Ukujonga kwi-Fed ye $ 4,5 yee-Trillion Inkinga
Ngokuphuculiswa koqoqosho, ibhanki enkulu ibonise ukuba ingaqalisa ukukhupha i-balance sheet yayo, nangona i-timetable ihlala ingenakuqinisekiswa kwaye akukho mvumelwano malunga nokusebenza kwayo. Ibhanki ephambili ijolise ekusebenziseni ngokusisigxina kwimvelaphi kwiminyaka emininzi ezayo kunye nemiphumo encinci kwiimeko zezemali, ngelixa lihlawula ibhanti layo kumanqanaba aphantsi ahlala ekhudlwana kunokuba ingxaki yezimali.
Kule nqaku, siza kujonga impembelelo yemigudu ye-bhanki yokukhupha umgaqo-nkqubo wezemali, amaxabiso asethi, kunye neemarike zamazwe ngamazwe.
Iimpembelelo kwiNkqubo yeMali
I-International Monetary Fund (i-IMF) ikholelwa ukuba ukukhutshwa kwephepha le-Federal Reserve liza kuba nefuthe elincinci kumgaqo-mali. Ngaloo ndlela, iziko likhuthaze ukukhupha i-balance sheet sheet ezizimeleyo zenguqu kwiimali zentengo ye-federal nakwi-inflation kunye neziphumo zengqesho ngaphandle kokuba uqoqosho lube nolwaphulo olubi oluya kulungelelanisa ngenye indlela.
Ngaphantsi kwesi cwangciso esicacisiwe, ukuba i-normalization iza kuqala ekupheleni-2017, isalathisi iya kuhlaselwa ngama-dollar ayi-318 yezigidigidi zamaRandi ngo-2018 kunye ne-$ 409 yezigidigidi zeedola ngo-2019, "kuchaza i-IMF kwingxelo yayo yonyaka yonyaka. "Ukunciphisa okunjalo kunokuba nefuthe lomgaqo-nkqubo weemali elilingana nokunyuka kwamaziko angama-22 kwinqanaba lemali yezemali kwiminyaka emibini ezayo."
Isiphumo esincinci kwimilinganiselo yenzalo kuthetha ukuba iimarike zamazwe ngamazwe aziyi kuhlangabezana nazo naziphi na iintloko zentloko ezichaphazelekayo ezinxulumene nokukhula kwamaxabiso. Ngokomzekelo, iimarike ezininzi ezikhulayo ziphethe i-dollar-denominated debt, kunye neentlawulo ezibophelelwe kwiirhafu. Ukwanda kwenyameko nangokunyanisekileyo kwinqanaba lomdla kunceda ukuqinisekisa ukuba ezi nkampani zinethuba elaneleyo lokulungiselela iintlawulo ezinkulu zeenkonzo zetyala ngaphandle kokutshatyalaliswa kwemali ngokukhawuleza.
Impembelelo kwiShishini kunye neBond
Ukukhishwa kwe-sheet ye-Federal Reserve ye-balance sheet ingaba nefuthe elibi kwi-bhanki yebhanki yexabiso lentlalo yobusuku, kodwa inokuba nefuthe elikhulu kwi-stocks, bonds, kunye nezinye izinto. Emva koko, ezi zixhobo ziqhutyelwa ngakumbi ngombono kunokoqobo kunye nokujonga ukutshatyalaliswa kwintlawulo yeburhulumenteni kunye nokuthengwa kwemali yenkxaso-mboleko yenkxaso-mboleko yancinci kunokunciphisa amaxabiso kunye nokwandisa isivuno salezi zixhobo.
Ukunyuka kweekhontrakthi zikarhulumente kunokuba nemiphumo eyahlukeneyo kwiimarike. Ngokomzekelo, ezi bhonkmark bonds ezisetyenziselwa ukusetha oko kuthiwa "ingozi yokukhululeka" xa kufikelele kwixabiso lokulingana, kwaye izinga eliphezulu lokungabikho kwemingcipheko liyakwazi ukuguqulela ukuhlalutya kwee-asethi. Iingeniso eziphezulu ziyakwenzakalisa iintlawulo zemali ezibekwe ngokusekelwe kwezi zibophelelo zokutshatyalaliswa, kubandakanywa nemali yemali e-United States nakwamanye amazwe.
Iibhondi zorhulumente zase-US eziphezulu ziza kunika imali enkulu kwiimarike ezikhulayo kunye nezinye ihlabathi loqoqosho. Emva kwakho konke, utyalomali ovavanya izibophelelo ze-US kunye nezibopheko zentengiso ephumayo kunye neerhafu ezifanayo ziya kukhetha izibophelelo ze-US ngenxa yobungozi babo obuphantsi. Iimarike ezikhulayo zingafuneka ziphendule ngokukhuphula izivuno zesikhombiso, okuya kubangela ukuhla kwexabiso lentengo, ngokukodwa kwiimarike ezinokuthi zithintekayo.
Ngaphantsi
Izicwangciso ze-Federal Reserve zokukhupha i-sheet ye-balance sheet ye-$ 4.5 trillion kulindeleke ukuba ibe nempembelelo emgangathweni kwimilinganiselo yenzalo, kodwa inokuba nefuthe elikhulu kwixabiso leempahla, izibophelelo kunye nezinye izinto. Abatyalomali basekhaya nakwamanye amazwe kufuneka baqikelele ngengozi njengoko ibhanki ephakathi yenza izicwangciso zayo zicaca phantsi kwendlela, nangona imiphumo ingaba yinto encinci ukuba inkqubo yokuhlenga ihambe ngokucwangcisa.
Ngomhla ka-2013, uSihlalo uBen Bernanke wacebisa ukuba ibhanki ephakathi inganciphisa intlawulo yokuthengwa kweekhonkco. Abatyalomali baphendule ngokuthumela izibophelelo eziphezulu ngokugqithiseleyo nokuthumela amasheya phantsi malunga nama-5 ekhulwini ngoJuni kwinto ekugqibeleni yaziwa ngokuba yi "taper tantrum". Ibhanki ephambili ilindele ukuphepha ezi ngxaki ngokukhawuleza ukuphazamisa ukuthengwa ngendlela eqikelelweyo, kodwa akukho mzekelo ukuba abatyali-mali balandele kwaye impendulo ayiqinisekanga.
Abatyalomali banokumelana nokungaqiniseki ngokuqinisekisa ukuba iphothifoliyo yabo ihlukeneyo ngokubanzi-ngakumbi iipotfoliyo ezingenakunokuthi zingaphathwe.