国債市場の流動性指標(2月) [PDF 982KB] [外部リンク] Policy in the 1990s: Bank of Japan's Views Summarized Based on the Archives and Other Materials Masanao Itoh, Yasuko Morita, Mari Ohnuki
[外部リンク] 17, 2020 Federal Reserve Board announces establishment of a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses
同時にPDCFってのが出てて、 [外部リンク] 17, 2020 Federal Reserve Board announces establishment of a Primary Dealer Credit Facility (PDCF) to support the credit needs of households and businesses
まあ一々「to support the credit needs of households and businesses」って言ってますが、こちらは
[外部リンク] Sheet for Primary Dealer Credit Facility (PDCF)
というタームシートにありますように、
Borrower Eligibility ・ Only primary dealers of the New York Fed are eligible to participate in the PDCF.
ってありまして、プライマリーディーラー向けにNY連銀がディスカウントウィンドウのプライマリークレジットレートで資金を出すというのですから、これは米国債ファンディングお助けオペ。20日から始まっていまして、翌日物から最大90日物まで実施という事ですな。米国のFF市場が機能しだしてまともなレート形成をするようになったらどうするんでしょ(タームシートには「The PDCF will remain available to primary dealers for at least six months, or longer if conditions warrant. 」ってあるので半年は継続するのが一応確定)と思います。
The Federal Open Market Committee (FOMC) will purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy. The FOMC had previously announced it would purchase at least $500 billion of Treasury securities and at least $200 billion of mortgage-backed securities. In addition, the FOMC will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.』
こちらは声明文の方にもあったネタです。APPでCMBSも買いまっせという話。
『・Supporting the flow of credit to employers, consumers, and businesses by establishing new programs that, taken together, will provide up to $300 billion in new financing. The Department of the Treasury, using the Exchange Stabilization Fund (ESF), will provide $30 billion in equity to these facilities.』
『・Establishment of two facilities to support credit to large employers - the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance and the Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds.』
『・Establishment of a third facility, the Term Asset-Backed Securities Loan Facility (TALF), to support the flow of credit to consumers and businesses. The TALF will enable the issuance of asset-backed securities (ABS) backed by student loans, auto loans, credit card loans, loans guaranteed by the Small Business Administration (SBA), and certain other assets.』
『・Facilitating the flow of credit to municipalities by expanding the Money Market Mutual Fund Liquidity Facility (MMLF) to include a wider range of securities, including municipal variable rate demand notes (VRDNs) and bank certificates of deposit.』
『・Facilitating the flow of credit to municipalities by expanding the Commercial Paper Funding Facility (CPFF) to include high-quality, tax-exempt commercial paper as eligible securities. In addition, the pricing of the facility has been reduced.』
[外部リンク] 23, 2020 Federal Reserve issues FOMC statement For release at 8:00 a.m. EDT
USの朝8時に出すだけ少しマシになりましたがさて・・・・・・・・・・・
『The Federal Reserve is committed to use its full range of tools to support the U.S. economy in this challenging time and thereby promote its maximum employment and price stability goals.』
『The Federal Open Market Committee is taking further actions to support the flow of credit to households and businesses by addressing strains in the markets for Treasury securities and agency mortgage-backed securities. The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions.』
「strains in the markets」はコロナ対応のトンチキさが招いた人災じゃろとは思いますがそれは兎も角と致しまして、「in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions」ということで、市場のスムーズな機能と金融政策効果の有効な波及が確保できるのに十分なまで買入を行う、って言ってるのでまあ無制限買入と言ってしまえばそうなのですけれども、こう言ってしまうと追加で数字を拡大できなくなるんですけど大丈夫なのかね。
『The Committee will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.』
MBS買入に加えてCMBSの買入もするようですな。
『In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. 』
『The Committee will continue to closely monitor market conditions, and will assess the appropriate pace of its securities purchases at future meetings.』
はあそうですか。
『Voting (by notation) for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.』
書面投票だったのね。
『In a related set of actions, the Federal Reserve announced additional measures to support the flow of credit to households and businesses. More information can be found on the Federal Reserve Board's website.』
とありますが、そこにあるリンクをポチっとなとしてもトップページに戻るだけのポンコツ仕様になっておりますが、当日はこんなのが同時に出ています。 [外部リンク] 23, 2020 Federal Reserve announces extensive new measures to support the economy For release at 8:00 a.m. EDT
でもってこちらがその買入プログラムなどの詳細なのですが、ちょっと時間が無いのでパスします。
あと、金融機関に対してという話で、23日付でFOMC公表のちょっと後にこんなのが [外部リンク] 23, 2020 Federal Reserve Board announces technical change to support the U.S. economy and allow banks to continue lending to creditworthy households and businesses For release at 9:15 a.m. EDT
日曜日にこんなのが出ていてその増補版のようですが、 [外部リンク] Press Release March 22, 2020 Agencies provide additional information to encourage financial institutions to work with borrowers affected by COVID-19
『(1) To launch a new temporary asset purchase programme of private and public sector securities to counter the serious risks to the monetary policy transmission mechanism and the outlook for the euro area posed by the outbreak and escalating diffusion of the coronavirus, COVID-19.』
