{"id":39540,"date":"2022-07-21T14:36:38","date_gmt":"2022-07-21T06:36:38","guid":{"rendered":"https:\/\/\/?p=39540"},"modified":"2023-12-06T13:41:44","modified_gmt":"2023-12-06T05:41:44","slug":"fed-balance-sheet-0","status":"publish","type":"post","link":"https:\/\/\/fed-balance-sheet-0\/","title":{"rendered":"\u4e00\u6587\u770b\u61c2\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\u7684\u7d44\u6210\uff1a\u64f4\u8868 \/ \u7e2e\u8868\u7684\u610f\u7fa9\u8207\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-39541\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220719122141_98.jpg\" alt=\"\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\" width=\"960\" 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ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/fed-balance-sheet-0\/#%E8%81%AF%E6%BA%96%E6%9C%83%E6%93%B4%E5%A4%A7%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8%EF%BC%8C%E3%80%8C%E6%93%B4%E8%A1%A8%E3%80%8D%E6%9C%89%E5%93%AA%E4%BA%9B%E5%BD%B1%E9%9F%BF%EF%BC%9F\" title=\"\u806f\u6e96\u6703\u64f4\u5927\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u300c\u64f4\u8868\u300d\u6709\u54ea\u4e9b\u5f71\u97ff\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u806f\u6e96\u6703\u64f4\u5927\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u300c\u64f4\u8868\u300d\u6709\u54ea\u4e9b\u5f71\u97ff\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=/index.html"https:\/\/\/fed-balance-sheet-0\/#%E8%81%AF%E6%BA%96%E6%9C%83%E7%B8%AE%E6%B8%9B%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8%EF%BC%8C%E3%80%8C%E7%B8%AE%E8%A1%A8%E3%80%8D%E6%9C%89%E5%93%AA%E4%BA%9B%E5%BD%B1%E9%9F%BF%EF%BC%9F\" title=\"\u806f\u6e96\u6703\u7e2e\u6e1b\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u300c\u7e2e\u8868\u300d\u6709\u54ea\u4e9b\u5f71\u97ff\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u806f\u6e96\u6703\u7e2e\u6e1b\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u300c\u7e2e\u8868\u300d\u6709\u54ea\u4e9b\u5f71\u97ff\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=/index.html"https:\/\/\/fed-balance-sheet-0\/#%E5%BF%AB%E9%80%9F%E9%87%8D%E9%BB%9E%E6%95%B4%E7%90%86%EF%BC%9A%E7%BE%8E%E8%81%AF%E5%84%B2%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\" title=\"\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\u662f\u4ec0\u9ebc\uff1f\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\u662f\u4ec0\u9ebc\uff1f<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E8%81%AF%E5%84%B2%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u7f8e\u806f\u5132\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u7f8e\u806f\u5132\uff0c\u5168\u6587\u7f8e\u570b\u806f\u90a6\u5132\u5099\u7cfb\u7d71(Federal Reserve System)\uff0c\u6211\u5011\u7fd2\u6163\u7c21\u7a31Fed\uff0c\u662f\u7f8e\u570b\u7684<a href=/index.html"https:\/\/\/global-central-bank-list-8\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4e2d\u592e\u9280\u884c<\/a>\uff0c<\/p>\n<p>Fed\u8ca0\u8cac\u57f7\u884c\u570b\u5bb6\u7684<a href=/index.html"https:\/\/\/monetary-policy-vs-fiscal-policy\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8ca8\u5e63\u653f\u7b56<\/a>\uff0c\u76ee\u7684\u662f\u70ba\u570b\u5bb6\u63d0\u4f9b\u5b89\u5168\u3001\u9748\u6d3b\u548c\u7a69\u5b9a\u7684\u8ca8\u5e63\u53ca\u91d1\u878d\u9ad4\u7cfb\uff0c\u4f7f\u7269\u50f9\u7a69\u5b9a\u3001\u4fc3\u9032\u5c31\u696d\u6700\u5927\u5316\uff0c\u800c\u5be6\u73fe\u9019\u4e9b\u76ee\u6a19\u7684\u65b9\u5f0f\u4e3b\u8981\u5c31\u662f\u900f\u904e\u8abf\u7bc0\u5b83\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E8%81%AF%E5%84%B2%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u5c31\u50cf\u4e00\u5bb6\u516c\u53f8\u6709\u5b83\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u4e00\u6a23\uff0c\u4f60\u53ef\u4ee5\u628a\u7f8e\u570b\u60f3\u50cf\u70ba\u4e00\u5bb6\u516c\u53f8\uff0c\u5b83\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u5c31\u4ee3\u8868\u570b\u5bb6\u64c1\u6709\u7684\u8cc7\u7522\u8ddf\u8ca0\u50b5\uff0c<\/p>\n<p>\u7576\u570b\u5bb6\u8cb7\u5165\u8cc7\u7522\uff0c\u6703\u91cb\u51fa\u7f8e\u5143\u5230\u5e02\u5834\uff0c<\/p>\n<p>\u7576\u570b\u5bb6\u8ce3\u51fa\u8cc7\u7522\uff0c\u6703\u5c07\u5e02\u5834\u7f8e\u5143\u6536\u56de\u3002<\/p>\n<p>\u8207\u4e00\u822c\u516c\u53f8\u7684\u8cc7\u7522\u8ca0\u50b5\u8868(\u8cc7\u7522\uff1d\u8ca0\u50b5\uff0b\u80a1\u6771\u6b0a\u76ca)\u6982\u5ff5\u975e\u5e38\u985e\u4f3c\uff0c<br \/>\n\u4e0d\u904e\u56e0\u70ba\u7f8e\u806f\u5132\u4e26\u6c92\u6709\u80a1\u6771\u6b0a\u76ca\u9805\uff0c\u6240\u4ee5\u8cc7\u7522\u6703\u7b49\u65bc\u8ca0\u50b5\u3002<\/p>\n<p><strong>\u7c21\u55ae\u8209\u4f8b<\/strong><strong>\uff1a<\/strong><\/p>\n<p>\u6211\u5011\u5e38\u8aaa\u7684\u7f8e\u570b\u653f\u5e9c\u5370\u9214\u7968\uff0c\u5be6\u969b\u4e0a\u4e26\u4e0d\u662f\u7f8e\u806f\u5132\u771f\u7684\u5370\u4e86\u5be6\u9ad4\u9214\u7968\uff0c\u800c\u662f\u5b83\u53bb\u5411\u5546\u696d\u9280\u884c\u8cfc\u8cb7\u7f8e\u570b\u516c\u50b5\uff0c\u8cb7\u56de\u4f86\u7684\u570b\u50b5\u5c31\u6703\u88ab\u8a18\u9304\u5728\u8cc7\u7522\u4e0a\u3002<\/p>\n<p>\u540c\u6642\uff0c\u5546\u696d\u9280\u884c\u5b58\u5728\u7f8e\u806f\u5132\u9019\u908a\u7684\u5b58\u6b3e\u6e96\u5099\u91d1\u4e5f\u6703\u63d0\u9ad8\uff0c\u7f8e\u806f\u5132\u9019\u4e9b\u6b20\u9280\u884c\u7684\u6e96\u5099\u91d1\u5c31\u6703\u88ab\u8a18\u9304\u5728\u8ca0\u50b5\u4e0a\u3002<\/p>\n<p>\u96a8\u8457\u7f8e\u806f\u5132\u8cfc\u8cb7\u7684\u8cc7\u7522\u6108\u591a\uff0c\u8ca0\u50b5\u4e5f\u8ddf\u8457\u540c\u6642\u589e\u52a0\uff0c\u9020\u6210\u8cc7\u7522\u8ca0\u50b5\u8868\u7684\u64f4\u5f35\uff0c\u610f\u5473\u8457\u5b83\u7528\u66f4\u5bec\u9b06\u7684\u8ca8\u5e63\u653f\u7b56\u4f86\u652f\u6301\u7d93\u6fdf\uff0c\u4ee5\u53ca\u63d0\u4f9b\u5e02\u5834\u6d41\u52d5\u6027\u3002<br \/>\n\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\u592e\u884c\u5c07\u5927\u91cf\u8cc7\u91d1\u6ce8\u5165\u5e02\u5834\u7684\u8ca8\u5e63\u653f\u7b56\u3002<\/p>\n<p>\u53cd\u4e4b\uff0c\u5982\u679c\u7f8e\u806f\u5132\u8ce3\u51fa\u570b\u50b5\uff0c\u4ee3\u8868\u5b83\u64c1\u6709\u7684\u8cc7\u7522(\u570b\u50b5)\u53ca\u8ca0\u50b5\u540c\u6642\u6e1b\u5c11\u4e86\uff0c\u9020\u6210\u8cc7\u7522\u8ca0\u50b5\u8868\u7684\u7dca\u7e2e\uff0c\u610f\u5473\u8457\u5b83\u7528\u66f4\u7dca\u7e2e\u7684\u8ca8\u5e63\u653f\u7b56\u4f86\u8abf\u7bc0\u7d93\u6fdf\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%82%BA%E4%BB%80%E9%BA%BC%E8%A6%81%E8%AA%8D%E8%AD%98%E7%BE%8E%E8%81%AF%E5%84%B2%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8%EF%BC%9F\"><\/span>\u70ba\u4ec0\u9ebc\u8981\u8a8d\u8b58\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u7f8e\u80a1\u81ea2008\u5e74\u91d1\u878d\u6d77\u562f\u4ee5\u5f8c\u56e0\u70ba<a href=/index.html"https:\/\/\/what-is-quantitative-easing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91cf\u5316\u5bec\u9b06<\/a>\u653f\u7b56\uff0c\u5e7e\u4e4e\u7dad\u6301\u4e8610\u5e7e\u5e74\u7684\u5927\u591a\u982d\uff0c<br \/>\n\u9019\u500b\u8d70\u52e2\u8ddf\u7f8e\u806f\u5132\u8cc7\u7522\u64f4\u5f35\u7684\u8d70\u52e2\u5448\u73fe\u9a5a\u4eba\u7684\u6b63\u76f8\u95dc\uff0c\u7f8e\u806f\u5132\u57282020\u65b0\u51a0\u80ba\u708e\u5f8c\u7121\u9650QE\u5927\u91cf\u5370\u9214\uff0c\u96d6\u7136\u4e00\u5ea6\u5c07\u7f8e\u80a1\u63a8\u4e0a\u6b77\u53f2\u65b0\u9ad8\uff0c\u4f46\u4e5f\u5168\u4e16\u754c\u90fd\u5690\u5230\u4e86\u901a\u81a8\u7684\u60e1\u679c\u3002<\/p>\n<p>\u70ba\u4e86\u6291\u5236\u9ad8\u901a\u81a8\uff0c2022\u5e74\u7f8e\u806f\u5132\u958b\u59cb\u9032\u884c\u5347\u606f\u7e2e\u8868\uff0c\u9020\u6210\u81f36\u6708\u4e2d\u70ba\u6b62\uff0c\u7f8e\u80a1\u5927\u76e4\u5df2\u7d93\u4e0b\u8dcc\u4e86\u8d85\u904e20%\uff0c\u7d42\u7d50\u524d\u5e7e\u5e74\u7684\u725b\u5e02\uff0c\u8f49\u800c\u9032\u5165\u718a\u5e02\u3002<\/p>\n<p>\u7f8e\u806f\u5132\u7684\u760b\u72c2\u5370\u9214\uff0c\u7576\u4e0b\u53ef\u80fd\u53ef\u4ee5\u89e3\u6c7a\u90e8\u5206\u554f\u984c\uff0c\u4f46\u662f\u6700\u7d42\u5927\u773e\u9084\u662f\u8981\u4e00\u8d77\u627f\u64d4\u5176\u5f8c\u679c\uff0c\u6240\u4ee5\u4e26\u975e\u7d55\u5c0d\u662f\u597d\u4e8b\u3002<\/p>\n<p>\u4e86\u89e3\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\u53ef\u4ee5\u5e6b\u52a9\u6211\u5011\u66f4\u597d\u7684\u4e86\u89e3\u7f8e\u570b\u7684\u8ca8\u5e63\u653f\u7b56\u53ca\u5c0d\u6574\u9ad4\u7d93\u6fdf\u53ca\u80a1\u5e02\u7684\u5f71\u97ff\uff0c\u56e0\u6b64\u5b83\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u8b8a\u5316\u503c\u5f97\u6211\u5011\u6301\u7e8c\u8ffd\u8e64\u89c0\u5bdf\u3002<\/p>\n<p>\u95dc\u65bc\u592e\u884c\u8ca8\u5e63\u8207\u8cc7\u7522\u7684\u8f49\u8b8a\uff0c\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/hierarchy-of-money\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u8ca8\u5e63\u91d1\u5b57\u5854\u53ca\u806f\u6e96\u6703\u8cc7\u7522\u8ca0\u50b5\u8868\u8b8a\u5316<\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E8%81%AF%E5%84%B2%E7%9A%84%E8%B3%87%E7%94%A2%E6%9C%89%E5%93%AA%E4%BA%9B%EF%BC%9F\"><\/span>\u7f8e\u806f\u5132\u7684\u8cc7\u7522\u6709\u54ea\u4e9b\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u4efb\u4f55\u7531\u7f8e\u806f\u5132\u8cfc\u8cb7\u4f86\u7684\u6771\u897f\u90fd\u53ef\u4ee5\u7b97\u662f\u8cc7\u7522\u3002<\/p>\n<p>\u7531\u65bc\u7f8e\u806f\u5132\u53ef\u4ee5\u7121\u9650\u5370\u9214\u4f86\u8cfc\u8cb7\u8cc7\u7522\uff0c\u5b83\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u898f\u6a21\u4e3b\u8981\u6703\u53d7\u5230\u653f\u6cbb\u548c\u653f\u7b56\u8003\u91cf\u7684\u9650\u5236\u3002<br \/>\n\u4e3b\u8981\u7684\u8cc7\u7522\u9805\u76ee\u5305\u542b\uff1a\u570b\u5eab\u5238(Treasury Securities)\u3001\u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u50b5\u5238(Mortgage-Backed Securities)\u53ca\u5176\u4ed6\u3002<\/p>\n<p><strong>\u4e0b\u5716\u662f\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u5176\u4e2d\u7684\u8cc7\u7522\u9805\u76ee\uff1a<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-40519\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220809194747_77.jpg\" alt=\"\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868-1\" width=\"1502\" height=\"1506\" srcset=\"https:\/\/\/wp-content\/uploads\/20220809194747_77.jpg 1502w, https:\/\/\/wp-content\/uploads\/20220809194747_77-150x150.jpg 150w\" sizes=\"(max-width: 1502px) 100vw, 1502px\" \/><\/p>\n<p><strong>1. <a