FED谨守诺言
我倒是宁愿FED慢点撤资
What Fed has been doing is, artificially create demand for MBS and push the price higher (consequently lowered the long bond rate). In another way, Fed simply inflates its own balance sheet by n-fold, and make banks' balance sheet look better.
So the logical first reaction (if Fed stopped buying MBS) will be, because of less demand, MBS price will get lower and rate will be higher, volume will be less, and yes spread may be wider.
Let's say Fed is President of a for-profit business (which is not the case). Then the goal is to maximize shareholders' value. Everything else (“谨守诺言”included) will be just means, not goals.
Fed is not for-profit businessperson, its goals are: employment rate, inflation rate, economic growth, etc. So although its own balance sheet looks ugly and nobody likes it, Fed could care less because they are not looking at it from for-profit perspective. Besides, Fed really doesn't have much choices, other than stomach it with time. Fed is no business person, not pure politician, how much does 谨守诺言 mean to them especially when 计划碰见变化?
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