『This new Pandemic Emergency Purchase Programme (PEPP) will have an overall envelope of ユーロ750 billion. Purchases will be conducted until the end of 2020 and will include all the asset categories eligible under the existing asset purchase programme (APP). 』
『For the purchases of public sector securities, the benchmark allocation across jurisdictions will continue to be the capital key of the national central banks. At the same time, purchases under the new PEPP will be conducted in a flexible manner.』
『The Governing Council will terminate net asset purchases under PEPP once it judges that the coronavirus Covid-19 crisis phase is over, but in any case not before the end of the year.』
『(2) To expand the range of eligible assets under the corporate sector purchase programme (CSPP) to non-financial commercial paper, making all commercial papers of sufficient credit quality eligible for purchase under CSPP.』
『(3) To ease the collateral standards by adjusting the main risk parameters of the collateral framework. In particular, we will expand the scope of Additional Credit Claims (ACC) to include claims related to the financing of the corporate sector. This will ensure that counterparties can continue to make full use of the Eurosystem’s refinancing operations.』
『The Governing Council of the ECB is committed to playing its role in supporting all citizens of the euro area through this extremely challenging time. To that end, the ECB will ensure that all sectors of the economy can benefit from supportive financing conditions that enable them to absorb this shock. This applies equally to families, firms, banks and governments.』
『The Governing Council will do everything necessary within its mandate. The Governing Council is fully prepared to increase the size of its asset purchase programmes and adjust their composition, by as much as necessary and for as long as needed. It will explore all options and all contingencies to support the economy through this shock.』
このショックに対してマンデートに対して必要な措置はやりまっせという奴ですな「will do everything necessary」だそうで。
『To the extent that some self-imposed limits might hamper action that the ECB is required to take in order to fulfil its mandate, the Governing Council will consider revising them to the extent necessary to make its action proportionate to the risks that we face. The ECB will not tolerate any risks to the smooth transmission of its monetary policy in all jurisdictions of the euro area.』
こちらも米国の18日夜中なので木曜の東京時間に投下された物件ですな。 [外部リンク] 18, 2020 Federal Reserve Board broadens program of support for the flow of credit to households and businesses by establishing a Money Market Mutual Fund Liquidity Facility (MMLF) For release at 11:30 p.m. EDT
『The Federal Reserve Board on Wednesday broadened its program of support for the flow of credit to households and businesses by taking steps to enhance the liquidity and functioning of crucial money markets. Through the establishment of a Money Market Mutual Fund Liquidity Facility, or MMLF, the Federal Reserve Bank of Boston will make loans available to eligible financial institutions secured by high-quality assets purchased by the financial institution from money market mutual funds.』
『Money market funds are common investment tools for families, businesses, and a range of companies. The MMLF will assist money market funds in meeting demands for redemptions by households and other investors, enhancing overall market functioning and credit provision to the broader economy.』
『The attached term sheet details the types of assets, including unsecured and secured commercial paper, agency securities, and Treasury securities, that are eligible, as well as additional information. The MMLF program will purchase a broader range of assets, but its structure is very similar to the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, or AMLF, that operated from late 2008 to early 2010.』
『The MMLF is established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary. The Department of the Treasury will provide $10 billion of credit protection to the Federal Reserve in connection with the MMLF from the Treasury's Exchange Stabilization Fund.』
『More detailed program terms and conditions and an operational calendar will be published soon.』
んでまあタームシートがあるんですけど。 [外部リンク] Market Mutual Fund Liquidity Facility
2ページ組になっていて、2ページ目に密やかに掲載されているのが、
『Program Termination: No new credit extensions will be made after September 30, 2020, unless the Facility is extended by the Board of Governors of the Federal Reserve System.』
だけなのがちょっとチャーミングですが、9月30日までの時限措置らしい。でもって条件等ですが、
『Facility: To provide liquidity to Money Market Mutual Funds (“Funds”), the Federal Reserve Bank of Boston (“Reserve Bank”) would lend to eligible borrowers, taking as collateral certain types of assets purchased by the borrower from Funds (i) concurrently with the borrowing; or (ii) on or after March 18, 2020, but before the opening of the Facility.
Borrower Eligibility: All U.S. depository institutions, U.S. bank holding companies (parent companies incorporated in the United States or their U.S. broker-dealer subsidiaries), or U.S. branches and agencies of foreign banks are eligible to borrow under the Facility.