href=/index.html"https:\/\/\/t-bill-vs-t-note-vs-t-bond\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u570b\u5eab\u5238(Treasury)<\/a><\/strong>\uff1a<\/p>\n<p>\u4e5f\u5c31\u662f\u6211\u5011\u4fd7\u7a31\u7684\u7f8e\u570b\u516c\u50b5\uff0c\u662f\u7f8e\u806f\u5132\u8cc7\u7522\u4e2d\u4f54\u6bd4\u6700\u5927\u7684\u90e8\u5206\u3002<\/p>\n<p>\u622a\u81f32022\u5e743\u670831\u65e5\u6b62\uff0c\u7f8e\u806f\u5132\u8cc7\u7522\u5171\u67098.94\u5146\u7f8e\u5143\uff0c\u5176\u4e2d\u7f8e\u570b\u516c\u50b5\u4f54\u4e865.76\u5146\u7f8e\u5143\uff0c\u4f54\u6bd4\u9ad8\u905464.4%\u3002<\/p>\n<p><strong>2. <\/strong><a href=/index.html"https:\/\/\/what-is-mbs-security\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>\u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u50b5\u5238(MBS)<\/strong><\/a>\uff1a<\/p>\n<p>\u9019\u662f\u4e00\u7a2e\u91d1\u878d\u8cc7\u7522\u8b49\u5238\u5316\u7684\u5546\u54c1\uff0c\u662f\u5c07\u91d1\u878d\u6a5f\u69cb\u7684\u4e0d\u52d5\u7522\u64d4\u4fdd\u62b5\u62bc\u8cb8\u6b3e\u5305\u88dd\u7d44\u5408\u8d77\u4f86\uff0c\u4e26\u589e\u5f37\u4fe1\u7528\uff0c\u900f\u904e\u767c\u884c\u8b49\u5238\u7684\u65b9\u5f0f\u5728\u8b49\u5238\u5e02\u5834\u4e2d\u92b7\u552e\u3002<\/p>\n<p>MBS\u662f\u7f8e\u806f\u5132\u7684\u7b2c\u4e8c\u5927\u8cc7\u7522\u985e\u578b\uff0c\u622a\u81f32022\u5e743\u670831\u65e5\u6b62\uff0c\u7f8e\u806f\u5132\u8cc7\u7522\u76848.94\u5146\u7f8e\u5143\u4e2d\uff0cMBS\u4f54\u4e862.72\u5146\u7f8e\u5143\uff0c\u4f54\u6bd4\u9ad8\u905430.4%\u3002<\/p>\n<p>\u8981\u63d0\u9192\u7684\u662f\uff0c\u5176\u5be6\u65e9\u5e74\u7f8e\u806f\u5132\u662f\u6c92\u6709\u8cb7MBS\u4f5c\u70ba\u8cc7\u7522\u7684\uff0c\u4f46\u57282008\u5e74\u6b21\u8cb8\u5371\u6a5f\u4ee5\u5f8c\uff0c\u7f8e\u806f\u5132\u65bc2009\/1\/5\u4ee5\u5f8c\u624d\u958b\u59cb\u65b0\u589eMBS\u8cc7\u7522\u3002<\/p>\n<p><strong>3. \u5176\u4ed6\u8cc7\u7522<\/strong>\uff1a<\/p>\n<p>\u5305\u62ec\u900f\u904e\u56de\u8cfc\u548c\u8cbc\u73fe\u7a97\u53e3\u5411\u9280\u884c\u63d0\u4f9b\u7684\u8cb8\u6b3e\u3001\u70ba\u4e86\u652f\u6301\u4fe1\u8cb8\u5e02\u5834\u6240\u63d0\u4f9b\u7684\u5404\u9805\u8cb8\u6b3e\u53ca\u592e\u884c\u6240\u6301\u6709\u7684\u5916\u532f\uff0c\u4ee5\u78ba\u4fdd\u5916\u5e63\u53ef\u4ee5\u7372\u5f97\u7f8e\u5143\u3002<\/p>\n<p><strong>\u7f8e\u806f\u5132\u6301\u6709\u7684\u8b49\u5238\u7d50\u69cb\u8b8a\u5316<\/strong><\/p>\n<p>\u53ef\u4ee5\u5f9e\u4e0b\u5716\u770b\u51fa\uff0c\u57282008\u5e74\u4ee5\u524d\uff0c\u5b83\u5e7e\u4e4e\u662f100%\u6301\u6709\u7f8e\u570b\u570b\u50b5\uff0c<br \/>\n\u4f46\u662f\u57282008\u5e74\u91d1\u878d\u6d77\u562f\u4ee5\u5f8c\uff0c\u7f8e\u806f\u5132\u958b\u59cb\u5927\u91cf\u6301\u6709 MBS\u548c\u806f\u90a6\u6a5f\u69cb\u50b5\u5238 \u3002<\/p>\n<p>\u622a\u81f32022\u5e743\u6708\u5e95\u6b62\uff0c\u7f8e\u806f\u5132\u8cc7\u7522\u4ee5\u7f8e\u570b\u570b\u50b5(64.4%)\u8ddfMBS(30.4%)\u5169\u8005\u70ba\u6700\u5927\u5b97\uff0c\u5169\u8005\u4f54\u4e86\u7e3d\u8cc7\u7522\u7d0495%\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39543\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220719123030_11.jpg\" alt=\"\u7f8e\u806f\u5132\u6301\u6709\u7684\u8b49\u5238\u7d50\u69cb\u8b8a\u5316\" width=\"960\" height=\"502\" \/><\/p>\n<h3>2020\u5e74\u7f8e\u806f\u5132\u8cfc\u8cb7\u516c\u53f8\u50b5\uff0c\u5f15\u767c\u5e02\u5834\u7591\u616e<\/h3>\n<p>\u7f8e\u806f\u5132\u8cfc\u8cb7\u7684\u50b5\u5238\u904e\u53bb\u4e00\u5411\u4ee5\u7f8e\u570b\u516c\u50b5\u70ba\u4e3b\uff0c\u5f8c\u4f862009\u5e74\u6b21\u8cb8\u5371\u6a5f\u4e4b\u5f8c\u4e5f\u52a0\u5165\u4e86MBS\u3002<\/p>\n<p>\u7136\u800c\uff0c\u57282020\u5e743\u6708\u65b0\u51a0\u80ba\u708e\u5371\u6a5f\u7206\u767c\u5f8c\uff0c\u516c\u53f8\u50b5\u53d7\u5230\u5de8\u5927\u7684\u62cb\u552e\u58d3\u529b\uff0c\u51fa\u73fe<a href=/index.html"https:\/\/\/liquidity-risk\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u6d41\u52d5\u6027\u5371\u6a5f<\/a>\uff0c<br \/>\n\u7f8e\u806f\u5132\u70ba\u4e86\u9810\u9632\u50b5\u5e02\u51cd\u7d50\uff0c\u5ba3\u5e03\u8981\u57282020\u5e749\u6708\u5e95\u524d\u5206\u968e\u6bb5\u6536\u8cfc\u6295\u8cc7\u7b49\u7d1a\u516c\u53f8\u50b5\uff0c\u9019\u662f\u7f8e\u806f\u5132\u6709\u53f2\u4ee5\u4f86\u7b2c\u4e00\u6b21\u8cfc\u8cb7\u516c\u53f8\u50b5\u3002<\/p>\n<p>\u7f8e\u806f\u5132\u57282020\u5e746\u6708\u516c\u5e03\uff0c\u8cfc\u8cb7\u4e86694\u5bb6\u516c\u53f8\u7684\u50b5\u5238\uff0c\u82b1\u8cbb87\u5104\u7f8e\u5143\u3002<\/p>\n<p>\u5176\u8cfc\u8cb7\u7684\u90fd\u662f\u5927\u578b\u516c\u53f8\u7684\u50b5\u5238\uff0c\u4f8b\u5982\u8c50\u7530\u6c7d\u8eca\u3001\u798f\u65af\u6c7d\u8eca\u3001\u8cd3\u58eb\u96c6\u5718\u3001AT&amp;T\u3001\u860b\u679c\u7b49\uff0c\u4f54\u6bd4\u524d10\u5927\u7684\u50b5\u5238\u5982\u4e0b\u8868\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39544\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220719123244_44.jpg\" alt=\"\u7f8e\u806f\u5132\u8cfc\u8cb7\u7684\u516c\u53f8\u50b5\" width=\"960\" height=\"502\" \/><\/p>\n<p>\u6b64\u5916\uff0c\u7f8e\u806f\u5132\u4e5f\u8cfc\u8cb7<a