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美联储推出前所未有的措施来支持受病毒打击的经济

2020-3-24 14:18

 

据路透社报道,美国联邦储备委员会(美联储)推出了一系列不同寻常的计划,以支持受冠状病毒爆发影响的经济。


美联储将首次支持购买公司债券,为公司提供直接贷款,并推出一项向中小企业提供信贷的计划。


美联储周一还表示,将尽可能扩大资产购买规模,以稳定金融市场。


这一系列行动标志着,美联储的大规模干预已超越金融市场,进入美国实体经济。迄今为止,美联储一直将火力集中在金融市场。


“这是他们的火箭筒时刻,”密歇根州特洛伊市Ameriprise Financial Services的首席经济学家罗素•普莱斯(Russell Price)表示。


在周一的交易开始前,上述非常措施的宣布曾短暂提振美国股指期货,但随着covid19的死亡人数不断上升,以及美国更多州纷纷禁售,主要股指很快出现下跌。


道琼工业指数. dji收挫3.04%,报18,591.93点,标准普尔500指数. spx收跌2.93%,报2,237.4点。Nasdaq综合股价指数. ixic跌0.27%,报6,860.67点,亚马逊指数. ixic升3.07%,为整体跌势提供了缓冲。


“美联储所做的很重要,因为它确实帮助了信贷市场。但从股市的角度来看,这还不够,”密尔沃基Robert W. Baird的投资策略师威利•德尔维奇(Willie Delwiche)表示。


“我们现在需要的是国会的领导来通过某种刺激法案,因为美联储所做的只是缓解一些问题,但还不足以解决目前的问题。”


近三分之一的美国人被要求呆在室内,因为从加州到纽约的州长们要求“社会疏远”和关闭不必要的企业,以减缓病毒的人际传播。


俄勒冈大学(University of Oregon)经济学教授蒂姆•杜伊(Tim Duy)表示,随着客户的迅速消失,现金匮乏的企业或许能够利用美联储的“生命线”,在企业继续倒闭的同时维持生存。


他说:“美联储仍在努力维持信贷流动,因为他们知道在大萧条期间,有太多的公司倒闭。“损失越大,重启经济的难度就越大。”


不过,他说,如果没有大规模的财政援助,这些措施将不足以遏制失业潮。路透调查的经济学家估计,一周内全美可能有100万人申请失业救济,未来还会有更多。


美国企业信贷投资者对美联储此举表示欢迎,推高了美国投资级企业债券交易所交易基金(etf)的价格。


根据新计划,美联储将以学生贷款、信用卡贷款和美国政府支持的小企业贷款为抵押发放贷款,并向大企业提供贷款,相当于四年的过渡融资。


加州州长周末表示,仅在加州就有数十万人申请了失业保险。许多分析师预测,美国经济下个季度的萎缩速度将快于“大衰退”(Great Recession)期间的任何一个季度。


美联储在一份声明中表示,采取这一举措是因为“很明显,我们的经济将面临”健康危机“带来的严重破坏”。这一举措得到了联邦公开市场委员会(fomc)成员的一致批准。


“我们国家的首要任务是照顾那些受感染的人,并限制病毒的进一步传播。”


美联储上周将借款成本降至零,并采取其他紧急措施以维持商业票据、美国国债和外国美元融资市场的运转。


富国银行证券(Wells Fargo Securities)高级经济学家萨姆•布拉德(Sam Bullard)表示:“这是美联储为确保商业部门和家庭能够继续下去而做出的全力努力。”


“美联储正在尽其所能。”

 

The US Federal Reserve rolled out an extraordinary array of programs to backstop an economy reeling from the impact of the coronavirus outbreak, Reuters reports.

For the first time, the Fed will back purchases of corporate bonds, backstop direct loans to companies and roll out a program to get credit to small and medium-sized business.

It also said on Monday it will expand its asset purchases by as much as needed to stabilize financial markets.

The series of actions marks a massive intervention by the US central bank beyond the financial markets, where it has so far concentrated its firepower, into the real US economy.

“It’s their bazooka moment,” said Russell Price, chief economist at Ameriprise Financial Services in Troy, Michigan.

Announcement of the extraordinary measures briefly lifted US stock index futures before Monday’s trading session began, but the mounting death toll from Covid-19 and a tide of lockdowns by more US states quickly sent the main indexes into the red.

The Dow Jones Industrial Average tumbled 3.04 percent to end at 18,591.93 points, while the S&P 500 fell 2.93 percent to 2,237.4. The Nasdaq Composite was down 0.27 percent at 6,860.67, its overall decline cushioned by a 3.07 percent rise in Amazon.com.

“What the Fed did is important because it does help in the credit markets. But it’s not enough from an equity market perspective,” said Willie Delwiche, investment strategist at Robert W. Baird in Milwaukee.

“What we now need is leadership out of Congress to pass some sort of stimulus bill, because what the Fed’s doing is relieving some problems, but it doesn’t do enough to solve to solve what’s out there.”

Nearly a third of the US population has been urged to stay indoors as governors from California to New York mandate “social distancing” and the shutdown of non-essential businesses to slow the person-to-person spread of the virus.

With customers disappearing rapidly, businesses starved of cash may be able to tap into the Fed’s “lifeline” to stay afloat while the shutdowns continue, said University of Oregon economics professor Tim Duy.

“The Fed is still working to maintain the flow of credit because they know what happened during the Depression [when] too many firms went under,” Duy said. “The more damage that happens, the harder it is going to be to restart the economy.”

Still, he said, without massive fiscal aid such efforts won’t be enough to stem the tide of what economists polled by Reuters estimate could be a million jobless claims logged across the nation inside of a week, with more to come.

US corporate credit investors for their part welcomed the Fed’s move, sending up prices of US investment-grade corporate bond exchange-traded funds.

Under the new programs, the Fed will lend against student loans, credit card loans, and US government backed-loans to small businesses, and back loans to larger employers in what amounts to four years of bridge financing.

Hundreds of thousands of people have already filed for unemployment insurance in California alone, the state’s governor said at the weekend. Many analysts are projecting the US economy to shrink faster next quarter than it did in any quarter during the Great Recession.

In a statement, the Fed said the effort, approved unanimously by members of the Federal Open Market Committee, was taken because “it has become clear that our economy will face severe disruptions” as a result of the health crisis.

“Our nation’s first priority is to care for those afflicted and to limit the further spread of the virus.”

The Fed last week slashed borrowing costs to zero and took other emergency steps to keep the commercial paper, Treasury and foreign dollar funding markets functional.

“This is the Fed’s all-out effort to ensure that the business sector and households can continue on,” said Sam Bullard, senior economist for Wells Fargo Securities.

“The Fed is doing everything they can.”

 

来自: ejinsight