Funds: A Fund must identify itself as a prime money market fund under item A.10 of Securities and Exchange Commission Form N-MFP.』
『Advance Maturity: The maturity date of an advance will equal the maturity date of the eligible collateral pledged to secure the advance made under this Facility except in no case will the maturity date of an advance exceed 12 months.』
貸出期間は該当する担保有価証券の足と同じになります。なお1年超のものは対象外。
『Eligible Collateral: Collateral that is eligible for pledge under the Facility must be one of the following types:
1) U.S. Treasuries & Fully Guaranteed Agencies; 2) Securities issued by U.S. Government Sponsored Entities; 3) Asset-backed commercial paper that is issued by a U.S. issuer, is rated at the time purchased from the Fund or pledged to the Reserve Bank not lower than A1, F1, or P1 by at least two major rating agencies or, if rated by only one major rating agency, is rated within the top rating category by that agency; or 4) Unsecured commercial paper that is issued by a U.S. issuer, is rated at the time purchased from the Fund or pledged to the Reserve Bank not lower than A1, F1, or P1 by at least two major rating agencies or, if rated by only one major rating agency, is rated within the top rating category by that agency.
In addition, the facility may accept receivables from certain repurchase agreements.』
『Rate: Advances made under the Facility that are secured by U.S. Treasuries & Fully Guaranteed Agencies or Securities issued by U.S. Government Sponsored Entities will be made at a rate equal to the primary credit rate in effect at the Reserve Bank that is offered to depository institutions at the time the advance is made. All other advances will be made at a rate equal to the primary credit rate in effect at the Reserve Bank that is offered to depository institutions at the time the advance is made plus 100 bps.』
『Collateral Valuation: The collateral valuation will either be amortized cost or fair value. For asset-backed and unsecured commercial paper, the valuation will be amortized cost.
Credit Protection by Department of the Treasury: The Department of the Treasury, using the Exchange Stabilization Fund, will provide $10 billion as credit protection to the Reserve Bank. Non-Recourse: Advances made under the Facility are made without recourse to the Borrower, provided the requirements of the Facility are met. For avoidance of doubt, borrowers under the MMLF will bear no credit risk.』
[外部リンク] 19, 2020 Federal Reserve announces the establishment of temporary U.S. dollar liquidity arrangements with other central banks For release at 9:00 a.m. EDT
『The Federal Reserve on Thursday announced the establishment of temporary U.S. dollar liquidity arrangements (swap lines) with the Reserve Bank of Australia, the Banco Central do Brasil, the Danmarks Nationalbank (Denmark), the Bank of Korea, the Banco de Mexico, the Norges Bank (Norway), the Reserve Bank of New Zealand, the Monetary Authority of Singapore, and the Sveriges Riksbank (Sweden).』
『These facilities, like those already established between the Federal Reserve and other central banks, are designed to help lessen strains in global U.S. dollar funding markets, thereby mitigating the effects of these strains on the supply of credit to households and businesses, both domestically and abroad.』
『These new facilities will support the provision of U.S. dollar liquidity in amounts up to $60 billion each for the Reserve Bank of Australia, the Banco Central do Brasil, the Bank of Korea, the Banco de Mexico, the Monetary Authority of Singapore, and the Sveriges Riksbank and $30 billion each for the Danmarks Nationalbank, the Norges Bank, and the Reserve Bank of New Zealand. These U.S. dollar liquidity arrangements will be in place for at least six months.』
『The Federal Reserve also has standing U.S. dollar liquidity swap lines with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank.』
19日には他のリリースもあるのですが話の流れでまずはこちらを。 [外部リンク] 20, 2020 Coordinated central bank action to further enhance the provision of U.S. dollar liquidity For release at 10:00 a.m. EDT
『The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to further enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements.』
ファーザーエンハンスキタコレ。
『To improve the swap lines' effectiveness in providing U.S. dollar funding, these central banks have agreed to increase the frequency of 7-day maturity operations from weekly to daily. These daily operations will commence on Monday, March 23, 2020, and will continue at least through the end of April. The central banks also will continue to hold weekly 84-day maturity operations.』
『The swap lines among these central banks are available standing facilities and serve as an important liquidity backstop to ease strains in global funding markets, thereby helping to mitigate the effects of such strains on the supply of credit to households and businesses, both domestically and abroad.』
[外部リンク] 19, 2020 Federal Reserve Board encouraged by increase in discount window borrowing to support the flow of credit to households and businesses For release at 5:00 p.m. EDT
うーんこのというリリースなんですが、本文を見ますと、
『The Federal Reserve Board is encouraged by the notable increase in discount window borrowing this week with banks demonstrating a willingness to use the discount window as a source of funding to support the flow of credit to households and businesses.』
『This uptick follows the recent changes to the discount window announced by the Federal Reserve and the federal banking regulators' recent statement encouraging financial institutions to use the discount window. In that statement, the Federal Reserve and other federal regulatory agencies underscored the role of the discount window.』
