美联储资产负债表

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve BanksReserve Bank credit703,676 + 11,023 + 69,903 708,472Securities held outright 629,410 + 2,931 + 73,535 629,412U.S. Treasury 1629,400 + 2,931 + 73,535 629,402Bills 2226,682 + 2,925 + 40,429 226,682Notes and bonds, nominal 2389,219 0 + 30,765 389,219Notes and bonds, inflation-indexed 2 12,242 0 + 2,056 12,242Inflation compensation 3 1,256 + 6 + 284 1,258Federal agency 210 0 0 10Repurchase agreements 434,321 + 6,142 - 7,422 37,250Loans to depository institutions 59 + 4 - 13 59Adjustment credit 13 + 7 - 23 9Seasonal credit 46 - 3 + 10 50Extended credit 0 0 0 0Float1,177 + 1,238 + 1,008 2,793Other Federal Reserve assets 38,708 + 705 + 2,793 38,958Gold stock11,043 0 - 2 11,043Special drawing rights certificate account 2,200 0 0 2,200Treasury currency outstanding 534,483 + 14 + 1,476 34,483Total factors supplying reserve funds751,401 + 11,036 + 71,376 756,197Currency in circulation 5681,441 + 6,025 + 42,945 685,007Reverse repurchase agreements 620,908 + 2,706 + 20,908 20,396Foreign official and international accounts 20,908 + 2,706 + 20,908 20,396Dealers0 0 0 0Treasury cash holdings360 - 10 - 65 360Deposits with F.R. Banks, other than reserve balances 16,186 - 1,031 + 2,018 16,184U.S. Treasury, general account 4,678 - 1,281 + 33 4,662Foreign official 114 - 34 - 230 139Service-related11,181 + 281 + 2,209 11,181Required clearing balances10,452 + 2 + 1,870 10,452Adjustments to compensate for float 729 + 279 + 339 729Other212 + 2 + 5 203Other liabilities and capital20,441 + 238 + 2,685 20,670Total factors, other than reserve balances,absorbing reserve funds 739,334 + 7,925 + 68,489 742,617Reserve balances with Federal Reserve Banks12,067+ 3,111+ 2,88713,580Memo (off-balance-sheet items):Marketable securities held in custody for foreignofficial and international accounts 2,7 848,867 + 2,568 . . . 848,468U.S. Treasury 685,997 + 704. . . 685,042Federal agency 162,870 + 1,865 . . . 163,426Securities lent to dealers 304 + 153 - 4,151 111December 26, 2002Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks1. Factors Affecting Reserve Balances of Depository InstitutionsMillions of dollarsAverages of daily figuresNote: Components may not sum to totals because of rounding.. . .not available.1.Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.2.Face value of the securities.pensation that adjusts for the effects of inflation on the original face value of inflation-indexed securities.4.Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.5.Estimated.6.Cash value of agreements, which are collateralized by U.S. Treasury securities.7.Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.Sources: Federal Reserve Banks and the U.S. Department of the Treasury.Change from week ended Wednesday Dec 25, 2002Week ended Dec 25, 2002 Dec 18, 2002 Dec 26, 2001Note: Components may not sum to totals because of rounding.1.Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.2.Face value of the securities.pensation that adjusts for the effects of inflation on the original face value of inflation-indexed securities.4.Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.5.Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.6.Cash value of agreements, which are collateralized by U.S. Treasury securities.7.Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.AssetsGold certificate account11,039 0 - 6Special drawing rights certificate account 2,200 0 0Coin1,011 - 24 - 55Securities, repurchase agreements, and loans 666,721 + 7,269 + 60,420Securities held outright 629,412 + 5 + 73,405U.S. Treasury 1629,402 + 5 + 73,405Bills 2226,682 0 + 40,293Notes and bonds, nominal 2389,219 0 + 30,765Notes and bonds, inflation-indexed 2 12,242 0 + 2,056Inflation compensation 3 1,258 + 5 + 291Federal agency 210 0 0Repurchase agreements 4 37,250 + 7,250 - 13,000Loans59 + 14 + 14Items in process of collection (1,076) 13,239 + 4,439 + 8,017Bank premises 1,540 + 6 + 21Other assets 537,357 + 817 + 1,764Total assets (1,076)733,107 + 12,506 + 70,162LiabilitiesFederal Reserve notes, net of F.R. Bank holdings 651,891 + 6,292 + 41,390Reverse repurchase agreements 6 20,396 - 1,509 + 20,396Deposits(0)29,704 + 4,781 - 1,380Depository institutions24,701 + 6,758 - 1,070U.S. Treasury, general account 4,662 - 1,933 - 194Foreign official 139 - 33 - 94Other(0) 203 - 10 - 20Deferred availability cash items(1,076) 10,447 + 2,181 + 6,515Other liabilities and accrued dividends 72,461 + 43 - 133Total liabilities(1,076)714,898 + 11,787 + 66,787Capital accounts Capital paid in 8,382 + 6 + 1,025Surplus7,312 0 + 600Other capital accounts2,516 + 714 + 1,751Total capital18,209+ 720+ 3,374H.4.12. Consolidated Statement of Condition of All Federal Reserve BanksMillions of dollarsChange sinceWednesday Dec 26, 2001Eliminations from consolidationWednesday Dec 25, 2002Wednesday Dec 18, 20023. Maturity Distribution of Loans and Securities, December 25, 2002Millions of dollars Federal agency securitiesWeeklychanges Holdings U.S. Treasury securities 1Holdings Weeklychanges LoansRepurchase agreements 2Note:Components may not sum to totals because of rounding. . . .Not applicable.1.Includes the original face value of inflation-indexed securities and compensation that adjusts for the effects of inflation on the original face value of such securities.2.Cash value of agreements classified by remaining maturity of the agreements.Reverse repurchase agreements 2Within 15 days 57 33,670 - 13,583 0 0 21,250 20,39616 days to 90 days 2 146,846 + 12,584 0 0 16,000 091 days to 1 year141,815 + 999 10 0. . . . . . Over 1 year to 5 years . . . 173,936 + 1 0 0. . . . . . Over 5 years to 10 years . . . 53,298 + 3 0 0. . . . . . Over 10 years. . .79,838+ 20. . . . . .All 59 629,402 + 5 10 0 37,250 20,396Assets, liabilities, and capitalMaturity。

