
地时间4月28日,美联储公布最新利率决议,将基准利率维持在0%-0.25%区间不变,并保持每月1200亿美元的资产购买速度不变。在随后举行的新闻发布会上,美联储主席鲍威尔称,通胀的暂时上升不符合加息的标准,同时表示股市的某些东西的确体现出市场泡沫。
值得注意的是,在美联储公布利率决议后,美股三大指数集体拉升,但在鲍威尔谈及美国股市泡沫时,三大指数集体跳水,收盘时齐跌。
美联储继续放“鸽”
当地时间4月28日,美联储继续放“鸽”。
据最新利率决议,美联储将基准利率维持在0%-0.25%区间不变,将超额准备金率(IOER)维持在0.1%不变,将贴现利率维持在0.25%不变,并保持每月1200亿美元的资产购买速度不变。
鲍威尔在随后的新闻发布会上强调,通胀临时性上扬不意味着美联储将加息,现在还不是开始谈论缩减购债规模的时候。在实现目标之前,接近零的利率政策是适宜的。时机适宜时将放缓对抵押贷款支持证券(MBS)的购买速度,但不是现在。
美联储嘹亮的“鸽”声降低了市场对其加息的押注。
据CME“美联储观察”,截至北京时间4月29日6:00,美联储6月维持利率在0%-0.25%区间的概率为92.0%,加息25个基点的概率为8.0%;而在一日前,上述两个概率分别为88.9%、10.8%。
在谈及市场时,鲍威尔表示,股市的某些东西的确体现出市场泡沫,金融稳定性整体上良莠不齐,但仍然是可控的。
值得注意的是,在美联储公布利率决议后,美股三大指数集体拉升,标普500指数盘中站上4200点,创盘中历史新高。但在鲍威尔谈及股市泡沫时,三大指数集体跳水,收盘时齐跌。据Wind数据,道琼斯工业指数、纳斯达克指数、标普500指数收盘分别跌0.48%、0.28%、0.08%。
下半年或释放政策转向信号
分析人士称,美联储正站在走向收紧还是继续宽松的十字路口:种种迹象表明美国经济复苏正在进入快车道,美联储可能要考虑政策调整,然而美联储此前发布的点阵图表明,决策者计划在未来三年保持相同的货币宽松政策。美联储货币政策转向信号何时出现?
开源证券首席经济学家赵伟分析称,相比通胀,美联储更关注就业。以史为鉴,美联储开启加息周期的触发因素,都是美国就业大幅改善。对于目前美国就业情况,赵伟认为疫情和财政“发钱”拖慢了修复进度。从最新公布的非农就业报告来看,2020年5月以来,美国非农就业人数累计增加1417万人,占前期受疫情冲击而萎缩的就业规模(2153万)的62%左右。
赵伟判断,综合美国就业的修复进程及2013年的政策退出经验来看,美联储可能在下半年释放退出QE的信号,并在2022年下半年前后正式退出QE。
中金公司对于美联储政策转向时间点的判断则更为具体。中金公司表示,美联储可能要到7月再讨论削减宽松,并于12月开启削减宽松进程。任何提前讨论削减QE的暗示都或是超预期的。
美国银行预计,美联储将在2022年初开始缩减购债规模,并提前6个月发出信号即今年下半年,并在2023年下半年开始加息。

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