Indlela yokuSebenza kwe-Asset ye-Asset Purchase Programme
Xa iFed ifuna ukuba inzala ihlawule, ithengisa iibhanki kwiibhanki. Oku kwaziwa ngokuba ngumgaqo-mali we-contractionary . Iyancipha ukunyuka kwamaxabiso nokukhula koqoqosho.
Xa ifuna ukunciphisa amaxabiso, ithengisa iziqinisekiso. Oku kwaziwa ngokuba ngumgaqo-mali wezongeziweyo . Injongo yalo kukunciphisa ukungasebenzi kwaye kukhuthaze ukukhula koqoqosho. I-Fed ibeka ithagethi yayo kwiintlawulo zenzalo kwiintlanganiso ze- Federal Open Market Committee .
Indlela yokuVulwa kweeNkcukacha zeMakethe ichaphazela njani iiRhafu zeNzala
Xa i-Fed ithenga iziqinisekiso ezivela ebhankini , yongeza isikweletu kwiindawo zokugcina iibhanki. Nangona ayinayo imali yangempela, iphathwa njengolu hlobo kwaye inempembelelo efanayo. Kufana ne-deposit ngqo ongayifumana kumqeshi wakho kwi-akhawunti yakho yokujonga.
I-Fed ifumana phi imali yokukhupha i-credit? Njengebhanki ephakathi yaseMelika, inamandla okuzikhethela ukudala le ngxowa ngomoya ococekileyo. Yiloo nto abantu bathethayo xa besithi i- Federal Reserve ishicilela imali .
Amabhanki azama ukuboleka kangangoko kunokwenzeka ukwandisa iinzuzo zabo. Ukuba bekuyiibhanki, baya kuboleka konke. Ngako oko, i-Fed ifuna ukuba bahlale malunga neepesenti ezili-10 zabo zokufaka imali xa bevala ubusuku bonke, ngoko banako imali eyaneleyo yokuthengelana ngemini.
Oku kwaziwa njengemfuno yokugcina indawo . Kufuneka igcinwe kwiofisi yesebe ye-Federal Reserve yaseburhulumenteni okanye ngenkokhelo kwisigodlo sebhanki. Ngaphandle kokuba kuqhutywe ibhanki, oku kuninzi okwaneleyo ukugqithisa amaninzi kwiibhanki zokurhoxiswa kwansuku zonke.
Ukuhlangabezana neemfuno zokugcina indawo, iibhanki ziboleka omnye nomnye ngobusuku obunomdla wenzalo ekhethekileyo, eyaziwa njengezinga lokunyusa imali .
Eli nqanaba lihamba ngokuxhomekeke ekubeni iibhanki zinjani ukuboleka. Isixa ababolekayo nokuboleka ngalobo busuku kuthiwa yimali yokutya .
Xa i-Fed ikwandisa ityala lebhanki ngokuthenga i-securities, linika ibhanki imali ngakumbi yokuboleka kwezinye iibhanki. Oku kukunyusa izinga eliphantsi lokuhlawula imali, njengoko ibhanki izama ukukhulula le ndawo yokugcina. Xa kungenakuninzi ukuboleka, iibhanki ziza kuphakamisa izinga lokuxhaswa kwemali.
Olu hlobo lokutya lwemali luchaphazela iirhafu zentsholongwane. Amabhanki ahlawulana ngokukodwa ngaphezulu kwemali-mboleko yexesha elide. Oku kwaziwa njengezinga leLibor . Isetyenziswe njengesiseko semali-mboleko eninzi eguquguqukayo, kuquka nemboleko yemoto, i-mortgage rate , kunye neerhafu zamanqaku ekhredithi. Isetyenziselwa ukuseta umgangatho wokuqala , yiyiphi ibhanki ityala abathengi abangcono kakhulu. Izinga elide kunye nexesha elichanekileyo lixhomekeke ngakumbi kwiNqaku leNondyebo le- 10 . Iirhafu zincinci kakhulu kunezivuno zikaNondyebo .