Reserve Bank Credit584,323 + 6,032 - 34,464 597,310U.S. government securities (1)Bought outright-system account (2,3) 515,595 + 858 + 26,425 515,491Held under repurchase agreements 0 0 0 0Federal agency obligations (1)Bought outright130 0 - 51 130Held under repurchase agreements 0 0 0 0Repurchase agreements — triparty (4) 31,759 + 6,738 - 61,395 43,985Acceptances0 0 0 0Loans to depository institutionsAdjustment credit 41 - 254 - 320 21Seasonal credit 112 - 9 + 34 96Extended credit 0 0 0 0Float1,191 - 1,793 + 556 1,837Other F.R. assets 35,494 + 492 + 510 35,751Gold stock11,046 0 - 2 11,046Special drawing rights certificate account 2,200 - 143 - 4,000 2,200Treasury currency outstanding31,205 + 14 + 3,227 31,205Total factors supplying reserve funds 628,774 + 5,903 - 35,239 641,761Currency in circulation*589,415 + 6,562 - 29,896 592,965Reverse repurchase agreements — triparty (4) 0 0 0 0Treasury cash holdings*416 + 12 + 307 454Deposits, other than reserve balances, with F.R. BanksTreasury 4,340 - 3,765 - 7,798 5,320Foreign103 - 57 + 4 83Service-related balances and adjustments (5) 7,236 + 540 - 548 7,236Other258 + 36 + 63 235Other F.R. liabilities and capital18,417 - 164 - 208 18,062Total factors, other than reserve balances,absorbing reserve funds 620,186 + 3,164 - 38,075 624,356Reserve balances with F.R. Banks (6)8,588+ 2,739+ 2,83717,405December 28, 2000These data are scheduled for release each Thursday. The exact time of each release will be announced, when the information is available, on (202) 452-3206.H.4.1Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve BanksMillions of dollarsAverages of daily figuresReserve balances of depository institutions at F.R. Banks, Reserve Bank credit, and related items On December 27, 2000, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve Banks for foreign official and international accounts was $ 691,862 million, a change of $ + 4,252 million for the week. The total includes $ 589,149 million of U.S. government securities and $ 102,713 million of federal agency securities. The total includes the face value of U.S. Treasury strips and other zero coupon bonds.1Face value of the securities.2Net of $ 17,182 million (daily average over statement week) and $ 17,323 million (outstanding on Wednesday statement date)matched sale-purchase transactions, of which $ 17,182 million (daily average) and $ 17,323 million (outstanding on Wednesday statement date) were with foreign official and international accounts. Includes securities loans of $ 1,231 million (daily average)and $ 2,924 million (outstanding on Wednesday statement date) that are fully collateralized by other U.S. government securities.3Includes $ 6,905 million of inflation-indexed securities valued at the original face amount and $ 528 million of compensation that adjusts for the effects of inflation on the principal of such securities.4Cash value of agreements arranged through third-party custodial banks. These agreements are collateralized by U.S. government and federal agency securities.5Consists of required clearing balances of $ 6,360 million and adjustments of $ 876 million to compensate for float.6Excludes required clearing balances and adjustments to compensate for float.