c\u4e5f\u53ef\u80fd\u4e0d\u6703\u5c0d\u80a1\u5e02\u9020\u6210\u592a\u5927\u7684\u5f71\u97ff\u30022022\u5e74\u6b64\u6b21\u7e2e\u8868\u6642\u7a0b\u9577\u4e14\u898f\u6a21\u5927\uff0c\u5c0d\u80a1\u5e02\u53ca\u6574\u9ad4\u7d93\u6fdf\u9020\u6210\u7684\u5f71\u97ff\u503c\u5f97\u6211\u5011\u6301\u7e8c\u89c0\u5bdf\u3002<\/span><\/li>\n<\/ol>\n<blockquote><p>\u5e02\u5834\u5148\u751f\u5fc3\u5f97\uff1a\u592e\u884c\u7dca\u7e2e\u8ca8\u5e63\u653f\u7b56\u662f\u5426\u6210\u529f\uff0c\u53d6\u6c7a\u65bc\u7dca\u7e2e\u904e\u7a0b\u5c0d\u7d93\u6fdf\u7684\u50b7\u5bb3\u80fd\u5426\u76e1\u91cf\u964d\u4f4e<\/p>\n<p>\u4efb\u4f55\u65b9\u5411\u7684\u8ca8\u5e63\u653f\u7b56\u90fd\u5b58\u5728\u5169\u9762\u6027\uff0c\u5bec\u9b06\u653f\u7b56\u6709\u52a9\u65bc\u7d93\u6fdf\u6210\u9577\uff0c\u4f46\u537b\u53ef\u80fd\u9020\u6210\u901a\u8ca8\u81a8\u8139\uff0c\u7dca\u7e2e\u653f\u7b56\u6709\u52a9\u65bc\u6291\u5236\u901a\u8ca8\u81a8\u8139\uff0c\u4f46\u537b\u53ef\u80fd\u50b7\u5bb3\u5230\u7d93\u6fdf\u3002<\/p>\n<p>\u6240\u4ee5\u7dca\u7e2e\u8207\u64f4\u5f35\u7684\u8ca8\u5e63\u653f\u7b56\uff0c\u672a\u4f86\u5fc5\u7136\u6703\u4e0d\u65b7\u4ea4\u66ff\u5faa\u74b0\u51fa\u73fe\u3002<\/p>\n<p>\u9019\u5c31\u50cf\u8d70\u5728\u4e00\u500b\u92fc\u7d22\u4e0a\uff0c\u7121\u6cd5\u6c38\u9060\u4fdd\u6301\u5728\u4e2d\u9593\uff0c\u53ea\u80fd\u900f\u904e\u4e0d\u65b7\u5de6\u53f3\u6416\u64fa\u7dad\u6301\u5e73\u8861\uff0c\u7576\u904e\u65bc\u504f\u5411\u4e00\u908a\u6642\uff0c\u5fc5\u7136\u6703\u9700\u8981\u504f\u5411\u53e6\u4e00\u908a\u7684\u529b\u91cf\u3002\u800c\u904e\u65bc\u6975\u7aef\u7684\u504f\u5411\u4e00\u908a\u6642\uff0c\u50b7\u5bb3\u53ca\u9700\u8981\u7684\u53cd\u4f5c\u7528\u529b\u5c31\u8d8a\u5f37\u3002<\/p>\n<p>\u5982\u4f55\u9810\u6e2c\u672a\u4f86\uff1f<\/p>\n<p>\u4f60\u53ef\u4ee5\u5148\u60f3\u60f3\u770b\u806f\u6e96\u6703\u7684\u5de5\u4f5c\u76ee\u6a19\uff0c\u5305\u62ec\u63a7\u5236\u901a\u81a8\u7bc4\u570d\u3001\u4fdd\u6301\u4f4e\u5931\u696d\u7387\u3001\u7dad\u6301\u532f\u7387\u7a69\u5b9a\u3001\u7dad\u6301\u91d1\u878d\u7a69\u5b9a\u7b49\u7b49\u3002\u60f3\u60f3\u770b\u73fe\u5728\u7684\u72c0\u6cc1\uff0c\u662f\u5426\u7b26\u5408\u806f\u6e96\u6703\u7684\u5de5\u4f5c\u76ee\u6a19\uff0c\u6703\u5c0d\u4f60\u5224\u65b7\u806f\u6e96\u6703\u4e0b\u4e00\u6b65\u66f4\u6709\u5e6b\u52a9\u3002<\/p>\n<p>\u95dc\u65bc\u806f\u6e96\u6703\u5de5\u4f5c\u76ee\u6a19\u53ca\u66f4\u4e86\u89e3\u8ca8\u5e63\u653f\u7b56\uff0c\u4ee5\u524d\u6709\u5206\u4eab\u904e\u4e00\u7bc7\u89c0\u5ff5\u89e3\u91cb\uff0c<br \/>\n\u53ef\u4ee5\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/what-is-monetary-policy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u592e\u884c\u8ca8\u5e63\u653f\u7b56\u662f\u4ec0\u9ebc\uff1f\u5c0d\u6295\u8cc7\u4eba\u6709\u4ec0\u9ebc\u5f71\u97ff\uff1f<\/a><\/p><\/blockquote>\n\n<p>\u66f4\u591a\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n<p>1.