UkuVulwa kweMarike evulekileyo kunye nokuPhepha kokuPhepha
Ekuphenduleni inkathazo yezimali ka-2008, i-FOMC yanciphisa isantya semali esondayo ekufutshane. Emva koko, iFed yaphoqeleka ukuba ithembele kakhulu kwimisebenzi yemarike evulekileyo. Yandisa ngeprogram yokuthenga i-asethi ebizwa ngokuba ngumncinci wokunciphisa . Nazi ezinye iinkcukacha:
- I-QE1 (Disemba 2008-Agasti 2010) - I-Fed yathenge i-$ 175 yezigidi ze-MBS kwiibhanki ezazisuka ngu-Fannie Mae, uFreddie Mac, kunye ne-Federal Home Loan Banks. Phakathi kukaJanuwari 2009-Agasti 2010, kuthengwa i-1.25 trillion kwi-MBS eqinisekisiwe nguFannie, uFreddie noGinnie Mae. Phakathi koMatshi 2009-Oktobha 2009, ithenge i-300 yezigidigidi zeeNondyebo zexesha elide kwiibhanki zamalungu.
- I-QE2 (Novemba 2010-Juni 2011) - I-Fed yathenga i-R6 600 yezigidi zeeNondyebo zexesha elide.
- Ukusebenza kwe-Twist (ngoSeptemba 2011-Disemba 2012) - Njengoko i-Fed yexesha elifutshane leeNondyebo ziqulunqwe, zasebenzisa le mali ukuthenga amanqaku exesha elide lokugcina imali. Yaqhubeka ukuthenga i-MBS ngemali ye-MBS ekhulile.
- I-QE3 (Septemba 2012-Oktobha 2014) - I-Fed yazithengisela ukuthengwa kwe-MBS ukuya kwi-$ 40 yezigidigidi ngenyanga.
- I-QE4 (ngoJanuwari 2013-Oktobha 2014) - I-Fed yongeze i-$ 45 yezigidigidi zexesha elide I-Treasurys i-securities kwinkqubo yalo yokuthenga.
Ngombulelo kwi-QE, i-Fed yabamba i-$ 4.5 trillion engakaze ibe yinto yokugcina kwi-balance sheet. Yanikela amabhanki amathoni atyala. Bakufuna oko ukuzalisekisa iimfuno zentlawulo ezintsha ezinikezwa nguMthetho weDodd-Frank Wall Street Reform Act .
Ngenxa yoko, ezininzi iibhanki azizange zibolekiswe iimali zokutya ukuze zihlangabezane neemfuneko zokugcina. Oko kubeka uxinzelelo oluphantsi kwizinga lokunyusa imali. Ukumelana nale nto, i-Fed yaqala ukuhlawula ixabiso lentlawulo kwiimfuno ezifunekayo kunye neentlawulo ezingaphezulu kwebhanki. Kwakhona kwasebenzisa i-rest reos ukulawula isantya semali esondliwe.
I-Fed ibonakalise ukuphela kwemisebenzi yayo yemarike evulekileyo kwintlanganiso yayo yoDisemba 14, 2016 ye-FOMC. IKomidi iphakanyise ixabiso lokunyusa imali kwi-0.75 yepesenti. I-Fed yasebenzisa ezinye izixhobo ukuxhobisa amabhanki ukuphakamisa eli nqanaba. Ekujongene nalo nyathelo lokuchasana, lwaqhubeka nokuthenga izitrato ezintsha xa abantu abadala bebefanelekile. Ukugcinwa kwemisebenzi yemarike evulekile kwanikezela ukulingana okwandisiweyo kwimivuzo ephezulu.
Ngomhla ka-Juni 14, 2017, iFed ichaze indlela eya kunciphisa ngayo ukubamba kwayo. Kuya kuvumela i-$ 6 billion ze-Treasury zivuthwe ngaphandle kokufaka endaweni yazo. Ngenyanga nganye iya kuvumela enye igidigidi zama-6 ezigidigidi. Injongo yokuthatha umhlala-phantsi we-$ 30 billion ngenyanga. I-Fed iya kwenza okufanayo kunye nokubanjwa kwayo kweemali ezixhaswe ngemali-mboleko , kuphela ngokunyuka kwama-4 bhiliyoni ngenyanga ukuya kufinyelela kwi-20 billion yezigidigidi. I-Fed yaqala lo mgaqo-nkqubo ngo-Oktobha 2017. (Umthombo: "Ziziphi iinqununu ze-US Monetary Policy?" Ibhanki yaseStar Reserve yaseSan Francisco.)