* Estimated (Treasury’s figures).Components may not add to totals due to rounding.Change from week ended Wednesday Dec 27, 2000Week ended Dec 27, 2000Dec 20, 2000Dec 29, 1999ASSETSGold certificate account11,046 0 - 2Special drawing rights certificate account 2,200 0 - 4,000Coin 946 - 8 + 743Loans117 - 8 - 2,755Acceptances0 0 0Repurchase agreements — triparty (1) 43,985 + 18,275 - 78,885Federal agency obligations (2)Bought outright130 0 - 51Held under repurchase agreements 0 0 0U.S. government securities (2)Bought outright—Bills182,530 - 97 + 557Notes (3) 240,176 + 1,047 + 21,710Bonds (4)92,784 + 1 + 9,806Total bought outright (5)515,491 + 952 + 32,074Held under repurchase agreements0 0 0Total U.S. government securities515,491 + 952 + 32,074Total loans and securities559,723 + 19,219 - 49,617Items in process of collection (771) 10,087 - 2,247 + 3,162Bank premises 1,455 + 3 + 99Other assets (6)34,268 + 548 + 435 TOTAL ASSETS (771)619,724 + 17,514 - 49,182LIABILITIESFederal Reserve notes563,160 + 6,370 - 37,761Reverse repurchase agreements — triparty (1) 0 0 0DepositsDepository institutions24,787 + 10,921 + 8,058U.S. Treasury—general account 5,320 + 539 - 20,603Foreign—official accounts83 - 144 - 151Other(0) 235 + 24 + 52Total deposits(0) 30,426 + 11,342 - 12,643Deferred availability cash items(771) 8,077 - 120 + 1,445Other liabilities and accrued dividends (7)4,341 - 34 - 137TOTAL LIABILITIES (771)606,003 + 17,557 - 49,096CAPITAL ACCOUNTS Capital paid in 7,024 + 2 + 592Surplus2,679 0 - 3,273Other capital accounts4,018- 45+ 2,596H.4.1(a)Consolidated Statement of Condition of all Federal Reserve BanksMillions of dollarsChange SinceWednesday Dec 29, 1999Eliminations from ConsolidationWednesday Dec 27, 2000Wednesday Dec 20, 20001Cash value of agreements arranged through third-party custodial banks.2Face value of the securities.3Includes $ 5,367 million of inflation-indexed securities valued at the original face amount and $ 425 million of compensation that adjusts for the effects of inflation on the principal of such securities.4Includes $ 1,538 million of inflation-indexed securities valued at the original face amount and $ 104 million of compensation that adjusts for the effects of inflation on the principal of such securities.5Net of $ 17,323 million matched sale-purchase transactions outstanding at the end of the latest statement week. Includes securities loans of $ 2,924 million that are fully collateralized by other U.S. government securities.6Includes assets denominated in foreign currencies, revalued monthly at market exchange rates.7Includes exchange-translation account reflecting the monthly revaluation at market exchange rates of foreign exchange commitments.Maturity Distribution of Loans and Securities, December 27, 2000Millions of dollarsFederal agency obligations(2)Weeklychanges Holdings U.S. government securities (1,2)Holdings Weeklychanges LoansRepurchase Agreements—Triparty (3)1Includes $ 6,905 million of inflation-indexed securities valued at the original face amount and $ 528 million of compensation that adjusts for the effects of inflation on the principal of such securities.2Includes face value of securities held under repurchase agreements classified by the remaining maturity of the agreements.3Cash value of agreements arranged through third-party custodial banks classified by remaining maturity of the ponents may not add to totals due to rounding.ReverseRepurchase Agreements—Triparty (3)Within 15 days 110 19,889 + 954 0 0 33,010 016 days to 90 days 7 110,832 - 1,017 0 0 10,97591 days to 1 year125,620 - 34 0 0—————— Over 1 year to 5 years ——— 132,792 + 1,046 130 0—————— Over 5 years to 10 years ——— 55,461 + 2 0 0——————Over 10 years ——— 70,896 + 1 0 0——————Total117515,491+ 95213043,985。

