Ukucacisa iFed Thetha
I-equities ibonise ukuguquguquka okuthile okujikeleze isigqibo, kodwa yavalwa phantse ingatshintshanga. I-US Treasuries yayiphantsi phambi kwesigqibo kunye nemidlalo ethile ye-curve yenzeke, ngokuhambelana neskripthi se-twist, esikhokelela ekusebenzeni okungaphaya kokuphela kwexesha elide kunye nebhere ethe tyaba kwi-5 ukuya kwi-30-year segments. I-EUR / i-USD yehla kuqala, emva koko yanyuka phezulu, ngaphambi kokuba yehle kwakhona kwaye ivale i-ineventful kufuphi namanqanaba angaphambi kwe-FOMC.
Ingxelo yeFOMC kaJuni yaqaphela ukucotha koqoqosho kumacandelo ahlukeneyo, njengenkcitho yendlu kunye nemarike yomsebenzi. Utyalo-mali olungaguqukiyo lweshishini lubonwa njengoluqhubeleka phambili (olungatshintshanga kwaye necandelo lezindlu lichazwe njengelidakumbile nangona kukho iimpawu zokuphucuka (akutshintshwanga) Inkcitho yekhaya ibonakala inyuka ngesantya esiphantsi ngandlel’ ithile kunangaphambili enyakeni, ngelixa ngo-Epreli ibiye yanyuka. Iphawulwe njengokuqhubeka nokwandisa Kwimarike yezemisebenzi, ingxelo ithi "ukukhula kwengqesho kuye kwacotha kwiinyanga zamva nje, ngelixa iimeko zentengiso yezabasebenzi zibonwe njengeziphuculweyo kwaye nenqanaba lokungaphangeli lehlile ngo-Epreli.
Ngokuphathelele imbono yezoqoqosho, kwabakho uhlengahlengiso oluncinane. Ukukhula kusalindeleke ukuba kuhlale kuphakathi kwiikota ezizayo, kwaye emva koko kunyuke kancinci kancinci (ukongeza kakhulu). Izinga lokungaphangeli ngoku kulindeleke ukuba lihle kancinci, ngelixa ngo-Epreli kulindeleke ukuba lenze ngokuthe ngcembe. Ubunzima bezemali bubonwa njengangaphambili njengobubeka umngcipheko osezantsi. Uqikelelo lwezoqoqosho nangona kunjalo luye lwahlaziywa kakhulu ngokuphantsi kowama-2013 nowama-2014, nto leyo ethetha ukuba ukukhula kulindeleke ukuba kube ngaphantsi okanye kancinci ngaphantsi kohlumo lweminyaka emibini eyongezelelweyo. Ngenxa yoko, iirhuluneli ziphucule iingqikelelo zabo zenqanaba lokungaphangeli, ebonisa malunga nezinga elizinzileyo lentswela-ngqesho ekupheleni konyaka kwaye kuphela elingaphantsi kancinci ekupheleni kuka-2014 Ireyithi yemali ye-Fed igcinwa ingatshintshi (0-0.25%) kwaye ngoko izinga layo elijonge phambili. isikhokelo. I-FOMC isalindele ukuba iimeko ziya kuvumela amanqanaba aphantsi kakhulu e-FF ubuncinci kude kube sekupheleni kuka-2014. Imbonakalo yohlaziyo yokukhula kunye nentswela-ngqesho ichaza ukuba kutheni i-FOMC yenza lula umgaqo-nkqubo. Ukhetho lwe-twist yokusebenza lucebisa ukuba i-Fed ayikhethanga ukothuka kunye nesenzo soloyiko.
Abatyalomali balindele inkqubo ye-QE-3, eyayiza kuba sisenzo esinamandla. Isalathiso esicacileyo kwingxelo yokuba i-Fed ilungele ukuthatha inyathelo elongezelelweyo lithetha ukuba isigqibo malunga nesixhobo esisetyenzisiweyo sasilungelelaniswe kakuhle. UMnu Bernanke naye sele esele ekuqaleni kwenkomfa yeendaba uqinisekisile ukuba i-Fed ayiyi kulinda ixesha elide ukwenza okungakumbi ukuba ngokukodwa iimeko zeemarike zabasebenzi aziyi kuphucula. Ukhankanye ukuba isenzo esinjalo sinokuthetha ngaphezulu kwe-QE-3 (ekupheleni konyaka akukho zibambiso zexesha elifutshane ezishiywe kwipotifoliyo ye-Fed yenza enye i-twist iqhube ngokungalindelekanga), kodwa njengoko i-twist yokusebenza kugqitywe ukuba ihlale iinyanga ezi-6, i-QE-3 enjalo ayikabhakwa kwi cake. Olunye ukhetho lokunciphisa lunokwenzeka. Kukho iinyanga ezimbini ezingakumbi zedatha ye-eco ngaphambi kwentlanganiso ka-Agasti kwaye ngoko ungafaki ngaphandle ukuba sele ngo-Agasti i-Fed inokuya kwindawo yokuhlala engaphezulu, kwaye ungafaki ngaphandle, nangona oko kubhaliweyo imigca emibini ephezulu, ingaba kwifom. ye QE-3. UBernanke uphinde wachaza ukuba kutheni bengakhange bathathe amanyathelo angqingqwa kule ntlanganiso: idatha ayikacaci kakuhle (imozulu kunye neminye imiba yohlengahlengiso lonyaka isenokubaphambukile) kwaye izixhobo ezingezizo ezisemgangathweni nazo zithwala imingcipheko kunye neendleko.
Ke ngoko, i-Fed ifuna ukugwetywa ukuba iyafuneka; mhlawumbi i-Fed yayifuna ukugcina iimbumbulu ukuba ingxaki ye-EMU ingakhula. Wongezelela ngokuqinileyo nangona i-Fed iya kuthatha inyathelo elibukhali, ukuba kuyimfuneko.
Olu tyando lugqitywe kunyaka ophelileyo luza kuphela ekupheleni kukaJuni. I-FOMC yagqiba ekubeni iqhubeke ekupheleni konyaka inkqubo yayo yokwandisa umyinge wokuvuthwa kokugcinwa kwayo kwezibambiso. I-NY Fed iya kuqhuba imisebenzi. Iza kuthenga izibambiso zikaNondyebo ngokukhula okuseleyo kweminyaka emi-6 ukuya kwengama-30 ngokwesantya sangoku kwaye ithengise okanye ikhulule izibambiso zikaNondyebo ngokukhula okuseleyo malunga ne-3-iminyaka okanye ngaphantsi. I-Fed ithi oku kufuneka kubeke uxinzelelo oluphantsi kwimilinganiselo yenzala yexesha elide kwaye incede ukwenza iimeko ezibanzi zezimali zilungele ngakumbi. I-NY Fed yongezelela ukuba ekupheleni kweprogram, i-Fed iya kubamba phantse akukho zibambiso ezikhula ngoJanuwari 2016. Izibambiso ezikhula kwi-H2 ye-2012 ziya kukhululwa kwaye zingathengiswa njengoko umphumo kwiphothifoliyo iphantse ifane. Ukuhanjiswa kwezinto ezithengiweyo kuphantse kufane nakwinkqubo yokuqala (30% kwibhakethi yonyaka we-20-30, i-32% kwibhakethi ngalinye le-6-8 kunye ne-8-10, i-4% ngonyaka we-10-20 kunye ne-3% I-6-30 iminyaka yee-TIPS Ekupheleni kwenkqubo, ukuthengwa kunye nokuthengisa kuya kuxabisa i-$ 267B.
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