Indlela ye-QE4 yatshintsha ngayo imbali ye-Fed
Ngomhla ka-Juni 19, 2013, iKomiti ye - Federal Open Market yabikezela ukuba yayiza kuthengwa nge-taper ekupheleni konyaka.
Okokuthi ukukhula koqoqosho, ukunyuka kwamaxabiso kunye nokungabikho kwemisebenzi kwakusendleleni yokuhlangabezana neethagethi ze-Fed. Ulwazi malunga nezenzo ze- FOMC zibekwe kwiishwankathelo zeintlanganiso ze - FOMC ezinika uhlalutyo oluphezulu lwezoqoqosho lwe-US.
Abatyalo-mali batyhafile, bekhokelela "i-taper tantrum." Imarike yemasheya yawa, kwaye isivuno kwiNqaku leNondyebo le- 10 leminyaka laphakama ngama-1 ekhulwini. I-Fed yanciphisa ukukhawuleza kwayo kuze kube ngoDisemba 2013. Yanciphisa ukuthenga nge-$ 10 yezigidi ngeenyanga ngo-Febhuwari 2014. USihlalo we- Fedet uJanet Yellen wamemezela ukuba ulindele ukuba i-tapering iyaqhubeka njengoko ihleliwe.
I-QE4 yayingekaze ibe yinto
Umjikelezo wesine we-QE ubonise utshintsho olubalulekileyo kwi-Fed policy. Okokuqala, bekuyixesha lokuqala i- bhanki enkulu yelizwe ibhekiselele kwisantya sokungabikho kwemisebenzi. Usihlalo we-Fed uBen Bernanke wathembisa i-QE yayiza kuqhubeka kuze kube yile:
- Ukungabikho kwemisebenzi kuye kwehla ngaphantsi kwama-6.5 ekhulwini.
- Ixabiso lokunyuka kwamaxabiso laphezulu laphakama ngaphezu kwama-2.5 ekhulwini.
Oku kuthetha ukuba iFed yayineenjongo ezimbini.
Kwafuna ukukhuthaza ukukhula kunye nokuthintela ukunyuka kwamaxabiso. Kuze kube ngoko, i-Fed yayilungiselele ukulwa kwexabiso lokunyuka kwamaxabiso ngaphezu kokudalwa kwemisebenzi.
Ngokubhengeza iithagethi ezithile, iFed iqinisekiswe ukuba ukunciphisa iza kuqhubeka ngo-2013. Kungenxa yokuba ukungabikho kwemisebenzi kwakungama-7.7 ekhulwini, kwaye ukunyuka kwamaxabiso kungaphantsi kwama-2 ekhulwini xa inkqubo yaziswa.
Oku kwanika iNgqungquthela kunye nomongameli ithuba lokuxoxisana nesisombululo kwi- cliff fiscal .
Okwesibini, uBernanke wamemezela ukuba ixabiso lemali elixhasayo liya kuhlala kwipesenti zonyaka ukuya ku-2015. Kutheni i-Fed ithatha izenzo ezinjalo ezingaqhelekanga? UBernanke wayekholelwa ukuba ukulawula ukulindela kwakunamandla njengezenzo zeFed ngokwabo. Kungenxa yokuba ukungaqiniseki kuphazamiseka kakhulu kwiindawo zamashishini ukuba zicwangcise ikamva. Ngokumemezela oko wayeya kukwenza, kwaye ngoko ukwenza, uBernanke wabeka isigaba esilungileyo sokukhula koqoqosho.
Umongameli wokuqala we-Fed ukubonisa ukuba lo nguPaul Volcker . Wadumala ukunyuka kwamaxabiso ngokuyeka ukuyeka- umgaqo-nkqubo wezemali owawudale. Emva kokuba ama shishini azi ukuba uya kugcina inzala yemali ephakamileyo, bayeka ukuphakamisa amanani. Ukuphelisa intengo.
UBernanke wayengafani nongaphambili wakhe, owayesakuba nguSihlalo we-Fed u-Alan Greenspan. Wayengummangaliso kakhulu ngeenjongo zakhe. UBernanke kwafuneka aphelise ukungaqiniseki okuveliswa ngabaholi bezopolitiko. Babenomngcipheko malunga nendlela yokulungisa isigxina se- debt ceiling ka-2011 kunye neengxaki ze- cliff crisis .