美联储拟逐步削减资产负债表14 Jun 2017美国联邦储备局（美联储）终于准备着手逐步削减资产负债表。

先从另一个角度来看，在2008年金融危机之前以及美联储随后推出名为量化宽松(QE)的资产收购计划之时，美联储2007年的资产负债表约为GDP的6%，或低于一万亿美元。

到2017年6月，美联储的资产负债表膨胀到GDP的近25%，即4.5万亿美元。

美联储资产负债表的目标规模是多大？美联储资产负债表规模庞大，自然会引起一个疑问：从长远来看，美联储资产负债表的最佳规模或目标规模是多大？自2010年以来，在经济摆脱衰退，重新开始增长之后，所有资产收购计划和量化宽松政策对于帮助美国实际GDP增速超过2%似乎无能为力，也无法将通胀率提升至2%以上。

我们认为量化宽松基本无法实现经济增长和通胀目标，即使量化宽松确实压低国债收益率，支撑股价上涨，以及降低股票和债券市场波动性亦于事无补。

因此似乎有理由认为，美联储资产负债表目前的规模过于庞大，对市场价格发现流程的干预远远超过合理的范围。

我们不知道央行资产负债表的最佳规模以多大为宜，但我们确实认为美联储将致力于将资产负债表缩减一半。

我们预计美联储的目标资产负债表规模为GDP的约12%，这是金融危机前的两倍，也是目前规模的一半。

缩减资产负债表还有美联储不愿意讨论的理由。

从我们的角度来说，在美联储加息之际，不缩减资产负债表，而始终以到期国债的所有收益或抵押担保证券(MBS)的本金还款进行再投资，这并非明智之举。

由于臃肿的资产负债表，银行在美联储持有2.2万亿美元的过剩存款准备金。

美联储通过量化宽松计划买入证券，支付方式是向银行和主要交易商等卖方的帐户记入资金，于是形成这些过剩准备金。

这些存款是联邦基金。

需要注意的是，虽然银行之间可以买卖联邦基金（例如按联邦基金利率），但银行不能取消这些存款。

只有美联储可以取消，只要不用本金还款进行再投资或卖断证券即可，但美联储不会卖出任何证券。

次贷危机以来美联储资产负债表的变化作者：唐欣语发布时间：2009-05-04 09:33 来源：21世纪经济报道2007年下半年以来，美国次贷危机愈演愈烈，美联储为应对金融危机采取了大量拯救措施，为市场提供流动性，恢复市场信心。