『By providing ready access to funding, the discount window helps depository institutions manage their liquidity risks efficiently and avoid actions that have negative consequences for their customers, such as withdrawing credit during times of market stress. The Federal Reserve welcomes continued use of the discount window by banks to help them channel credit to households and businesses.』
何つーかこの「The Federal Reserve welcomes continued use of the discount window by banks」ってのも頭のネジが数本抜けているような話ですが、そもそもが今回はディスカウントウィンドウを誘導目標の上限にまで下げてしまうという無茶ぶりをしているので(その前までは誘導目標金利のレンジに対してプライマリークレジットレートは50bpのスプレッドがあったのですが、今回実質ゼロ金利導入に際して連銀貸出金利を150bp引き下げているのね)、現状では連銀貸出がバカスカ出ているということは誘導目標金利の上限に近い状態になっているということですな。
[外部リンク] 20, 2020 Federal Reserve Board expands its program of support for flow of credit to the economy by taking steps to enhance liquidity and functioning of crucial state and municipal money markets For release at 11:00 a.m. EDT
というのが出ていまして、本文だと
『The Federal Reserve Board on Friday expanded its program of support for the flow of credit to the economy by taking steps to enhance the liquidity and functioning of crucial state and municipal money markets. Through the Money Market Mutual Fund Liquidity Facility, or MMLF, the Federal Reserve Bank of Boston will now be able to make loans available to eligible financial institutions secured by certain high-quality assets purchased from single state and other tax-exempt municipal money market mutual funds.』
とあって、例によってタームシートがあって、 [外部リンク] Market Mutual Fund Liquidity Facility
書いてある条件は同じですがこのところが違うようで、
『Funds: A Fund must identify itself as a Prime, Single State, or Other Tax Exempt money market fund under item A.10 of Securities and Exchange Commission Form N-MFP.』
『The coronavirus pandemic is a collective public health emergency unprecedented in recent history. It is an unbearable human tragedy played out across the world and our thanks go to the dedicated health workers on the frontline of our health systems.』
『It is also an extreme economic shock that requires an ambitious, coordinated and urgent policy reaction on all fronts to support people and firms at risk.』
ということで、エクストリームなエコノミックショック、とは言ってもこれ突如トランプとパウエルが話を一気にあばばばばーにしたように見えますし、当初楽観していたら国内感染拡大フェーズになって今更ジローで国境閉める攻撃をしているのが各国の対応(除く台湾)ということで、どうせ当局は天災みたいな言い方をするんだがこれ当局のコントロールミスだろ(除く台湾)としか申し上げようがないのですが、まあそんな悪態は兎も角として、「an ambitious, coordinated and urgent policy reaction」が必要なんですよ、とやる気を出してみました。
『Unlike in 2008-9, the shock we are facing is universal: it is common both across countries and across all sections of society. Everyone has to scale back their daily activities, and therefore their spending, for as long as the containment measures last. Essentially, for a temporary period, a large part of the economy is being switched off.』
「Unlike in 2008-9, the shock we are facing is universal」ってナンジャソラと思ったら、言いたいのは今回は金融現象ではなくて、多くの人たちが活動を止めてしまうので、一時的とは言え経済の多くの部分が電源切った状態になってしまうことですよと。
『As a result, economic activity across the euro area will decline considerably. Public policies cannot prevent this. What they can do is ensure that the downturn is no longer and deeper than it needs to be. The current situation creates acute strains on the cash flows of companies and employees, putting the survival of firms and jobs at risk. Public policies must help them.』
『Health and fiscal policies must be front and centre in this response. Monetary policy has a vital role to play in tandem. Monetary policy has to keep the financial sector liquid and ensure supportive financing conditions for all sectors in the economy. This applies equally to individuals, families, firms, banks and governments.』
ここの記述はどうでもよいありきたりな話だな次に行くバイ。
『Any tightening in financing conditions would amplify the harm of the coronavirus shock at a time when the economy needs more support.』
『When private spending is heavily constrained, worsening financing conditions for the public sector - which in the euro area amounts to broadly half of the economy - can be a threat to price stability. 』
『Over the last week, we have seen conditions in the euro area deteriorate considerably. Our evaluation of the economic situation has darkened. The depth of uncertainty over the economic fallout is now visible across all asset classes, both in the euro area and globally.』
『This has led to a tightening in financing conditions, in particular at the longer-end of the maturity spectrum. The risk-free curve has moved up and the sovereign curves - which are key to the pricing of all assets - have increased everywhere and become more dispersed. These developments impair the smooth transmission of our monetary policy across all euro area jurisdictions and put price stability at risk.』
『As a result, the ECB’s Governing Council announced on Wednesday a new Pandemic Emergency Purchase Programme with an envelope of ユーロ750 billion until the end of the year, in addition to the ユーロ120 billion we decided on 12 March.』
てな訳で水曜日(実質的には欧州の夜中だったから木曜日ですが)にPEPPを追加でぶっこみました。
『Together this amounts to 7.3% of euro area GDP.』
合計するとその額はユーロ圏GDPの7.3%になりまっせ、と数字の大きさを絶賛大宣伝。
『The programme is temporary and designed to address the unprecedented situation our monetary union is facing. It is available to all jurisdictions and will remain in place until we assess that the coronavirus crisis phase is over.』
「The programme is temporary」で「unprecedented situation」に対応するための措置ですよ、ということですが、ここではラガルドさん書き方を工夫していまして、「the coronavirus crisis phase is over」となるまでは継続しますよって表現になっています。でもPEPP打ち込んだときに出てきた文書では危機モードを脱却したと判断したら途中で止める場合もありまっせとか書いてあるので、まあ願望的には長期化するんじゃなくてさっさと脱却できると良いですねとは思っているようだが(個人の感想です)、それを露骨に出さないように工夫しているのは偉い偉い。
『The new instrument has three main advantages.』
3つのアドバンテージとは?
