[新聞] 美國財政部考慮是否放寬對美債的資本規定

看板Stock (股票)作者cosmite (焼き団子)時間5小時前 (2025/04/16 13:55)推噓13(14推 1噓 8→)

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美國財政部考慮是否放寬對美債的資本規定 https://is.gd/9XueLU 彭博作者：Erik Wasson 與 Michael Mackenzie 2025年4月15日 23:58（GMT+8）美國副財政部長麥可・福克蘭德（Michael Faulkender）表示，美國官員正討論一項針對銀行的潛在規則調整，該調整可能有助於降低規模達29兆美元的美國國債市場出現交易凍結的風險。在上週美國政府債券大幅拋售後，外界對這項被稱為「補充槓桿比率（SLR, Supplementary Leverage Ratio）」的監管規定關注升高。此次暴跌是二十多年來最大的一次，引發人們對類似2020年3月市場崩盤的擔憂。儘管任何變動都需聯準會與其他監管機構的批准，但財政部長擔任負責美國金融穩定的監管機構理事會主席。福克蘭德週二在華盛頓一場由投資公司協會（Investment Company Institute）主辦的活動中談到 SLR 時表示：「我們正在研究這項議題，也正在就此進行對話。」 SLR 自2018年起生效，對所有資產未設風險權重——這意味著即便是被全球金融體系視為基準資產的美國政府債券，也受到與高風險資產相同的待遇。銀行方面認為，這項資本規定限制了它們在市場壓力時期增持美債的能力。新冠疫情期間，該規定對美債的適用性曾一度被暫停，但目前已恢復執行。福克蘭德指出：「我們不斷自問的一個問題是，在市場波動或出現壓力事件時，我們是否有足夠的流動性注入系統。因此，如果 SLR 在壓力時期不必要地成為限制因素，我們是否有方法提升債券市場在大成交量交易日的處理能力？」戴蒙與蘇德門的觀點福克蘭德未具體說明目前有哪些相關人士參與討論「SLR 是否限制了我們市場的運作」，也未透露任何潛在變動的時間表。摩根大通（JPMorgan Chase & Co.）執行長傑米・戴蒙（Jamie Dimon）上週五預測，若不調整幾項資本與流動性規定，聯準會最終將不得不介入解決未來美債市場的「混亂局面」。他表示，僅僅修改 SLR 對他的銀行來說還不夠，但其他銀行高層則認為調整該規定會有所幫助。高盛集團（Goldman Sachs Group Inc.）執行長大衛・蘇德門（David Solomon）也是呼籲修改 SLR 的業界人士之一。蘇德門週一表示：「放寬 SLR 對美債市場會有正面效益。這是一項重要的結構性改革。」福克蘭德也指出，美債市場在週一收復了部分上週的跌幅。「就債市而言，我想你們也看到了，債券殖利率持續下跌——昨天10年期公債殖利率下降了 11到12個基點，表現不錯，」福克蘭德說。「工具箱很大」截至紐約時間上午11:36，10年期美國國債殖利率下跌約3個基點至4.34%，此前在上週曾飆升約50個基點。本月以來，美元與美債殖利率之間的傳統聯動關係也已削弱，顯示投資人在重新思考壓力時期美國資產的安全性。（延伸閱讀：美元與美債殖利率的關聯性減弱，信心出現裂痕）財政部長史考特・貝森特（Scott Bessent）週一表示，他尚未看到有外國政府在此次拋售中大量拋售其持有的美債。他還在接受彭博電視專訪時表示，如果需要介入市場，他的部門擁有「一整套強大的工具可以啟動」。（延伸閱讀：貝森特表示若有需要，財政部有足夠工具因應債市）當被問及他最近一次與聯準會主席鮑爾（Jerome Powell）的例行會談中，是否有討論到對美債市場的憂慮時，貝森特回應道：「我們是否具體談到了要『打破玻璃罩』式的緊急對策？我認為我們還遠未到那個地步。」交易員的觀點這與 WisdomTree 固定收益策略主管凱文・弗拉納根（Kevin Flanagan）上週在市場波動期間的看法一致。「資金市場出現了一些小波動，但還不到需要聯準會出手的程度，」弗拉納根表示。他補充道：「放寬 SLR 是另一種可以使用的工具。SLR 就是一個完美的例子。」若市場波動與殖利率持續居高不下，交易員預期監管機構可能會調整對美債交易商的相關規則。 AmeriVet Securities 美國利率交易與策略主管葛雷戈里・法拉內洛（Gregory Faranello ）表示：「他們將不得不讓美國國債對國內機構變得更具吸引力。」「這樣做有助於交易商更有信心承擔風險，資產負債表會變得更寬鬆，因為持有美債的成本會更低，」法拉內洛說。「我看不出還有其他出路。」 — Annmarie Hordern 與 Michael J Moore 亦有貢獻報導。心得評論：美副財長討論放寬SLR一事 SLR = 核心資本 / 槓桿曝險總額核心資本：主要為普通股本及保留盈餘槓桿曝險總額：包括銀行帳上資產與表外項目（如美債、衍生品、回購協議）若把美債從曝險總額中移除： 1. 就不算曝險部位了 2. 維持或改善美債流動性與穩定性 3. 鼓勵銀行增持美債 4. 避免銀行賣出美債來降低槓桿風險上一次美債從SLR暫時移除的時間是：2020/04/01-2021/03/19 2020/03發生什麼事大家都知道，新冠肺炎與無限QE，那這次呢？有什麼風雨欲的事情來讓美副財長開始討論放寬SLR一事？ Treasury Explores Whether to Ease Capital Rule on US Bonds By Erik Wasson and Michael Mackenzie 2025年4月15日 at 23:58 GMT+8 Deputy Treasury Secretary Michael Faulkender said that US officials are discussi ng a potential rule change for banks that could reduce risks of a freeze-up of t rading in the $29 trillion Treasuries market. Scrutiny of the regulation, known as the Supplementary Leverage Ratio, has climb ed in the wake of last week’s selloff in US government debt. That slump, the bi ggest in more than two decades, had stoked fears of a March 2020-type market mel tdown. The Federal Reserve and other overseers would need to approve any change, though the Treasury secretary chairs the council of regulators focused on US fi nancial stability. “We are investigating it, and we are having conversations about it,” Faulkende r said at an Investment Company Institute event in Washington Tuesday of the SLR . The SLR came into effect in 2018, and doesn’t have risk weightings for assets — meaning it applies evenly to US government debt, which is widely regarded as the benchmark asset for the global financial system. Banks have argued the capit al rule crimps their ability to add Treasuries in stressful times, as they are t reated in line with much riskier assets. The SLR’s applicability to Treasuries was suspended during the Covid crisis, but it’s since been reinstated. “The question that we continue to ask ourselves is, in times of market volatili ty, or if there were to be a stress event, do we have adequate liquidity coming into the system,” Faulkender said. “So to the extent that the SLR is binding t erms during times of stress unnecessarily, are there ways for us to increase the capacity of the bond market to handle large volume days?” Dimon, Solomon Faulkender didn’t specify the parties involved in the discussions about “the e xtent that the SLR is a limiting factor on the operation of our market,” or any timeline for potential changes. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon on Friday predicted the Fed would need to intervene in a future Treasury market “kerfuffle” unless se veral capital and liquidity rules were tweaked to free banks to be more active t raders in bond markets. Dimon said for his bank, just changing SLR wouldn’t be enough. But other bank executives have said tweaking the rule would help. Goldman Sachs Group Inc. CEO David Solomon is among those calling for a change t o the SLR rule. “SLR relief would have a benefit to Treasury markets,” Solomon said on Monday. “It’s an important structural reform.” Treasuries recouped some of last week’s losses in Monday trading, something Fau lkender highlighted. “With regard to the bond market, I think you’ve seen that bond yields continue to fall — yesterday we had a nice 11 to 12 basis point decrease in the 10-year yield,” Faulkender said. ‘Big Toolkit’ Ten-year Treasury yields were down about 3 basis points at 4.34% as of 11:36 a.m . in New York, after having soared about 50 basis points last week. The traditional relationship between the dollar and Treasury yields has also wea kened this month as investors rethink the safety of US assets in times of stress . Read more: Dollar’s Link to US Treasury Yields Weakens as Confidence Cracks Treasury Secretary Scott Bessent said Monday that he hadn’t seen evidence of fo reign nations dumping their sovereign holdings of Treasuries in the selloff. He also said, in an interview with Bloomberg Television, that his department had “ a big toolkit that we can roll out” if action were needed to address conditions in the market. Read more: Bessent Says Treasury Has Big Toolkit If Needed for Bonds Asked about whether, in his latest weekly sit-down with Fed Chair Jerome Powell, there was any discussion of concerns about the Treasury market, Bessent said, “Specifically, did we discuss some kind of a break the glass? I think we’re a long way from that.” Traders’ Take That’s the same assessment Kevin Flanagan, head of fixed income strategy at Wis domTree, offered last week amid the volatility. “There have been a few hiccups in the funding markets, but not to the point to elicit a Fed reaction,” Flanagan said. “Easing the SLR is another tool” that could be used, he also said. “The SLR is a perfect example of that.” Traders see the prospect of regulators tweaking the rules for dealers holding Tr easuries if volatility and yields remain elevated. Gregory Faranello, head of US rates trading and strategy for AmeriVet Securities said, “They’re going to have to make US Treasuries much more attractive for d omestic institutions. “It helps dealers can feel comfortable taking down risk, balance sheets are ope n as it’s much cheaper to hold Treasury securities,” Faranello said. “I don’ t see any way around that.” — With assistance from Annmarie Hordern and Michael J Moore -- ※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 42.70.142.14 (臺灣) ※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1744782947.A.34E.html ※ 編輯: cosmite (42.70.142.14 臺灣), 04/16/2025 13:57:16

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無限QE+美債買家減少->美金貶值->製造業回流美國, 計畫通？

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