水面に広がる波紋...

経済

Across the Curve: Closing Comments May 12 2008

There was a little bit of news to chew on. As I noted in an earlier post the Federal Reserve created some ripples in the water with its sale of $5 billion of coupons in the 2 ½ year region. Those sales sterilize the effect of some of the Fed’s innovative open market operations, which if left unsterilized would precipitate a monetary explosion. Some analysts believe that the Open Market Desk has a need to sell as many as $50 billion from its account to offset the effects of other operations. When the credit crisis began to unfold in earnest last August the System Open Market Account ( SOMA) held $277 billion of Treasury bills. On May 8 2008 SOMA held just $65 billion bills.

  • Fedはこの日、50億ドル分の利札（クーポン)を市場に放出した→http://acrossthecurve.com/?p=791
  • さらに最大500億ドル分の売却が必要、という見方もある
  • 一連の信用収縮が始まる前にFedが保有していた国債は2770億ドル
  • が、先週末の時点では650億ドル

保有国債がゼロになったら、monetary explosion...ワイマールドイツみたいになってしまうということか...