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美联储出借系统公开市场账户(SOMA)中的财政债券和政府机构债券,其每日证券借贷方案接受普通财政证券作为抵押品。该方案通过美联储一级交易商,为整体市场提供相对间接、临时的证券来源,以支撑财政证券和政府机构证券市场的运行及推广。重要的是,SOMA证券投资组合的规模以及构成反映了过去的货币政策,限制了借贷方案缓解抵押品短缺的能力。本文将简述美联储的证券借贷方案,描述近来发展趋势,并分析其驱动因素。
The Federal Reserve lends its treasury and government agency bonds in the open market account (SOMA) and its daily securities lending program accepts ordinary treasury securities as collateral. The program through the Federal Reserve primary dealers, for the overall market to provide a relatively indirect, temporary source of securities to support the financial securities and government securities market operation and promotion. Importantly, the size and composition of the SOMA portfolio reflects past monetary policy, limiting the ability of borrowing programs to mitigate collateral shortages. This article will outline the Federal Reserve’s securities lending program, describing recent trends and analyzing its drivers.