这导致美联储资产负债表的规模与结构发生显著变化，本文欲予以分析。

危机发生前的2007年6月底，美联储资产负债表非常简洁：在资产方，联储持有的美国财政部证券占据大头（2007年6月底占比为87.9%）；在负债方，流通中的货币占据大头（2007年6月底占比为90%），但金融危机改变了这一切。

联储资产负债表的规模迅速膨胀，总规模由2007年6月的8993亿美元上升到目前的21217亿美元，不到两年时间增长了1.36倍。

资产方的结构分析首先，美联储在减持美国财政部债券。

2007年6月底联储持有财政债券为7904亿美元，2009年4月8日为5055.2亿美元，减持了36%；相应地，财政债券在资产方的占比也从87.9%下降到目前的37.6%()。

联储减持财政债券，主要是因为通过公开市场操作投放的货币不具有指向性，而救市必须“专款专用”，因此它通过减持国债回笼资金，再通过其它专项计划投放给特定机构。

这可以理解为：联储一手通过多种创新工具向市场投放流动性，一手用卖出国债的方式回收流动性。

其次，新资产项目显著增多、数额巨大。

第一，在“证券”项目（附表1中1.1项）下，从2009年1月起开始设置“MBS（抵押贷款债券）”栏，用于反映联储收购的由房利美、房地美、吉利美担保的MBS。

该收购计划于2008年11月宣布，计划收购总量将达到MBS市场的1/9，即5000亿美元，意在提高MBS市场的流动性，压低MBS的利率，从而压低长期住房抵押贷款利率，重整楼市，促进美国经济复苏。

目前此项目余额为2364亿美元，占资产方余额的11.2%。

第二，新设“定期拍卖信贷”（Term Auction Credit）项目（附表1中1.3项），用于反映“定期拍卖便利”（Term Auction Facility,简称TAF）所投放的信贷。

When ites to the Federal Reserve balance sheet, the bank deposit reserve is like the superhero cape of the banking world. It's the stash of cash that a bank has to keep on hand, either in its vault or parked at the Federal Reserve, just in case the depositorse knocking. This reserve requirement is the brainchild of the Federal Reserve, the all-powerful central bank of the United States. Its mission is to make sure that banks always have enough cash flow to handle any sudden withdrawal demands, and to keep a tight rein on how much money they can lend out. Think of it as the Fed's way of playing with the money supply and interest rates, kind of like a conductor leading an orchestra. So, the next time you picture the Federal Reserve balance sheet, imagine a secret vault full of superhero cash, keeping the banking world safe and sound!银行存款储备就像银行界的超级英雄斗篷银行在保险库里或停在联邦储备局都得存现金以防存款人敲门这一储备要求是美国全能的中央银行美联储的聪明人才。

