I-Federal Federal Reserve sele iqedile ukukhupha umgaqo-nkqubo wokunciphisa umthamo. NgoDisemba 18, 2013, iFed yaqala ukufaka intengo yeekhonkrithi zithengwa ngama-dollar ayi-10 yezigidi ngenyanga, i-$ 75 billion. Emva kwecandelo lokunciphisa lonke u-2014, le nkqubo yagqiba emva kweentlanganiso ze-Fed ze-Oktobha 29-30.
Yintoni ekhutshwayo?
I-"tapering" iyigama eliqhutywe kwi-lexicon yezimali ngomhla we-Meyi 22, xa uSihlalo we-US Federal Reserve uthe uBen Bernanke utshilo phambi kweNgqungquthela ukuba i-Fed ingenza i-taper - okanye iyancipha - ubungakanani beprogram yokuthengwa kwebhondi eyaziwa ngokuba yi -easing easing ( QE). Inkqubo, eyenzelwe ukuvuselela uqoqosho, incedise injongo yesibini yokuxhasa ukusebenza kwemarike yeminyaka kwiminyaka yamuva.
Nangona i-bellanke isimemezelo esimangalisileyo yabangela ukuphazamiseka okukhulu kwiimarike zezimali ngelixa lesibini kwikota, iFed ayizange imemezele ngokusemthethweni ukunciphisa kwayo yokuqala kwi-QE kude kube ngoDisemba 18, 2013, apho iyanciphisa inkqubo kwi $ 75 billion ngenyanga ukusuka kwinqanaba layo langaphambili i $ 85 billion. Isizathu salokhu kuhamba kukuba uqoqosho lwomelele ngokwaneleyo ukuze iFed ikwazi ukuzithemba ukunciphisa izinga lokuvuselela. I-tapering yaqhubeka ngoJanuwari 29, kunye ne-Fed ivakalisa ukuba ukuphuculwa okuqhubekayo kwiimeko zezoqoqosho kulungele ukunciphisa i-QE, kwaye ibhanki ephakathi ihlala isendleleni yokuba inkqubo iqhutywe ngaphambi kokuphela konyaka. I-Fed ikhethile ukuba le ndlela ihambe ngokukhawuleza ngumnqweno we-Fed wokudala ukuphazamiseka kwemarike encinci.
Ukuphela kwe-QE kukuphawu oluhle kwiUnited States, njengoko kubonisa ukuba i-Fed inokuzithemba ngokwaneleyo ekubuyiseni kwezoqoqosho ukuze ihoxise inkxaso ehlinzekwe yi-QE.
Umvelaphi we "Tapering" Ingxoxo
Umba wokugqithisa owenziwe kuqala ekugqibeleni uluntu xa uBernanke, ebuzwa malunga nokuphela kwexesha lokuphela kwe-Pol's easitative easing policy ngo-Meyi 22 ubungqina, wathi, "Ukuba sibona ukuphucula okuqhubekayo kwaye sinokuqiniseka ukuba kuya kuba zigcinwe ngoko sinokukwazi ukufikelela kwiintlanganiso ezimbalwa ezilandelayo ...
kuthatha isinyathelo esinqunyiwe kwisantya sokuthenga. "Le yinto enye yeengxelo ezininzi ezenziwa nguBernanke ngaloo mini. Nangona kunjalo, nguye owamkela ingqalelo kuba bekukho ngexesha abafakeli-mali babesele bexhala malunga nefuthe lokungeniswa kwemarike yokunciphisa umgaqo-nkqubo oye wathandeka kakhulu kuzo zonke iifowuni kunye nezibophelelo.
Ukuze ufumane inkcazo epheleleyo, ngokukhawulezayo kwenkqubo ye- Fed , khangela iMgaqo-nkqubo kaMgaqo-nkqubo we-Federal Reserve: Ingcaciso yeLela
UBernanke ulandelele iingxelo zakhe zangaphambili kwinkomfa yenkomfa eyayilandela intlanganiso ye-Fed ngoJulayi 19 . Nangona echaza ukuba umgaqo-nkqubo wokunciphisa okwaneleyo uhlale usekhona ngexesha, uMongameli weFed uthe umgaqo-nkqubo uxhomekeke kwi-data engenayo. Ngenxa yokuphuculwa koqoqosho lwe-US, ulindele ukuba le ndlela eqhutywe ngedatha izomenza ukuba aqale ukufaka i-QE ngaphambi kokuphela kuka-2013, kunye neprogram iphelile ngokupheleleyo ngo-2014.
Ngalokhu njengemvelaphi, iimarike zazilindeleke ukuba i-tapering ibe khona kwintlanganiso ye-Fed kaSeptemba 18, 2013. Nangona kunjalo, ibhanki ephambili yamangalisa iimarike ngokukhetha ukugcina i-QE kwi-85 billion yezigidi ngenyanga. Olu tshintsho lubangelwa yimiba emibini: 1) umtya wolwazi obuthakathaka oqoqosho olukhutshwe kwinyanga yokuqala ngaphambi koku-2) ithemba lokukhula ngokukhawuleza okubangelwa ukuvalwa kwekota kunye nokuxilongwa kwetyala .
Ngenxa yoko, i-Fed ikhethile ukulibazisa ukuqala kokufowuni kuze kube yintlanganiso kaDisemba, ka-2013.
Ubuchule bokuphengulula ikhona ukusuka ekuqaleni kweprogram ye-QE. Ukunciphisa ukulinganisela akuzange kuhlose ukuhlala ngonaphakade njengoko ukuthengwa komthengiso ngamnye kwandisa i-" balance sheet " yeFed ngokunyusa inani leebhondi.
Impendulo yeMarike kwiCapebook
Nangona ibinzana likaBernanke lingazange libhekiselele ekutshintshisweni kwangoko, latshitshisa iimarike. Ekubuyiseni okulandelelwano lwezimali lwe-2008 , zombini izitokhwe kunye neebhonkrithi ziye zavelisa iindleko ezingenakuncedo nangona ukukhula koqoqosho okuphantsi kweemeko zembali. Ukuvumelana ngokubanzi, okunokwenzeka ukuba kuchanekile, kukuba umgaqo-nkqubo we-Fed yeso sizathu sokukhupha.
Ekupheleni konyaka ka-2013, inkolelo eyabanjwe ngokubanzi kukuba xa iFed iqalile ukukhupha kwi-stimulus yayo, iimarike ziya kuqala ukwenza okuhambelanayo nemigaqo-siseko yezoqoqosho - oku kuthethwa ngolu hlobo, kubhekiselele kumsebenzi obuthathaka.
Iibhondi zithengiswa ngokugqithisileyo ekugqibeleni kweBernanke ukukhankanywa kokuqala kokupakisha, ngelixa i-stocks zaqala ukubonisa ukunyaniseka okuphezulu kunokuba ngaphambili. Nangona kunjalo, iimarike zandula zizinzile kwihafu yesibini ka-2013 njengoko abatyali-mali bathuthuka kancinci ngcamango yokunciphisa i-QE.
Ngokufumana uphuhliso lwezoqoqosho olufumana ukulandelelana ngo-2014 - kwaye abatyali-zimali balondoloza isondlo esinempilo ngomngcipheko - inkqubo yokupakisha ayinayo impembelelo yemarike. Enyanisweni, zombini izitokisi kunye nezibophelelo zenziwe kakuhle. Oku kubonisa ukuba i-Fed yayilungileyo kwisigqibo sayo sokuthintela umgaqo-nkqubo we-easing policy, kunye nexesha layo kunye nendlela.