href=/index.html"https:\/\/\/investment-corporate-bond\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u516c\u53f8\u50b5<\/a>\u7684ETF\uff0c\u622a\u81f32020\/6\/16\u6b62\uff0c\u5171\u8cfc\u8cb7\u4e8668\u5104\u7f8e\u5143\u7684\u516c\u53f8\u50b5ETF\uff0c\u5176\u4e2d\u4ee5LQD\u70ba\u6700\u5927\u5b97\uff0c\u91d1\u984d17.8\u5104\u7f8e\u5143\uff0c\u5728\u6574\u500b\u516c\u53f8\u50b5\u7684\u4f54\u6bd426.2%\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39546\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220719123457_15.jpg\" alt=\"\u7f8e\u806f\u5132\u8cfc\u8cb7\u7684\u516c\u53f8\u50b5ETF\u91d1\u984d\u5206\u4f48\" width=\"960\" height=\"502\" \/><\/p>\n<p>\u7f8e\u806f\u5132\u9019\u500b\u5e72\u9810\u516c\u53f8\u50b5\u5e02\u5834\u7684\u884c\u70ba\u4e5f\u5f15\u767c\u4e86\u5f88\u591a\u4eba\u7684\u6279\u8a55\u8207\u8cea\u7591\uff0c\u70ba\u4ec0\u9ebc\u5b83\u8981\u82b1\u9322\u53bb\u6551\u9019\u9ebc\u5927\u7684\u516c\u53f8\uff1f<br \/>\n\u4f8b\u5982\u860b\u679c\u7684\u80a1\u50f9\u8868\u73fe\u9019\u9ebc\u597d\uff0c\u70ba\u4ec0\u9ebc\u9084\u9700\u8981\u53bb\u8cb7\u5b83\u7684\u50b5\u5238\uff1f<br \/>\n\u9019\u500b\u6c7a\u5b9a\u5f15\u767c\u4e86\u5c0d\u7f8e\u806f\u5132\u8eab\u70ba\u7368\u7acb\u4e2d\u592e\u9280\u884c\u7684\u8cea\u7591\uff0c\u6279\u8a55\u5b83\u4e0d\u8a72\u5e72\u9810\u81ea\u7531\u5e02\u5834\u7684\u904b\u4f5c\u3002<\/p>\n<p>\u7136\u800c\uff0c\u5f9e\u4e0a\u9762\u53ef\u770b\u51fa\u7f8e\u806f\u5132\u8cfc\u8cb7\u516c\u53f8\u50b5\u53ca\u516c\u53f8\u50b5ETF\u7684\u91d1\u984d\u4e26\u4e0d\u5927\uff0c\u5927\u7d04155\u5104\u7f8e\u5143\uff0c\u4f54\u5176\u7e3d\u8cc7\u7522\u624d0.17%\uff0c\u4e26\u4e14\u5b83\u5f88\u5feb\u5c31\u5ba3\u5e03\u5f9e2020\/7\/12\u5c31\u958b\u59cb\u62cb\u552e\u9019\u4e9b\u516c\u53f8\u50b5\u3002<br \/>\n\u6b64\u8cfc\u50b5\u8a08\u756b\u65bc2020\u5e74\u5e95\u7d50\u675f\u3002\u53ef\u4ee5\u770b\u51fa\u9019\u500b\u6551\u5e02\u8a08\u756b\u66f4\u591a\u662f\u8c61\u5fb5\u6027\u610f\u7fa9\uff0c\u4e5f\u8a31\u53ea\u662f\u70ba\u4e86\u8212\u7de9\u77ed\u671f\u7684\u6d41\u52d5\u6027\u98a8\u96aa\uff0c\u800c\u975e\u771f\u7684\u5927\u8209\u8cfc\u8cb7\u9019\u4e9b\u516c\u53f8\u50b5\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E7%BE%8E%E8%81%AF%E5%84%B2%E7%9A%84%E8%B2%A0%E5%82%B5%E6%9C%89%E5%93%AA%E4%BA%9B%EF%BC%9F\"><\/span>\u7f8e\u806f\u5132\u7684\u8ca0\u50b5\u6709\u54ea\u4e9b\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u7f8e\u806f\u5132\u6700\u4e3b\u8981\u7684\u8ca0\u50b5\u5c31\u662f\u6d41\u901a\u4e2d\u7684\u73fe\u91d1\u3001\u6578\u5343\u5bb6\u9280\u884c\u53ca\u5b58\u6b3e\u6a5f\u69cb\u548c\u7f8e\u570b\u8ca1\u653f\u90e8\u5728\u7f8e\u806f\u5132\u9280\u884c\u5e33\u6236\u4e2d\u6301\u6709\u7684\u5b58\u6b3e\u6e96\u5099\u91d1\u3001\u9006\u56de\u8cfc\u5354\u8b70\u53ca\u5176\u4ed6\u8ca0\u50b5\u3002<\/p>\n<p><strong>\u4e0b\u5716\u662f\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u5176\u4e2d\u7684\u8ca0\u50b5\u9805\u76ee\uff1a<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-40520\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220809194846_44.jpg\" alt=\"\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868-2\" width=\"1502\" height=\"967\" \/><\/p>\n<p><strong>1. \u5b58\u6b3e\u6027\u6a5f\u69cb\u5176\u4ed6\u5b58\u6b3e<\/strong>\uff1a<\/p>\n<p>\u9019\u662f\u6307\u5546\u696d\u9280\u884c\u3001\u7f8e\u570b\u8ca1\u653f\u90e8\u548c\u5176\u4ed6\u5b58\u6b3e\u6a5f\u69cb\u5728\u7f8e\u806f\u5132\u63d0\u64a5\u7684\u5b58\u6b3e\u6e96\u5099\u91d1(Reserve Balances)\uff0c<br \/>\n\u5b58\u6b3e\u6e96\u5099\u91d1\u7387\uff0c\u662f\u6cd5\u5b9a\u8981\u6c42\u5c07\u5546\u696d\u9280\u884c\u5c07\u4e00\u5b9a\u6bd4\u7387\u7684\u8cc7\u91d1\u5b58\u65bc\u592e\u884c\uff0c\u5269\u4e0b\u7684\u624d\u80fd\u5c0d\u5916\u8cb8\u6b3e\u91cb\u51fa\uff0c\u9019\u4e9b\u8cb8\u6b3e\u984d\u5ea6\u5176\u5be6\u5c31\u662f\u88ab\u5275\u9020\u51fa\u4f86\u6d41\u52d5\u7684\u8ca8\u5e63\uff0c\u592e\u884c\u53ef\u4ee5\u85c9\u6b64\u63a7\u5236\u8ca8\u5e63\u6578\u91cf\uff08\u5b58\u6b3e\u6e96\u5099\u91d1\u7387\u5c0d\u91cb\u653e\u8ca8\u5e63\u7684\u5f71\u97ff\uff0c\u7a31\u70ba\u8ca8\u5e63\u4e58\u6578\uff09\u3002<\/p>\n<p>\u81ea2019\u5e74\u4ee5\u4f86\uff0c\u7f8e\u806f\u5132\u70ba\u9280\u884c\u6e96\u5099\u91d1\u6240\u652f\u4ed8\u7684\u9694\u591c\u5229\u7387\u5c31\u662f\u5176\u8a2d\u5b9a\u300c\u806f\u90a6\u57fa\u91d1\u5229\u7387\u300d\u7684\u4e3b\u8981\u5de5\u5177\u3002<br \/>\n\u622a\u81f32022\u5e743\u670831\u65e5\u6b62\uff0c\u7f8e\u806f\u5132\u7e3d\u8ca0\u50b5\u7d04\u70ba8.94\u5146\u7f8e\u5143\uff0c\u5176\u4e2d\u5b58\u6b3e\u6e96\u5099\u91d1\u7d044.6\u5146\u7f8e\u5143\uff0c\u7d04\u4f54\u7e3d\u8ca0\u50b5\u768451.5%\uff0c\u4e5f\u662f\u76ee\u524d\u8ca0\u50b5\u4e2d\u4f54\u6bd4\u6700\u9ad8\u7684\u9805\u76ee\u3002<\/p>\n<p>\u65e9\u671f\u7f8e\u806f\u5132\u7684\u8ca0\u50b5\u4ee5\u6d41\u901a\u6027\u73fe\u91d1\u70ba\u4e3b\uff0c\u4e5f\u5c31\u662f\u8aaa\u6c11\u773e\u6301\u6709\u7684\u7f8e\u5143\u76f8\u7576\u65bc\u662f\u5c0d\u7f8e\u806f\u5132\u64c1\u6709\u50b5\u6b0a\u3002<\/p>\n<p>\u4f46\u662f\u81ea2008\u5e74\u91d1\u878d\u6d77\u562f\u5f8c\uff0c\u7f8e\u806f\u5132\u8981\u6c42\u5b58\u6b3e\u6a5f\u69cb\u63d0\u64a5\u7684\u6e96\u5099\u91d1\u5927\u589e\uff0c\u7528\u4f86\u61c9\u5c0d\u7a81\u767c\u6027\u7684\u6d41\u52d5\u6027\u98a8\u96aa\uff0c\u5b58\u6b3e\u6e96\u5099\u91d1\u7e3d\u984d\u56e0\u800c\u5927\u5e45\u6500\u5347\uff0c\u4f54\u7e3d\u8ca0\u50b5\u6bd4\u91cd\u4e5f\u5927\u8209\u6500\u5347\u523050%\u4ee5\u4e0a\uff0c\u6210\u70ba\u6700\u4e3b\u8981\u7684\u8ca0\u50b5\u9805\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39548\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220719123953_15.jpg\" alt=\"2008\u5e74QE\u5f8c\uff0c\u5b58\u6b3e\u6e96\u5099\u91d1\u4f54\u7e3d\u8ca0\u50b5\u6bd4\u91cd\" width=\"960\" height=\"502\" \/><\/p>\n<p><strong>2. \u6d41\u901a\u4e2d\u7684\u73fe\u91d1<\/strong>\uff1a<\/p>\n<p>\u6211\u5011\u73fe\u5728\u624b\u4e0a\u4f7f\u7528\u7684\u7f8e\u5143\u73fe\u91d1\u90fd\u662f\u5c6c\u65bc\u7f8e\u806f\u5132\u7684\u8ca0\u50b5\uff0c\u57282008\u5e74\u555f\u52d5<a