Reserve Bank credit, related items, and reserve balances of depository institutions at Federal Reserve BanksReserve Bank credit826,403 + 9,225 + 35,782 829,782Securities held outright 744,207 + 11 + 26,480 744,210U.S. Treasury 1744,207 + 11 + 26,480 744,210Bills 2271,270 0 + 8,378 271,270Notes and bonds, nominal 2449,595 0 + 13,166 449,595Notes and bonds, inflation-indexed 2 19,983 0 + 3,875 19,983Inflation compensation 3 3,358 + 11 + 1,060 3,362Federal agency 20 0 0 0Repurchase agreements 442,179 + 10,215 + 11,108 45,250Loans to depository institutions 125 - 312 + 71 114Primary credit 51 - 314 + 42 41Secondary credit 0 0 0 0Seasonal credit 74 + 2 + 29 73Float813 - 998 - 1,687 1,053Other Federal Reserve assets 39,080 + 310 - 188 39,154Gold stock11,041 0 - 3 11,041Special drawing rights certificate account 2,200 0 0 2,200Treasury currency outstanding 536,541 + 14 + 106 36,541Total factors supplying reserve funds876,185 + 9,239 + 35,886 879,563Currency in circulation 5792,056 + 8,256 + 35,156 794,900Reverse repurchase agreements 628,577 + 1,740 - 1,555 30,372Foreign official and international accounts 28,577 + 1,740 - 1,555 30,372Dealers0 0 0 0Treasury cash holdings203 + 4 - 65 203Deposits with F.R. Banks, other than reserve balances13,905 - 810 - 1,010 13,270U.S. Treasury, general account 4,853 - 549 + 222 4,243Foreign official 84 - 55 + 4 85Service-related8,666 - 159 - 1,302 8,666Required clearing balances8,653 - 156 - 1,315 8,653Adjustments to compensate for float 13 - 3 + 13 13Other303 - 46 + 66 276Other liabilities and capital32,649 - 356 + 6,030 32,433Total factors, other than reserve balances,absorbing reserve funds 867,390 + 8,834 + 38,556 871,179Reserve balances with Federal Reserve Banks8,795+ 405- 2,6698,384Memo (off-balance-sheet items):Marketable securities held in custody for foreignofficial and international accounts 2,7 1,519,063 + 4,785 + 183,283 1,522,015U.S. Treasury 1,099,734 - 1,971 + 37,525 1,100,594Federal agency 419,329 + 6,756 + 145,758 421,421Securities lent to dealers 1,296 - 3,959 - 754 1,490Averages of daily figuresNote: Components may not sum to totals because of rounding.1.Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.2.Face value of the securities.pensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.4.Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.5.Estimated.6.Cash value of agreements, which are collateralized by U.S. Treasury securities.7.Includes U.S. Treasury STRIPS and other zero coupon bonds at face value.Sources: Federal Reserve Banks and the U.S. Department of the Treasury.Change from week ended Wednesday Dec 28, 2005Week ended Dec 28, 2005 Dec 21, 2005 Dec 29, 2004Note: Components may not sum to totals because of rounding.1.Includes securities lent to dealers, which are fully collateralized by other U.S. Treasury securities.2.Face value of the securities.pensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.4.Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.5.Includes assets denominated in foreign currencies, which are revalued daily at market exchange rates.6.Cash value of agreements, which are collateralized by U.S. Treasury securities.7.Includes exchange-translation account reflecting the daily revaluation at market exchange rates of foreign exchange commitments.AssetsGold certificate account11,037 0 - 4Special drawing rights certificate account 2,200 0 0Coin688 - 16 - 29Securities, repurchase agreements, and loans789,574 + 299 + 38,704Securities held outright 744,210 + 10 + 26,397U.S. Treasury 1744,210 + 10 + 26,397Bills 2271,270 0 + 8,300Notes and bonds, nominal 2449,595 0 + 13,166Notes and bonds, inflation-indexed 2 19,983 0 + 3,875Inflation compensation 3 3,362 + 11 + 1,056Federal agency 20 0 0Repurchase agreements 4 45,250 + 250 + 12,250Loans114 + 39 + 57Items in process of collection (1,209) 7,750 - 1,367 + 1,646Bank premises 1,826 - 30 + 39Other assets 537,339 + 497 - 2,420Total assets (1,209)850,414 - 616 + 37,936LiabilitiesFederal Reserve notes, net of F.R. Bank holdings 759,246 + 6,277 + 36,342Reverse repurchase agreements 6 30,372 + 3,610 + 434Deposits(0)21,666 - 10,395 - 5,810Depository institutions17,062 - 9,343 - 4,371U.S. Treasury, general account 4,243 - 1,047 - 1,491Foreign official 85 - 1 - 2Other(0) 276 - 4 + 55Deferred availability cash items(1,209) 6,697 - 406 + 1,063Other liabilities and accrued dividends 74,419 + 65 + 1,226Total liabilities(1,209)822,400 - 849 + 33,255Capital accounts Capital paid in 13,536 0 + 1,895Surplus11,630 + 1 + 2,783Other capital accounts2,849 + 232 + 4Total capital28,014+ 233+ 4,681H.4.12. Consolidated Statement of Condition of All Federal Reserve BanksMillions of dollarsChange sinceWednesday Dec 29, 2004Eliminations from consolidationWednesday Dec 28, 2005Wednesday Dec 21, 20053. Maturity Distribution of Loans and Securities, December 28, 2005Millions of dollars Federal agency securitiesWeeklychanges Holdings U.S. Treasury securities 1Holdings Weeklychanges LoansRepurchase agreements 2Note:Components may not sum to totals because of rounding. . . .Not applicable.1.Includes the original face value of inflation-indexed securities and compensation that adjusts for the effect of inflation on the originalface value of such securities.2.Cash value of agreements classified by remaining maturity of the agreements.Reverse repurchase agreements 2Within 15 days 114 57,172 + 757 0 0 45,250 30,37216 days to 90 days 0 155,859 - 847 0 0 0 091 days to 1 year186,525 + 89 0 0. . . . . . Over 1 year to 5 years . . . 210,743 + 4 0 0. . . . . . Over 5 years to 10 years . . . 56,698 + 2 0 0. . . . . . Over 10 years. . .77,213+ 50. . . . . .All 114 744,210 + 10 0 0 45,250 30,372Assets, liabilities, and capitalMaturity。