\u00a0<a href=/index.html"https:\/\/\/fed-interest-rate-work\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">Fed\u5982\u4f55\u5f71\u97ff\u5e02\u5834\u5229\u7387\uff1f\u4e00\u6b21\u641e\u61c2\u806f\u6e96\u6703\u8ca8\u5e63\u653f\u7b56\u7684\u5229\u7387\u904b\u4f5c<\/a><\/p>\n<p>2.\u00a0<a href=/index.html"https:\/\/\/what-is-fedwatch\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">FedWatch\u662f\u4ec0\u9ebc\uff1f\u9810\u6e2c\u806f\u6e96\u6703\u5347\u606f\u7684\u6a5f\u7387\u6e96\u55ce\uff1f\u8981\u600e\u9ebc\u770b\u5347\u606f\u964d\u606f\u6a5f\u7387\u8207\u6b21\u6578\uff1f<\/a><\/p>\n<p>3.\u00a0<a href=/index.html"https:\/\/\/usd-deposit-all\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7f8e\u91d1\u5b9a\u5b58\u5229\u7387\u597d\u55ce\uff1f\u9280\u884c\u7f8e\u91d1\u5b9a\u5b58\u6392\u540d<\/a><\/p>\n<p>4.\u00a0<a href=/index.html"https:\/\/\/waht-is-fed-libor-and-sibor\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">FED\u662f\u4ec0\u9ebc\uff1fFED\u5347\u964d\u606f\u7684\u5f71\u97ff\uff1f\u6700\u5b8c\u6574\u7684FED\u61f6\u4eba\u5305<\/a><\/p>\n<blockquote><p>\u672c\u6587\u50c5\u4f5c\u6559\u5b78\u4f7f\u7528\uff0c\u4e0d\u4ee3\u8868\u4efb\u4f55\u6295\u8cc7\u5efa\u8b70\uff0c\u6295\u8cc7\u4eba\u9700\u4e86\u89e3\u4efb\u4f55\u6295\u8cc7\u7686\u6709\u5176\u98a8\u96aa\u3002<\/p><\/blockquote>\n\u5c08\u6b04\u4f5c\u8005\uff1a\u725f\u5747\u4fde\u3000\u4e3b\u7de8\uff1a\u5e02\u5834\u5148\u751f\n<p><strong><span style=\"font-size: 20px;\">\u52a0\u5165\u5e02\u5834\u5148\u751fFB\u793e\u5718\uff0c\u5145\u5be6\u66f4\u591a\u7406\u8ca1\u597d\u77e5\u8b58<\/span><\/strong><\/p>\r\n<p>50\u6b72\u4e4b\u524d\u60f3\u9000\u4f11\u4e00\u5b9a\u8981\u61c2\u7406\u8ca1\uff0c<br \/>\u89e3\u6c7a\u6295\u8cc7\u7684\u7169\u60f1\uff01<\/p>\r\n<p><a href=/index.html"https:\/\/bit.ly\/2NTBOAv\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\"><img decoding=\"async\" class=\"alignnone size-full wp-image-7106\" src=/index.html"https:\/\/\/wp-content\/uploads\/20190824195036_69.gif\" alt=\"\" width=\"687\" height=\"243\" \/><\/a><\/p>\r\n<p>\u6700\u8fd1\u5e02\u5834\u5148\u751f\u958b\u4e86\u4e00\u5802\u7684\u300c<strong>\u7528\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41<\/strong>\u300d\u6559\u5b78\u8ab2\u7a0b\uff0c<br \/>\u9019\u5802\u8ab2\u7a0b\u6703\u5f9e\u57fa\u790e\u5165\u9580\u3001\u8cc7\u6599\u67e5\u8a62\u5230\u5be6\u969b\u64cd\u4f5c\uff0c<br \/>\u6559\u4f60\u5b78\u6703\u5efa\u7acb\u4e00\u500b\u7a69\u5b9a\u7684\u5168\u7403ETF\u6295\u8cc7\u7d44\u5408\uff0c\u76ee\u524d\u7d2f\u7a4d\u5df2\u7d93\u6709\u5c07\u8fd11100\u4f4d\u540c\u5b78\u4e0a\u8ab2\u3002<\/p>\r\n<p>\u7dda\u4e0a\u8ab2\u7a0b\u300b<a href=/index.html"http:\/\/bit.ly\/2FV3hPc\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7f8e\u80a1ETF\u5275\u9020\u7a69\u5b9a\u73fe\u91d1\u6d41\u7dda\u4e0a\u8ab2\u7a0b\u9023\u7d50<\/a><\/p>\n<p><br \/><strong><span style=\"color: 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