Name: 美聯儲能做什麼來對抗經濟衰退 WSJ (What the Federal Reserve Can Do to Fight Recession WSJ)
Uploaded: 2021-01-14T10:26:40.000Z
Duration: 6 min 28 s
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- [Narrator] In March, the Federal Reserve signaled

情態副詞

the American economy fend off a recession.

The one we most think about is of monetary policy,

which basically means raising interest rates

The other role it has is what we would call

In fact, that is a role for which most central banks,

including the Fed, were originally created.

- [Narrator] The Fed says it will use its full range

- [Jerome] Today, we reduced the target range

for our policy interest rate by one percentage point,

bringing it close to zero, and said that we expect

to maintain the rate at this level until we're confident

that the economy has weathered recent events.

- [Narrator] Historically, the Fed has cut interest rates

the Fed has to lower interest rate by an average

of five percentage points to turn things around

at only around one and a half percentage points

- [Narrator] Having lost the use of its main tool,

here's some of the other tools the Fed can use.

it would buy $375 billion in Treasury securities

and $250 billion in mortgage-backed securities

Between then and 2014, the central bank's asset sheet grew.

Then spending plateaued and the Fed started

But the Fed's buying in March leaves the bank

with more than four and a half trillion dollars in assets.

The central bank has said, that moving forward,

- As that tends to lower long term interest rates,

that brings down things like mortgage rates directly,

The only problem is that bond rates are down below 1%

and so there isn't a lot of juice it can put

into the economy by pushing those down further.

So right now, the Fed's monetary policy role

However, the Fed can do a lot through the lender

In mid-March, the Fed made $1.5 trillion available in a bid

to prevent unusual disruptions in the repo market.

In these transactions, the Fed lends cash

or mortgage-backed securities as collateral.

Financial institutions can use the money for a variety

of short-term operations, all of which are necessary

You can think of this cash injection as grease for the gears

- Now typically, bond dealers do not need a lot of help

from the Federal Reserve, but in stressful times they,

like a lot of other big companies, find it's difficult

So the Fed steps in and lends them the money.

It's important that it do so, because if it didn't,

including on your mortgages, going up a lot.

- [Narrator] Tool number four, discount window lending.

In March, the Fed eased the rules for accessing its channel

to lend cash directly to commercial banks.

Commercial banks typically finance loans with cash

they get from deposits and private lenders,

but if those sources aren't available, they can,

- The way the Fed lends to banks, it basically asks them

to come to its so-called discount window.

- [Narrator] This interest rate is typically higher

That encourages banks to borrow from each other

the Fed lowered the discount rate to .25 percent,

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美聯儲能做什麼來對抗經濟衰退 WSJ (What the Federal Reserve Can Do to Fight Recession WSJ)

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