美聯儲決議:鞏固加息前景
美聯儲將公佈利率決議,維持利率不變為大概率時間。市場目光集中在貨幣政策聲明上,進一步預測明年加息前景的變化。美聯儲本周會議是,民主黨多會控制權,股市波動激烈,外界預測美國經濟明年放緩的背景下召開。
就本周的美聯儲政策聲明而言,決策者的主要議題可能在於,隨著特朗普上任以來的減稅及增支刺激效應消退,他們要如何對經濟或已達刺激舉措最佳效應的高原期表達自己的看法。
美聯儲或許會把房屋市場可能放慢且企業投資下滑,當作其認為經濟回落的理由。而與此同時,自美聯儲9月會議以來,就業增長保持穩健,家庭支出亦是如此。
但近期經濟數據結果幾乎不會動搖美聯儲在12月上調利率(那將是今年的第四次升息)、明年更進一步升息的計畫。美聯儲同時會採用能讓市場保持平靜的論調。圍繞貿易摩擦和貨幣政策收緊的擔憂最終或將延續至2019年。
華爾街日報援引分析人士觀點稱,美聯儲似乎準備在年底前下調支付給銀行的超額準備金利率(IOER),或令這一利率進一步遠離其基準聯邦基金利率目標區間的高端,不過此舉從本質上來說將主要是技術性的。
美聯儲希望將IOER用作為利率走廊系統的理論下限,然而自金融危機以來,聯邦基金利率便始終在IOER的下方運行,令IOER變為了利率走廊的實際上限,聯邦基金利率與IOER之差則被視為判斷美聯儲控制短期利率有效性的指標。
由於恰逢中期選舉,本次會議進程及決議公佈時間均較以往慣例推遲了1天。那些預計民主黨將贏得眾議院控制權,以及共和黨將擴大在參議院多數優勢的調查結果,也可能是美聯儲會議內部討論的焦點。
美國中期選舉塵埃落定,特朗普所在的共和黨進一步鞏固了參議院多數黨地位,民主黨奪回國會眾議院控制權,將參與明年的立法議程,不過黨內嚴重的分歧將令立法程式變得艱難,大量提案在民主黨掌控的眾議院獲批後,極有可能在共和黨掌控的參議院受阻。
本文來源: 大田環球貴金屬
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