『First, it fits the type of shock we are facing: exogenous, detached from economic fundamentals and affecting all countries in the euro area.』
今の状況にフィットしてるんですってよ奥様。
『Second, it allows us to intervene in the entire yield curve, preventing financial fragmentation and distortions in credit pricing.』
『Third, it is tailored to manage the staggered progression of the virus and the uncertainty about when and where the fallout will be worst.』
ナンジャソラという感じなんですが、まあアピールしたいのは状況の変化に応じて追加もできまっせとかそういう事を言いたいんじゃネーノとは思った。この政策が何で「the staggered progression of the virus and the uncertainty」をマネージするのか分からんのだが、状況に応じてマネージするとかいうことなんですかねえ、よー知らんけど。
『This is reflected in the terms and conditions of the new programme. While the benchmark allocation across jurisdictions will continue to be the capital key of the national central banks, purchases will be conducted in a flexible manner. This allows for fluctuations in the distribution of purchase flows over time, across asset classes and among jurisdictions.』
これは国債の買入の方の話で、最初に出てきたところの説明にもあったように、域内の国債買入に関してはキャピタルキーの割合で購入するというのが基本であるのですが、今回のPEPPに関してはそれを基本としつつも「in a flexible manner」で対処するってんですからイタリアもニッコリということですな。
『Moreover, to the extent that some self-imposed limits might hamper action that the ECB is required to take in order to fulfil its mandate, the Governing Council will consider revising them to the extent necessary to make its action proportionate to the risks that we face.』
『We are fully prepared to increase the size of our asset purchase programmes and adjust their composition, by as much as necessary and for as long as needed. We will explore all options and all contingencies to support the economy through this shock.』
『We have also decided to purchase commercial papers of sufficient credit quality and to expand the eligible collateral in our refinancing operations. The aim is to reinforce the actions that we took last week to protect the flow of credit to companies and people.』
『We are making available up to ユーロ3 trillion in liquidity through our refinancing operations, including at the lowest interest rate we have ever offered, -0.75%.』
『Offering funds below our deposit facility rate allows us to amplify the stimulus from negative rates and channel it directly to those who can benefit most. European banking supervisors have also freed up an estimated ユーロ120 billion of extra bank capital, which can support considerable lending capacity by euro area banks.』
『All this underlines the ECB’s commitment to play its role in supporting every citizen of the euro area through this extremely challenging time. The ECB will ensure that all sectors of the economy can benefit from supportive financing conditions that enable them to absorb this shock. We will do everything necessary within our mandate to help the euro area through this crisis, because the ECB is at the service of the European people.』
というのがまとめでして、今回のラガルドさんのECBブログ投下自体は行った政策の説明であって、新しい何かが投下された訳でもないのですが、何回か「We will do everything necessary」を連発していて、とりあえずやる気を見せておきましょうというのは露骨に良く分かる内容になっております。
[外部リンク] 16, 2020 Federal banking agencies encourage banks to use Federal Reserve discount window
『The federal bank regulatory agencies today released a statement encouraging banks to use the Federal Reserve's "discount window" so that they can continue supporting households and businesses.』
連銀公定歩合貸出を利用して企業や家計のサポートを行うように、だそうな。
『The discount window provides short-term loans to banks and plays an important role in supporting the liquidity and stability of the banking system. By providing ready access to funding, the discount window helps depository institutions manage their liquidity risks efficiently and avoid actions that have negative consequences for their customers. Thus, the discount window supports the smooth flow of credit to households and businesses.』
などと思ったらなんかアタッチメントというのがある。 [外部リンク] of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency
Statement on Use of the Discount Window
共同声明とな。
『Federal Reserve lending to depository institutions (the “discount window”) plays an important role in supporting the liquidity and stability of the banking system and the effective implementation of monetary policy. By providing ready access to a backup source of funding, the discount window helps depository institutions manage their liquidity risks efficiently and avoid actions that have negative consequences for their customers, such as withdrawing credit during times of market stress.』
何ださっきと同じか。
『Thus, the discount window supports the smooth flow of credit to households and businesses.』
んなこたあ無い(皆無ではないが本質ではない、今の問題が起こるならアベイラビリティ)。
『Providing liquidity in this way is one of the original purposes of the Federal Reserve System and other central banks around the world.』
