美联储参与固定收益市场指南
A Hitchhiker’s Guide to Federal Reserve Participation in Fixed Income Markets
Journal of Economic Perspectives · 2025 · [{"name": "Nina Boyarchenko", "affiliation": ["Federal Reserve Bank of New York"]}, {"name": "Or Shachar", "affiliation": ["Federal Reserve Bank of New York"]}]
中文摘要
我们综述美国由交易商中介的固定收益市场，包括国债、机构抵押贷款支持证券、公司债和市政债。通过一级交易商持仓这一视角，我们展示这些市场在过去十年中的演变，以及近期市场功能骤然恶化事件的影响。随后，我们概述美联储如何为实施货币政策和开展流动性干预而与固定收益市场互动。最后，我们讨论美国固定收益市场投资者构成的转变，以及投资者基础的这种变化可能对货币政策传导产生的后果。
Abstract
We review US dealer-intermediated fixed income markets, including Treasuries, agency mortgage-backed securities, corporate bonds, and municipal bonds. Through the lenses of primary dealers’ positions, we show these markets’ evolution over the past decade and the effects of recent episodes of abrupt deterioration in market functioning. We then overview how the Federal Reserve interacts with fixed income markets for the purposes of monetary policy implementation and liquidity interventions. We conclude by discussing the shifting composition of investors in US fixed income markets, and what consequences such changes in the investor base may have for monetary policy transmissions.