href=/index.html"https:\/\/\/what-is-quantitative-easing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91cf\u5316\u5bec\u9b06(QE)<\/a>\u4e4b\u524d\uff0c\u6d41\u901a\u73fe\u91d1\u4f54\u7f8e\u806f\u5132\u7e3d\u8ca0\u50b5\u9ad8\u905490%\u4ee5\u4e0a\uff0c\u4f46\u662f\u5f8c\u4f86\u5b83\u9010\u6f38\u88ab\u5b58\u6b3e\u6e96\u5099\u91d1\u53d6\u4ee3\u3002<\/p>\n<p>2008\u5e74\u5f8c\uff0c\u96d6\u7136\u5b83\u7684\u7d55\u5c0d\u91d1\u984d\u9084\u662f\u4e0d\u65b7\u4e0a\u5347\uff0c\u4f46\u662f\u4f54\u7e3d\u8ca0\u50b5\u6bd4\u91cd\u5927\u5e45\u4e0b\u6ed1\u81f330%\u5de6\u53f3\u3002<br \/>\n\u622a\u81f32022\u5e743\u670831\u65e5\u6b62\uff0c\u7f8e\u806f\u5132\u7e3d\u8ca0\u50b5\u7d04\u70ba8.94\u5146\u7f8e\u5143\uff0c\u5176\u4e2d\u6d41\u901a\u8ca8\u5e63\u7d042.22\u5146\u7f8e\u5143\uff0c\u7d04\u4f54\u7e3d\u8ca0\u50b5\u768424.8%\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39549\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220719124030_51.jpg\" alt=\"2008\u5e74QE\u5f8c\uff0c\u6d41\u901a\u4e2d\u73fe\u91d1\u4f54\u7e3d\u8ca0\u50b5\u6bd4\u91cd\" width=\"960\" height=\"502\" \/><\/p>\n<p><strong>3. \u9006\u56de\u8cfc\u5354\u8b70<\/strong>\uff1a<\/p>\n<p>\u6307\u7f8e\u806f\u5132\u5411\u7b26\u5408\u7684\u4ea4\u6613\u5c0d\u624b\u8ce3\u51fa\u8b49\u5238\u9032\u800c\u63db\u53d6\u73fe\u91d1\uff0c\u4ee5\u6b64\u9054\u5230\u6e1b\u5c11\u8ca8\u5e63\u7684\u6d41\u52d5\u6027\u3002<\/p>\n<p>\u5f9e\u4e0b\u5716\u53ef\u4ee5\u770b\u5230\uff0c2020\u5e74\u5f8c\u9006\u56de\u8cfc\u91d1\u984d\u4e0b\u964d\uff0c\u56e0\u70ba\u75ab\u60c5\u5f8c\u7f8e\u806f\u5132\u91cb\u653e\u51fa\u6d41\u52d5\u6027\uff0c<\/p>\n<p>\u4f46\u81ea2021\u5e743\u6708\u958b\u59cb\uff0c\u9006\u56de\u8cfc\u6301\u7e8c\u66b4\u589e\uff0c\u4ee3\u8868\u7f8e\u806f\u5132\u900f\u904e\u9019\u500b\u64cd\u4f5c\u5728\u56de\u7c60\u5927\u91cf\u7684\u6d41\u52d5\u6027\u3002<\/p>\n<p>\u622a\u81f32022\u5e743\u670831\u65e5\u6b62\uff0c\u7f8e\u806f\u5132\u8ca0\u50b5\u7d04\u70ba8.94\u5146\u7f8e\u5143\uff0c\u5176\u4e2d\u9006\u56de\u8cfc\u5354\u8b70\u7d042.04\u5146\u7f8e\u5143\uff0c\u7d04\u4f54\u7e3d\u8ca0\u50b5\u768422.8%\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39550\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220719124429_59.jpg\" alt=\"2020-2021\u5e74 \u7f8e\u806f\u5132\u9006\u5411\u56de\u8cfc\u5354\u8b70\" width=\"960\" height=\"502\" \/><\/p>\n<p><strong>4. <\/strong><strong>\u5176\u4ed6\u8ca0\u50b5<\/strong>\uff1a<\/p>\n<p>\u5305\u542b\u8ca1\u653f\u90e8\u5c0d\u4fe1\u8cb8\u4fbf\u5229\u5de5\u5177\u7684\u6ce8\u8cc7\u3001\u5176\u4ed6\u8ca0\u50b5\u548c\u61c9\u4ed8\u7d05\u5229\u7b49\u3002<br \/>\n\u622a\u81f32022\u5e743\u6708\u5e95\u6b62\uff0c\u5b58\u6b3e\u6a5f\u69cb\u7684\u5b58\u6b3e\u6e96\u5099\u91d1(51.5%)\u3001\u6d41\u901a\u7684\u73fe\u91d1(24.8%)\u53ca\u9006\u56de\u8cfc\u5354\u8b70(22.8%)\u5c31\u4f54\u4e86\u7e3d\u8ca0\u50b5\u768499.1%\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E5%A6%82%E4%BD%95%E6%9F%A5%E8%A9%A2%E7%BE%8E%E8%81%AF%E5%84%B2%E6%AD%B7%E5%B9%B4%E4%BE%86%E7%9A%84%E8%B3%87%E7%94%A2%E8%AE%8A%E5%8C%96%EF%BC%9F\"><\/span>\u5982\u4f55\u67e5\u8a62\u7f8e\u806f\u5132\u6b77\u5e74\u4f86\u7684\u8cc7\u7522\u8b8a\u5316\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u7f8e\u806f\u5132\u5b98\u7db2\u67e5\u8a62\u7576\u4e0b\u6700\u65b0\u7684\u8cc7\u7522\u8ca0\u50b5\u8868<\/strong><\/p>\n<p>\u7f8e\u806f\u5132\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u6bcf\u9031\u90fd\u6703\u66f4\u65b0\uff0c\u901a\u5e38\u6703\u5728\u7f8e\u570b\u6642\u9593\u9031\u56db\u4e0b\u53484:30\u5de6\u53f3\uff0c<\/p>\n<p>\u53ef\u4ee5\u5728<a href=/index.html"https:\/\/www.federalreserve.gov\/releases\/h41\/current\/h41.htm\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u7f8e\u806f\u5132\u7db2\u7ad9\u7684H.4.1\u7d71\u8a08\u767c\u5e03<\/a>\u4e2d\u67e5\u95b1\u3002<\/p>\n<p><strong>\u67e5\u8a62\u7f8e\u806f\u5132\u6b77\u53f2\u8cc7\u7522\u8b8a\u5316\u5716\u8868<\/strong><\/p>\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>\u7f8e\u806f\u5132\u7684\u8cc7\u7522\u898f\u6a21\u57282008\u5e74\u4e4b\u524d\u90fd\u5c1a\u672a\u8d85\u904e1\u5146\u7f8e\u5143\uff0c\u4f46\u5728\u91d1\u878d\u6d77\u562f\u904e\u5f8c\uff0c\u5b83\u7684\u8cc7\u7522\u56e0\u70ba\u5e7e\u6b21\u7684\u91cf\u5316\u5bec\u9b06(QE)\u653f\u7b56\u7522\u751f\u4e86\u5de8\u5927\u7684\u8b8a\u5316\uff0c\u5f9e2002\u5e74\u81f32022\u5e74\u768420\u5e74\u9593\uff0c\u7f8e\u806f\u5132\u8cc7\u7522\u5df2\u7d93\u4e0a\u5347\u4e8610\u500d\u4ee5\u4e0a\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39551\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220719124615_39.jpg\" alt=\"\u7f8e\u806f\u5132\u8cc7\u7522\u572820\u5e74\u5171\u4e0a\u6f32\u4e8610\u500d\u591a(2002~2022)\" width=\"960\" height=\"502\" \/><\/p>\n<p>2008\u5e7411\u6708\uff0c\u70ba\u4e86\u62ef\u6551\u7d93\u6fdf\uff0c\u7f8e\u806f\u5132\u6c7a\u5b9a\u63a1\u7528\u4e00\u9805\u975e\u5e38\u898f\u8ca8\u5e63\u653f\u7b56\uff1a<a