哪里有什么QE2.5? 牛牛拉大旗作虎皮罢了！

Whigs

看有几位拿了鸡毛当令箭，把Fed维持Balance Sheet的意图解释成QE2.5，实在有些指鹿为马的意思。

Fed does not intend to and will not expand its balance sheet after June 30 (in the foreseeable future) - literally, there will be no more monetary expansion (no new printing), a.k.a QE.

No matter how you "rollover“ your holdings, you cannot spent the SAME money twice, period.

X!nG

今天有时间上来看看 刚好看到你这贴

我想你可能是没有搞清楚 我简单解释一下：

“维持资产负债表规模不变”的意思就是利用目前所持有债券到期时的本金，持续买进国债

这也是为什么你会看到POMO schedule在6月30日后还将持续的原因 除了目前公布的Jul 6 &Jul 11 新的schedule将在Jul 13 2:00pm公布
http://www.newyorkfed.org/markets/tot_operation_schedule.html

Whigs

回复 X!nG 的帖子

谢指点。如果Fed不将债券到期后收回的钱再投入到购买国债，那就是"exiting", 是紧缩了。

我还是觉得，Fed现在立场中性 - 没有新的QE, 也没有紧缩。

"Barclays' Gapen estimates unchecked portfolio run-off in 2012 would total around $317 billion, including about $151 billion from Treasury securities, $131 billion from MBS and $28 billion from mortgage agency debt.

Analysts estimate a reduction in the Fed's portfolio of $300 billion is equivalent to somewhere close to a half percentage point of short-term interest rate increases."

ysc