とか確かこの前米国30年って1%どころか0.7%台とかに瞬間芸で突撃していたと思うのですが利回りがまさかの2倍2ばーい(しかも短期とかじゃなくて30年債)になっている訳でして、「Providing liquidity in this way is one of the original purposes of the Federal Reserve System」とかとても米国最高峰の知能をお持ちになった人たちの発言とは思えませんので全員揃って地獄の1丁目にでも移住して頂くことを願って止みません。
『The Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency encourage depository institutions to use the discount window to meet demands for credit from households and businesses at this time.』
[外部リンク] Press Release March 17, 2020 Federal banking agencies provide banks additional flexibility to support households and businesses
『The federal bank regulatory agencies today announced two actions to support the U.S. economy and allow banks to continue lending to households and businesses. They are:
・A statement encouraging banks to use their resources to support households and businesses; and ・A technical change to phase in, as intended, the automatic distribution restrictions gradually if a firm's capital levels decline.』
『The statement notes that banks have more than doubled their capital and liquidity levels over the past decade and are now substantially safer and stronger than they were previously. As a result, the agencies are encouraging banks to use that strength to support households and businesses. The statement is substantially similar to one issued by the Federal Reserve Board earlier this week.』
『The technical change is an interim final rule that, if a bank's capital declines by a certain amount, phases in the agencies' automatic distribution restrictions gradually, as intended. Like the statement, the interim final rule facilitates the use of firms' capital buffers to promote lending activity to households and businesses.』
[外部リンク] Release Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency
Statement on the Use of Capital and Liquidity Buffers
『The Board, FDIC, and Office of the Comptroller of the Currency (agencies) are encouraging banking organizations to use their capital and liquidity buffers as they respond to the challenges presented by the effects of the coronavirus.』
コロナちゃんの悪影響に対応するために、資本と流動性のバッファーを使う事を推奨する。
『Since the global financial crisis of 2007-2008, U.S. banking organizations have built up substantial levels of capital and liquidity in excess of regulatory minimums and buffers. The largest banking organizations hold $1.3 trillion in common equity and $2.9 trillion in high quality liquid assets (HQLA). The agencies also significantly increased capital and liquidity requirements, including improving the quality of regulatory capital, raising minimum capital requirements and establishing capital and liquidity buffers, and implementing annual capital stress tests.』
『These capital and liquidity buffers were designed to provide banking organizations with the means to support the economy in adverse situations and allow banking organization to continue to serve households and businesses. The agencies support banking organizations that choose to use their capital and liquidity buffers to lend and undertake other supportive actions in a safe and sound manner.』
この部分はただのそもそもの話をしているだけ何ですが
『The agencies expect banking organizations to continue to manage their capital actions and liquidity risk prudently.』
これを見ても分からんがな、ということでもう一つのアタッチメント『Federal Register notice: Interim Final Rule (PDF)』を見るのですが・・・・・・・・・・
『Under the capital rule, if a banking organization’s capital ratios fall within its buffer requirements, the maximum amount of capital distributions and discretionary bonus payments it can make is a function of its eligible retained income. For example, a banking organization in the bottom quartile of its capital conservation buffer may not make any capital distributions without prior approval from the Board, OCC, or FDIC, as applicable. The countercyclical capital buffer, the GSIB surcharge, and enhanced supplementary leverage ratio standards, use the same definition of eligible retained income. As adopted, eligible retained income was defined as four quarters of net income, net of distributions and associated tax effects not already reflected in net income.』
『To better allow a banking organization to continue lending during times of stress, the agencies are issuing the interim final rule to revise the definition of eligible retained income to the greater of (1) a banking organization’s net income for the four preceding calendar quarters, net of any distributions and associated tax effects not already reflected in net income, and (2) average of a banking organization’s net income over the preceding four quarters. This definition will apply with respect to all of a banking organization’s buffer requirements, including the fixed 2.5 percent capital conservation buffer, and, if applicable, the countercyclical capital buffer, the GSIB surcharge, and enhanced supplementary leverage ratio standards. Once the SCB final rule is effective, this definition will also apply to all parts of a covered holding company’s buffer requirements, including the stress loss portion of a covered holding company’s capital conservation requirement. The agencies believe that having one definition for all banking organizations as part of this interim final rule simplifies the regulatory capital framework and ensures fairness across banking organizations of all sizes.』