href=/index.html"https:\/\/\/what-is-quantitative-easing\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-wpel-link=\"internal\">\u91cf\u5316\u5bec\u9b06(QE)<\/a>\uff0c\u5927\u91cf\u5370\u9214\u4ee5\u8cfc\u8cb7\u9577\u671f\u50b5\u5238\uff0c\u898f\u6a21\u90541.7\u842c\u5104\u7f8e\u5143\uff0c\u9020\u6210\u8cc7\u7522\u5feb\u901f\u589e\u52a0\u4e00\u500d\u4ee5\u4e0a\u3002<\/p>\n<p>\u5176\u5f8c\uff0c\u56e0\u70ba\u7f8e\u570b\u7d93\u6fdf\u72c0\u6cc1\u4ecd\u9677\u5165\u56f0\u5c40\uff0c\u7f8e\u806f\u5132\u57282010\u5e7411\u6708\u53ca2012\u5e749\u6708\u53c8\u63a8\u51fa\u7b2c\u4e8c\u53ca\u7b2c\u4e09\u8f2aQE\u4ee5\u523a\u6fc0\u7d93\u6fdf\uff0c\u5171\u8cb7\u51652.2\u842c\u5104\u7f8e\u5143\u7684\u570b\u50b5\u53caMBS\uff0c\u7e3d\u8cc7\u7522\u4e0a\u5347\u81f34\u842c\u5104\u7f8e\u5143\u4ee5\u4e0a\u3002<\/p>\n<p>\u6700\u8fd1\u7684\u4e00\u6b21\u5247\u662f\u56e0\u61c9\u65b0\u51a0\u80ba\u708e\u75ab\u60c5\u4e0b\u63a1\u53d6\u7684\u7121\u9650QE\u6a21\u5f0f\uff0c\u7e3d\u8cc7\u7522\u75312020\u5e74\u521d\u76844.2\u842c\u5104\u7f8e\u5143\u52302022\u5e74\u53c8\u52a0\u500d\u64f4\u5f35\u52308.9\u842c\u5104\u7f8e\u5143\uff0c\u53ef\u4ee5\u8aaa\u662f\u760b\u72c2\u7684\u5370\u9214\u3002<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%81%AF%E6%BA%96%E6%9C%83%E6%93%B4%E5%A4%A7%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8%EF%BC%8C%E3%80%8C%E6%93%B4%E8%A1%A8%E3%80%8D%E6%9C%89%E5%93%AA%E4%BA%9B%E5%BD%B1%E9%9F%BF%EF%BC%9F\"><\/span>\u806f\u6e96\u6703\u64f4\u5927\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u300c\u64f4\u8868\u300d\u6709\u54ea\u4e9b\u5f71\u97ff\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u4f7f\u7528\u6642\u6a5f\uff1a<\/strong>\u7528\u65bc\u523a\u6fc0\u7d93\u6fdf\uff0c\u70ba\u793e\u6703\u5e36\u4f86\u6d41\u52d5\u6027<\/p>\n<p><strong>\u64f4\u8868<\/strong>(Fed&#8217;s Balance Sheet Expansion)\u662f\u6307\u7f8e\u806f\u5132\u5927\u898f\u6a21\u5411\u9280\u884c\u53ca\u793e\u6703\u5927\u773e\u8cfc\u8cb7\u5982\u7f8e\u570b\u570b\u50b5\u7b49\u8cc7\u7522\u4e26\u5411\u793e\u6703\u6ce8\u5165\u8cc7\u91d1\u6d41\u52d5\u6027\u3002<\/p>\n<p>\u8fd130\u5e74\u4f86\u7f8e\u806f\u5132\u5e7e\u4e4e\u90fd\u662f\u8655\u65bc\u9577\u671f\u64f4\u8868\u7684\u72c0\u614b\uff0c\u5c24\u5176\u662f2008\u5e74\u5f8c\u7684<a href=/index.html"https:\/\/\/what-is-quantitative-easing\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u91cf\u5316\u5bec\u9b06QE<\/a>\u66f4\u662f\u5927\u5e45\u5ea6\u64f4\u8868\u3002<\/p>\n<p><strong>\u5f71\u97ff\uff1a<\/strong><\/p>\n<p>\u64f4\u8868\u4ee3\u8868\u653f\u5e9c\u5927\u91cf\u5370\u9214\uff0c\u6d41\u5165\u5e02\u5834\u7684\u8ca8\u5e63\u589e\u52a0\uff0c\u6b64\u8209\u6703\u9020\u6210\u5168\u7403\u7684\u8cc7\u7522\u50f9\u683c\u4e0a\u5347\uff0c\u901a\u8ca8\u81a8\u8139\uff0c\u540c\u6642\u5927\u91cf\u7684\u71b1\u9322\u6d41\u5165\u80a1\u5e02\uff0c\u4e5f\u6703\u5e36\u52d5\u80a1\u5e02\u4e0a\u6f32\u3002<\/p>\n<p>\u4e0b\u5716\u53ef\u4ee5\u770b\u5230\u7f8e\u806f\u5132\u8cc7\u7522\u548c\u7f8e\u570b\u80a1\u5e02\u7684\u95dc\u4fc2\uff0c\u5728\u904e\u53bb10\u5e7e\u5e74\u4ee5\u4f86\u5169\u8005\u5448\u73fe\u9ad8\u5ea6\u7684\u6b63\u76f8\u95dc\u3002<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-39552\" src=/index.html"https:\/\/\/wp-content\/uploads\/20220719124749_96.jpg\" alt=\"\u7f8e\u806f\u5132\u8cc7\u7522\u548c\u7f8e\u570b\u80a1\u5e02 \u904e\u53bb10\u5e74\u4f86\u5448\u73fe\u9ad8\u5ea6\u6b63\u76f8\u95dc\" width=\"960\" height=\"502\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E8%81%AF%E6%BA%96%E6%9C%83%E7%B8%AE%E6%B8%9B%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8%EF%BC%8C%E3%80%8C%E7%B8%AE%E8%A1%A8%E3%80%8D%E6%9C%89%E5%93%AA%E4%BA%9B%E5%BD%B1%E9%9F%BF%EF%BC%9F\"><\/span>\u806f\u6e96\u6703\u7e2e\u6e1b\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u300c\u7e2e\u8868\u300d\u6709\u54ea\u4e9b\u5f71\u97ff\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>\u4f7f\u7528\u6642\u6a5f\uff1a<\/strong>\u70ba\u4e86\u6291\u5236\u7d93\u6fdf\u904e\u71b1\u6216\u9ad8\u901a\u81a8\uff0c\u4f7f\u7d93\u6fdf\u56de\u6b78\u7a69\u5b9a<\/p>\n<p><strong>\u7e2e\u8868<\/strong>(Fed Reduce Balance Sheet \/ shrink the balance sheet )\u662f\u6307\u7f8e\u806f\u5132\u7e2e\u5c0f\u8cc7\u7522\u8ca0\u50b5\u8868\uff0c\u505c\u6b62\u7e7c\u7e8c\u8cfc\u50b5\u6216\u662f\u5411\u9280\u884c\u53ca\u793e\u6703\u5927\u773e\u8ce3\u51fa\u7f8e\u570b\u570b\u50b5\u7b49\u8cc7\u7522\uff0c\u4ee5\u5411\u793e\u6703\u56de\u6536\u8cc7\u91d1\u6d41\u52d5\u6027\u3002<\/p>\n<p><strong>\u5f71\u97ff\uff1a<\/strong><\/p>\n<p>\u7e2e\u8868\u4ee3\u8868\u653f\u5e9c\u6536\u56de\u5e02\u5834\u4e0a\u7684\u8cc7\u91d1\uff0c\u4f7f\u5f97\u8cc7\u91d1\u8b8a\u5c11\uff0c\u8cc7\u7522\u50f9\u683c\u7372\u5f97\u63a7\u5236\u6216\u662f\u4e0b\u8dcc\u3002\u540c\u6642\u516c\u53f8\u53ef\u80fd\u6e1b\u5c11\u6295\u8cc7\u3001\u80a1\u5e02\u71b1\u9322\u6e1b\u5c11\uff0c\u80a1\u50f9\u9762\u81e8\u4e0b\u4fee\u98a8\u96aa\u3002<\/p>\n<h3>\u7e2e\u8868 