QE4 Inzuzo
Umjikelezo wesine wokuhlutha okwaneleyo wawuneenzuzo ezintathu. Okokuqala, i-QE4 yandise ukunikezwa kwemali efana neenkqubo zangaphambili zokunciphisa.
Ngokuthengisa imali yabo kwi-Fed, iibhanki zinemali eninzi yokuboleka. Baye bancintisana omnye nomnye ngokuhlawula ixabiso lentlawulo ephantsi. Iingxowa-mali ezingabizi zivumela abantu abaninzi ukuboleka ukuthenga i-autos, ifenitshala, kunye nemali-mboleko yesikolo. Iinkampani zisebenze abasebenzi abaninzi ukuba baqhubeke nale mfuno esongeziweyo. Oko kwakwandisa ngakumbi umvuzo kunye nokwenza imfuno eninzi.
Okwesibini, inzuzo enxulumene nayo kukuba i- Nondyebo ephantsi yenza iintengo zemali eziphantsi. Oku kwandisa intengiso yezindlu.
Inzuzo yesithathu kukuba i-QE4 igcine ixabiso leedola elingaphantsi. Kungenxa yokuba kufana nokushicilela imali . Inkokhelo engaphezulu kwedola ekhoyo, ixabiso eliphantsi le dollar. Ixabiso elingaphantsi kweedola likhulisa iimpahla ze- US ngenxa yokuba zazingabizi mali kubatyalo-mali basemzini. Ngenxa yoko, imarike yemasheya iphakama ngama-30 ekhulwini ngo-2013.
Inani elincinane leedola libonelela inzuzo yesine kwi-QE4. Leyo yayiyimpahla ephezulu. Impahla eyenziwe e-Amerika kunye neenkonzo zancinci kwabangaphandle. Leyo mfuno ephezulu yenze imisebenzi yase-US.
QE4 Iingxaki
Ngelishwa, i-QE4 iphelile inkqubo yeFed's Operation Twist . Eye yaphumelela ngempumelelo enkulu ukususela ngoSeptemba 2011. I-Fed yayisebenzise imali eyayifumanayo xa iindleko zeeNondyebo zexesha elifutshane ziza ngenxa yokuthenga amanqaku exesha elide leNondyebo. Ngenxa yoko, amaxabiso kwiindleko zangexesha elifutshane zenyuka, ngelixa amaxabiso kwixesha elide liye lawa. I-Fed yaphela ukusebenza kwe-Twist ngoba yayithengise yonke i-short-term Treasury.
Isalathiso sesibini sasingenako ukukhuphula intengo. I-Fed yayingadala imali eninzi kwizoqoqosho. Le ngenye yezimbangela ezinkulu zokunyuka kwamaxabiso .
Kodwa ukunyuka kwamaxabiso akuzange kwenzeke. Kungenxa yokuba i-Fed ayiyi kuba nenkinga yokuthengisa i-Treasurys yayo. Kuphela kubatshintshe kwiibhanki zamalungu, ukunciphisa kwiindawo ezingaphezulu kwemithombo. Okwesibini, iFed ayiyi kuthengisa izibophelelo zayo kude kubekho uqoqosho oluzinzileyo. Amabhanki aya kufuna ukugqithisa izibonelelo ezingaphezulu kwi-Fed ngenxa yokuba bazuza kwiirhafu eziphezulu. Okwesithathu, i-Treasury iyimali-mali-mali. Zihlala zifunwa nguorhulumente, ipensheni kunye nabanye abaxabisa ukhuseleko.
Ngomhla ka-Juni 14, 2017, i-Fed yathi iya kunciphisa ukubamba kwayo ngokuthe ngcembe kwakungadingeki ukuba ithengise. I-Fed iya kuvumela i-$ 6 yezigidi ze-Treasury zivuthwe ngaphandle kokufaka endaweni yazo. Ngenyanga nganye iya kuvumela enye i-$ 6 billion ikhule. Injongo yalo kukuthatha umhlala-phantsi we-$ 30 billion ngenyanga. I-Fed iya kwenza okufanayo kunye nokubanjwa kwayo kwemvume yokubambisa imali. Kuya kuvumela i-$ 4 yezigidigidi ukuvuthwa kwinyanga ukuya kufinyelela kuma-20 billion. NgoSeptemba 21, i-Fed yazisa ukuba iya kuqalisa ukunciphisa ukubamba kwayo ngo-Oktobha 2017.