《大行报告》大摩指美联储1.5万亿美元注资未解金融收紧状况
纽约联储昨日(12日)宣布向市场注入1.5万亿美元流动性,包括分两天进行共1万亿美元三个月期逆回购操作,与及5,000亿美元一个月期逆回购操作。摩根士丹利发表报告,相信美联储需推动广泛货币政策支持,包括减息至零,进一步延长量宽及采取其他措施,并指注资1.5万亿美元不足以解决经济下行风险,尤其应对金融状况收紧问题。
报告指,美联储昨日公布注资後,金融状况按日收紧51点子,仍较公布前的46点子进一步收紧。2月中以来累计收紧近1.6厘,扣除美联储减息影响则收紧逾2厘。因此宏观经济及金融状况风险仍大致未变,美国仍需要显着的货币宽松。摩根士丹利预期美联储将在最晚下周议息後公布更完整货币政策。
报告认为,美联储昨日的行动为全面量宽接近一步,美联储正把每月600亿美元票据购买计划变为再投资按揭抵押证券(MBS)再投资,因而未产生永久储备,有关做法未能称为量宽。该行认为,在全面量宽政策下,美联储将增加美债购买额,由600亿升至750亿美元;将集中购买长债;及把MBS再投资转为於MBS市场进行,以支持MBS市场。
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