vs \u7e2e\u6e1b\u8cfc\u50b5 vs \u5347\u606f &#8211; \u4e09\u7a2e\u7dca\u7e2e\u8ca8\u5e63\u653f\u7b56\u7684\u5dee\u7570\u6bd4\u8f03<\/h3>\n<ul>\n<li><span style=\"font-size: 16px;\"><strong>\u7e2e\u8868\u00a0<\/strong>\u662f\u8b93\u6574\u500bFed\u8cc7\u7522\u8ca0\u50b5\u8868\u898f\u6a21\u6e1b\u5c11\uff0c<\/span><\/li>\n<li><span style=\"font-size: 16px;\"><strong>\u7e2e\u6e1b\u8cfc\u50b5\u00a0<\/strong>\u5247\u662f\u8b93\u8cc7\u7522\u8ca0\u7a84\u8868\u589e\u52a0\u7684\u901f\u5ea6\u653e\u7de9\uff0c\u4f46Fed\u8cc7\u7522\u8ca0\u50b5\u8868\u898f\u6a21\u4ecd\u662f\u589e\u52a0\u3002<\/span><\/li>\n<li><strong>\u5347\u606f<\/strong> \u662fFed\u900f\u904e<a href=/index.html"https:\/\/\/what-is-monetary-policy-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u516c\u958b\u5e02\u5834\u64cd\u4f5c<\/a>\u8ce3\u51fa\u8cc7\u7522\u4e0a\u7684\u50b5\u5238\uff0c\u8b93\u50b5\u5238\u6b96\u5229\u7387\u4e0a\u5347\u5230\u76ee\u6a19\u5229\u7387\u3002<\/li>\n<\/ul>\n<p>\u6709\u53e6\u4e00\u500b\u8a5e\u53eb\u505a <strong>\u7e2e\u6e1b\u8cfc\u50b5<\/strong>(\u82f1\u6587\uff1aQE Tapering )\uff0c\u807d\u8d77\u4f86\u8207\u7e2e\u8868\u5f88\u50cf\uff0c\u4f46\u5be6\u969b\u4e0a\u4e0d\u540c\u3002<\/p>\n<p>\u7e2e\u6e1b\u8cfc\u50b5\uff0c\u610f\u601d\u662f\u76ee\u524d\u4ecd\u8655\u65bc\u64f4\u8868\u7684\u968e\u6bb5\uff0c\u53ea\u662f\u6e1b\u7de9\u64f4\u8868\u7684\u901f\u5ea6\u3002<\/p>\n<p>\u96d6\u7136\u5169\u8005\u65b9\u5411\u76f8\u540c\uff0c\u4f46\u7e2e\u8868\u5c6c\u65bc\u6bd4\u8f03\u6fc0\u9032\u7684\u64cd\u4f5c\uff0c\u7e2e\u6e1b\u8cfc\u50b5\u5247\u662f\u6bd4\u8f03\u7de9\u548c\u7684\u64cd\u4f5c\u3002<\/p>\n<p>\u9664\u6b64\u4e4b\u5916\uff0c\u5347\u606f\u4e5f\u662f\u592e\u884c\u6536\u7dca\u8cc7\u91d1\u53ef\u4ee5\u4f7f\u7528\u7684\u8ca8\u5e63\u653f\u7b56\uff0c\u540c\u6a23\u5c6c\u65bc\u6bd4\u8f03\u6fc0\u9032\u7684\u505a\u6cd5\uff0c\u4e5f\u6703\u5728\u5e0c\u671b\u6291\u5236\u901a\u81a8\u6642\u6a5f\u4f7f\u7528\u3002<\/p>\n<p>\u9019\u4e9b\u4e0d\u540c\u7684\u8ca8\u5e63\u653f\u7b56\u5de5\u5177\uff0c\u592e\u884c\u6703\u6839\u64da\u7576\u4e0b\u60c5\u5883\uff0c\u9078\u64c7\u76f8\u5c0d\u8f03\u9069\u5408\u7684\u64cd\u4f5c\u65b9\u5f0f\u9032\u884c\u3002<\/p>\n<p>\u66f4\u8a73\u7d30\u7684\u7e2e\u8868\u89e3\u6790\uff0c\u53ef\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/fed-shrink-balance-sheet-mean\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u7e2e\u8868\u662f\u4ec0\u9ebc\uff1f\u5c0d\u91d1\u878d\u5e02\u5834\u6703\u7522\u751f\u4ec0\u9ebc\u5f71\u97ff<\/a><\/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%BE%8E%E8%81%AF%E5%84%B2%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u5feb\u901f\u91cd\u9ede\u6574\u7406\uff1a\u7f8e\u806f\u5132\u8cc7\u7522\u8ca0\u50b5\u8868\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><span style=\"font-size: 16px;\">\u7f8e\u806f\u5132\u662f\u7f8e\u570b\u7684\u4e2d\u592e\u9280\u884c\uff0c\u900f\u904e\u8abf\u7bc0\u5b83\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u4f86\u57f7\u884c\u570b\u5bb6\u7684\u8ca8\u5e63\u653f\u7b56\uff0c\u76ee\u7684\u662f\u7a69\u5b9a\u91d1\u878d\u9ad4\u7cfb\u3001\u4f7f\u7269\u50f9\u7a69\u5b9a\u4e26\u4fc3\u9032\u5c31\u696d\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7f8e\u806f\u5132\u7684\u8cc7\u7522\u8ca0\u50b5\u8868\u6bcf\u9031\u56db\u4e0b\u53484:30\u5de6\u53f3\u90fd\u6703\u66f4\u65b0\u5728\u5176<a href=/index.html"https:\/\/www.federalreserve.gov\/releases\/h41\/current\/h41.htm\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">\u5b98\u7db2<\/a>\u4e0a\u3002\u82e5\u8981\u67e5\u8a62\u6b77\u5e74\u4f86\u8cc7\u7522\u7684\u8b8a\u5316\u5716\u8868\uff0c\u5247\u53ef\u4ee5\u4e0a<a href=/index.html"https:\/\/fred.stlouisfed.org\/series\/WALCL\" target=\"_blank\" rel=\"noopener nofollow\" data-wpel-link=\"external\">Economic Research\u7db2\u7ad9<\/a>\u4e0a\u67e5\u95b1\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7f8e\u806f\u5132\u7684\u8cc7\u7522\u4e3b\u8981\u5305\u542b\u7f8e\u570b\u570b\u50b5\u548c\u4e0d\u52d5\u7522\u62b5\u62bc\u8cb8\u6b3e\u50b5\u5238\uff0c\u81f32022\/03\u6b62\uff0c\u5169\u8005\u4f54\u4e86\u7e3d\u8cc7\u752295%\u4ee5\u4e0a\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7f8e\u806f\u5132\u7684\u8ca0\u50b5\u4e3b\u8981\u5305\u542b\u5b58\u6b3e\u6a5f\u69cb\u7684\u5b58\u6b3e\u6e96\u5099\u91d1\u3001\u6d41\u901a\u7684\u73fe\u91d1\u3001\u9006\u56de\u8cfc\u5354\u8b70\uff0c\u81f32022\/03\u6b62\uff0c\u4e09\u8005\u4f54\u4e86\u7e3d\u8ca0\u50b5\u768499%\u4ee5\u4e0a\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7f8e\u806f\u5132\u64f4\u8868\u4ee3\u8868\u5927\u8209\u5728\u5e02\u5834\u4e0a\u8cb7\u5165\u570b\u50b5\u7b49\u8cc7\u7522\uff0c\u76ee\u7684\u662f\u70ba\u4e86\u91cb\u51fa\u6d41\u52d5\u6027\uff0c\u523a\u6fc0\u7d93\u6fdf\u3002\u5e36\u4f86\u7684\u53ef\u80fd\u5f71\u97ff\u662f\u901a\u8ca8\u81a8\u8139\u53ca\u80a1\u5e02\u4e0a\u6f32\u3002<\/span><\/li>\n<li><span