美联储资产负债表
美联储资产负债表缩表的目标是实现宏观经济目标。

在缩减资产负债表的规模方面，美联储通过持续缩表的过程来实现其经济目标。

具体来说，缩表可以在一定程度上减少市场上的货币供应量，从而降低通货膨胀压力，保持物价稳定。

此外，缩表还可以提高美元的价值，从而促进美国的出口，有利于国际收支平衡。

然而，美联储缩表也面临着一些挑战和风险。

首先，如果缩表过快或过猛，可能会导致市场上的货币供应量减少过多，从而引起经济衰退或通货紧缩。

其次，如果缩表后的利率上升过高，可能会导致美国的债务负担加重，从而对美国经济造成不利影响。

因此，美联储在制定缩表计划时需要综合考虑各种因素，包括经济增长、物价稳定、国际收支平衡等。

最新美联储资产负债表构成
2012年10月08日 14:40
文 / liya
下面是美联储债券购买的组成简图：
10月3日结束的一周内，美联储系统公开市场操作账户（SOMA）的国债平均到期时间从118.03个月增加到118.62个月。

在国债展期计划（MEP）启动之前，美联储所持国债的平均到期时间为75个月。

在第一次MEP计划启动时，美联储就已经超过了原来100个月的平均到期目标。

同在10月3日结束的一周内，美联储SOMA持有国债的平均久期增加到7.31年（87.67个月），之前一周为87.33个月。

这意味着，使所有期限的国债每个百分点的收益率变动将导致价格平均下降7.31%。

上周到期资产和国债发行的抵消效应导致可流通国债的平均到期时间从65.28个月上升到65.36个月。

美联储持有的债券存量使得私人部门持有的可流通债券的平均到期日缩短了9.64个月。

而私人持有国债的平均到期日从55.70个月上升到55.73个月。

自从经济衰退以来，美联储延长了SOMA账户所持国债的平均到期时间和久期。

看起来主要减少的是7-10年期国债供应，美联储持有70%的所发行的该品种国债。

美联储持有的十年期国债从前一周的1.325万亿上升到1.333万亿，这使私人部门可流通债券减少到3.550万亿。

共计有4.884万亿的十年期未偿债券，美联储持有27.2%。

假设美联储的资产负债表在2014年年底增加到5万亿，那这一比例将上升到接近60%。

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