style=\"font-size: 16px;\">\u7f8e\u806f\u5132\u7e2e\u8868\u4ee3\u8868\u505c\u6b62\u8cfc\u5165\u50b5\u5238\u6216\u662f\u8ce3\u51fa\u50b5\u5238\u5230\u5e02\u5834\u4e0a\uff0c\u76ee\u7684\u662f\u70ba\u4e86\u6536\u56de\u6d41\u52d5\u6027\uff0c\u6291\u5236\u7269\u50f9\u4e0a\u6f32\u3002\u5e36\u4f86\u7684\u53ef\u80fd\u5f71\u97ff\u662f\u5e02\u5834\u71b1\u9322\u8b8a\u5c11\u3001\u516c\u53f8\u6e1b\u5c11\u6295\u8cc7\uff0c\u80a1\u5e02\u9762\u81e8\u4e0b\u4fee\u98a8\u96aa\u3002<\/span><\/li>\n<\/ol>\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\n<p>\u66f4\u591a\u5ef6\u4f38\u95b1\u8b80\uff1a<\/p>\n<p>1. <a href=/index.html"https:\/\/\/what-fed-negative-interest\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4ec0\u9ebc\u662f\u8ca0\u5229\u7387\uff1f\u5c0d\u7d93\u6fdf\u3001\u80a1\u5e02\u50b5\u5e02\u3001\u91d1\u878d\u9ad4\u7cfb\u6709\u4ec0\u9ebc\u5f71\u97ff\uff1f\u8ca0\u5229\u7387\u6642\u8a72\u5982\u4f55\u6295\u8cc7\uff1f<\/a><\/p>\n<p>2. <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\u6700\u65b0\u9280\u884c\u7f8e\u91d1\u5b9a\u5b58\u6392\u540d<\/a><\/p>\n<p>3. <a href=/index.html"https:\/\/\/what-is-interest-rate-hedged-bond-fund\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u5229\u7387\u907f\u96aa\u5de5\u5177\u6709\u54ea\u4e9b\uff1f\u4ec0\u9ebc\u662f\u5229\u7387\u907f\u96aa\u50b5\u5238\u57fa\u91d1<\/a><\/p>\n<p>4. <a href=/index.html"https:\/\/\/borrowing-invest-1000\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u501f\u9322\u6295\u8cc7\u300c\u9ad8\u6b96\u5229\u7387\u300d\u6a19\u7684\u53ef\u884c\u55ce\uff1f\u5f9e1000\u842c\u6295\u8cc7\u6545\u4e8b\u4e2d\u5b78\u5230\u76843\u4ef6\u4e8b<\/a><\/p>\n<p>5. <a href=/index.html"https:\/\/\/what-is-bond-duration-0\/\" data-wpel-link=\"internal\" target=\"_blank\" rel=\"noopener noreferrer\">\u4ec0\u9ebc\u662f\u50b5\u5238\u5b58\u7e8c\u671f\u9593\uff1f\u8207\u5229\u7387\u8b8a\u52d5\u6709\u4ec0\u9ebc\u95dc\u4fc2\uff1f\u5982\u4f55\u61c9\u7528\u53ca\u8a08\u7b97\uff1f<\/a><\/p>\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: #ff0000;\">\u5982\u679c\u89ba\u5f97\u9019\u7bc7\u6587\u7ae0\u6709\u5e6b\u52a9\uff0c<\/span><\/strong><br \/><strong><span style=\"color: #ff0000;\">\u5e6b\u6211\u6309\u500b\u8b9a\uff0c\u5206\u4eab\u7d66\u66f4\u591a\u4eba\u770b\u5230\uff0c\u8b1d\u8b1d\uff01<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u7f8e\u570b\u662f\u76ee\u524d\u4e16\u754c\u4e0a\u898f\u6a21\u6700\u5927\u7684\u7d93\u6fdf\u9ad4\uff0c\u800c\u7f8e\u806f\u5132\u53c8\u7a31\u806f\u6e96\u6703(Fed)\uff0c\u4e5f\u5c31\u662f\u7f8e\u570b\u7684\u4e2d\u592e\u9280\u884c\uff0c\u5b83\u7684\u4e00\u8209\u4e00\u52d5\u4e5f\u90fd\u727d\u52d5\u5168\u7403 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":39541,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[724],"tags":[1976],"table_tags":[],"modified_by":"eden","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/\/wp-content\/uploads\/20220719122141_98.jpg","jetpack-related-posts":[{"id":41587,"url":"https:\/\/\/how-the-federal-reserve-prints-money\/","url_meta":{"origin":39540,"position":0},"title":"\u7f8e\u806f\u5132\u662f\u5982\u4f55\u5370\u9214\u7684\uff1f\u5927\u91cf\u5370\u9214\u5e36\u4f86\u7684\u5f8c\u679c\u662f\u4ec0\u9ebc\uff1f","author":"Sandy","date":"2022-09-30","format":false,"excerpt":"2020\u5e74\u65b0\u51a0\u80ba\u708e\u767c\u751f\u5f8c\uff0c\u91d1\u878d\u5e02\u5834\u6700\u95dc\u6ce8\u7684\u4e8b\u60c5\u4e4b\u4e00\u83ab\u904e\u65bc\u7f8e\u806f\u5132\u760b\u72c2\u5370\u9214\uff0c\u77ed\u77ed2\u5e74\u5167\u5370\u4e86\u8d85\u904e4\u5146\u7f8e\u5143\uff0c\u2026","rel":"","context":"\u5728\u300c\u7e3d\u9ad4\u7d93\u6fdf\u5206\u6790\u300d\u4e2d","block_context":{"text":"\u7e3d\u9ad4\u7d93\u6fdf\u5206\u6790","link":"https:\/\/\/category\/invest-master\/macroeconomics-analysis\/"},"img":{"alt_text":"Fed\u7f8e\u806f\u5132-\u5370\u9214-QE-\u5f8c\u679c","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220906105220_39.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220906105220_39.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220906105220_39.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220906105220_39.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":38865,"url":"https:\/\/\/fed-shrink-balance-sheet-mean\/","url_meta":{"origin":39540,"position":1},"title":"\u7e2e\u8868\u662f\u4ec0\u9ebc\uff1f\u7e2e\u8868\u65e5\u671f\uff1f\u7e2e\u8868\u5c0d\u91d1\u878d\u5e02\u5834\u6709\u4ec0\u9ebc\u5f71\u97ff","author":"Mr.Market\u5e02\u5834\u5148\u751f","date":"2022-08-28","format":false,"excerpt":"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\u2026","rel":"","context":"\u5728\u300c\u7e3d\u9ad4\u7d93\u6fdf\u5206\u6790\u300d\u4e2d","block_context":{"text":"\u7e3d\u9ad4\u7d93\u6fdf\u5206\u6790","link":"https:\/\/\/category\/invest-master\/macroeconomics-analysis\/"},"img":{"alt_text":"\u7e2e\u8868","src":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220712093734_51.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/\/wp-content\/uploads\/20220712093734_51.jpg?resize=350%2C200&ssl=1 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