[外部リンク] 17, 2020 Federal Reserve Board announces establishment of a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses
『The Federal Reserve Board announced today that it will establish a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of companies.』
つーことでCPのファンディングに対する駆け込み寺を作りましたよと。
『By ensuring the smooth functioning of this market, particularly in times of strain, the Federal Reserve is providing credit that will support families, businesses, and jobs across the economy. The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV) that will purchase unsecured and asset-backed commercial paper rated A1/P1 (as of March 17, 2020) directly from eligible companies.』
対象になるのはA1/P1格付けを保有するSPVの資産担保CPですよと。
『The CPFF program is established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.』
はい。
『The commercial paper market has been under considerable strain in recent days as businesses and households face greater uncertainty in light of the coronavirus outbreak.』
「The commercial paper market has been under considerable strain」かよと思いますが、しかしまあ散々っぱらおまいらシャドウバンキング規制とかやってMMF改革とかやっていたのに結局また同じようなCP駆け込み寺建築かよ何なんだよ、とは思わんでもない(個人の感想です)。
『 By eliminating much of the risk that eligible issuers will not be able to repay investors by rolling over their maturing commercial paper obligations, this facility should encourage investors to once again engage in term lending in the commercial paper market. An improved commercial paper market will enhance the ability of businesses to maintain employment and investment as the nation deals with the coronavirus outbreak.』
『The Treasury will provide $10 billion of credit protection to the Federal Reserve in connection with the CPFF from the Treasury's Exchange Stabilization Fund (ESF). The Federal Reserve will then provide financing to the SPV under the CPFF. Its loans will be secured by all of the assets of the SPV.』
100億ドルの基金が作られた模様。
『A brief description of the program is attached. More detailed program terms and conditions and an operational calendar will be subsequently published.』
でもってまたまたアタッチメントがある。 [外部リンク] Paper Funding Facility 2020: Program Terms and Conditions Effective March 17, 2020
色々と説明がありますが一部だけ。
『Limits per issuer The maximum amount of a single issuer’s commercial paper the SPV may own at any time will be the greatest amount of U.S. dollar-denominated commercial paper the issuer had outstanding on any day between March 16, 2019 and March 16, 2020. The SPV will not purchase additional commercial paper from an issuer whose total commercial paper outstanding to all investors (including the SPV) equals or exceeds the issuer’s limit. Pricing Pricing will be based on the then-current 3-month overnight index swap (OIS) rate plus 200 basis points.
At the time of its registration to use the CPFF, each issuer must pay a facility fee equal to 10 basis points of the maximum amount of its commercial paper the SPV may own. 』
でもってそのヘッドライン探そうかと思っているとラジオの方からなんか大ネタが飛んでいるというのがあるので探しませんけれども、ブルームバーグがダウ・ジョーンズからの転電ということで、「* BOJ SEES NO URGENT DEMAND FOR COORDINATED RATE CUTS」「* BOJ IS HESITANT TO LOWER SHORT-TERM RATES NEXT WEEK」とか何とかいうのを打ってきた(フラッシュはアタクシがブルームバーグニュースをメモったものなので正確性はアレなのですが趣旨は利下げに否定的という話)のが金曜最後の止めになってしまい、そこから株は急反落(元々マイナスですけど)するわ債券は急反落(元々マイナスですけど)するわという日銀の努力を全部すっ飛ばす結果になってナムナムナム。
[外部リンク] coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States. Global financial conditions have also been significantly affected. Available economic data show that the U.S. economy came into this challenging period on a strong footing.』(今回)
『The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity.』(3月1回目臨時)
なので今回は判断を進めたというか踏み込んでみましたってことで。
『Information received since the Federal Open Market Committee met in January indicates that the labor market remained strong through February and economic activity rose at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending rose at a moderate pace, business fixed investment and exports remained weak. More recently, the energy sector has come under stress.』(今回)
『Information received since the Federal Open Market Committee met in December indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a moderate pace, business fixed investment and exports remain weak.』(1月)
『On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation have declined; survey-based measures of longer-term inflation expectations are little changed.』(今回)
『On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.』(1月)
ここはまあね、って感じです。
・第2パラグラフ:さあいきなり金利全部使っちゃいましたよどうするんでしょうかねえ
『Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range for the federal funds rate to 0 to 1/4 percent.』(今回)
『Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee decided to maintain the target range for the federal funds rate at 1-1/2 to 1-3/4 percent. 』(1月)
『The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.』(今回)
だそうです。じゃあこの「it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.」って具体的に何だよというのは会見でどうせ質問されるのでしょうけれども、と思ったらFEDのページ見ると「オーディオオンリーのコファレンスコール」って書いてありますなどう言う事じゃ。
『This action will help support economic activity, strong labor market conditions, and inflation returning to the Committee's symmetric 2 percent objective.』(今回)
『The Committee judges that the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation returning to the Committee's symmetric 2 percent objective. The Committee will continue to monitor the implications of incoming information for the economic outlook, including global developments and muted inflation pressures, as it assesses the appropriate path of the target range for the federal funds rate.』(1月)
『The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.』(今回)
『In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.』(1月)
ここに関してはコロナによる国内外の公衆衛生状況とインフレ圧力を見ながら必要ならば「use its tools and act as appropriate」って言ってるんだが次のパラに有りますように流動性対策はぶっこんでしまってさて何をどうしますねんという感じなのですが、これまた何で今日(日曜日で海外の寄り前)やるのかねとは思いますけど、確かにここまでヤケのヤンパチでぶっこんで来るならヤケクソついでに日曜の夜に実施したんでしょうかねえ。
『The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.』(今回)
家計と企業のクレジットフローをサポートするために「full range of tools」を突っ込むというのですが、これって下手を打つと震災手形のワイド版になるので、将来の金融恐慌の芽をせっせと撒いて回っているということになりかねないのですけれどもねえ。なぜか恐慌の研究って物価の方ばっかで企業金融の方にならないですよねー(個人の偏見です)。
『To support the smooth functioning of markets for Treasury securities and agency mortgage-backed securities that are central to the flow of credit to households and businesses, over coming months the Committee will increase its holdings of Treasury securities by at least $500 billion and its holdings of agency mortgage-backed securities by at least $200 billion.』
『The Committee will also reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities.』
保有MBSの償還再投資も全部やります。
『In addition, the Open Market Desk has recently expanded its overnight and term repurchase agreement operations.』
翌日物とターム物のシステムレポも拡充します。
『The Committee will continue to closely monitor market conditions and is prepared to adjust its plans as appropriate.』
ちょwwwwwwwwwおまwwwwwwwwwwwwwそれでおしまいとかこれやってどこがどう「support the flow of credit to households and businesses」になるんだよナメトンノカというか、だったらシステムレポ以外の施策はゼロ金利の後の弾に残しておけよwwwwwwwwwwwww
『Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; and Randal K. Quarles.』(今回)
『Voting against this action was Loretta J. Mester, who was fully supportive of all of the actions taken to promote the smooth functioning of markets and the flow of credit to households and businesses but preferred to reduce the target range for the federal funds rate to 1/2 to 3/4 percent at this meeting.』(今回)
利下げに関しては0.50-0.75にとどめておけ、という主張です。なお前回臨時は全員賛成です。
『Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.』(3月1回目臨時)
『In a related set of actions to support the credit needs of households and businesses, the Federal Reserve announced measures related to the discount window, intraday credit, bank capital and liquidity buffers, reserve requirements, and-in coordination with other central banks-the U.S. dollar liquidity swap line arrangements. More information can be found on the Federal Reserve Board's website.』(今回)
海外中銀とのドルスワップの変更というのがあって、国内ではディスカウントウィンドウの緩和とか、所要準備の準備率引き下げとか、金融機関の日中当座貸し越しの緩和とかあるんですよね。でもってまあ「bank capital and liquidity buffers」ってあるのが金融機関の自己資本規制と流動性規制で、まあ最後のは資本制約の緩和になるから少し意味があるのと、ドルスワップに関しては海外からのドル調達アベイラビリティ緩和になるからまあ意味が少しあるのかなと思いますが、他の施策はうーんこのという感じですけど、まあ出来る範囲内でやったらこう言う事だ、と言う事になるんでしょうが、あとはもう民間資産直接買入くらいしか弾が無くなってしまいまして、全弾うち尽くし感が強いのですが大丈夫かこれ????????
モアインフォメーションは [外部リンク] 15, 2020 Federal Reserve Actions to Support the Flow of Credit to Households and Businesses
[外部リンク] RELEASE Monetary policy decisions 12 March 2020
『At today’s meeting the Governing Council decided on a comprehensive package of monetary policy measures:』
最初は新LTROなんですが。
『(1) Additional longer-term refinancing operations (LTROs) will be conducted, temporarily, to provide immediate liquidity support to the euro area financial system. Although the Governing Council does not see material signs of strains in money markets or liquidity shortages in the banking system, these operations will provide an effective backstop in case of need.』
『They will be carried out through a fixed rate tender procedure with full allotment, with an interest rate that is equal to the average rate on the deposit facility. The LTROs will provide liquidity at favourable terms to bridge the period until the TLTRO III operation in June 2020. 』
なお、適用金利は「equal to the average rate on the deposit facility」なので現状で▲50bp(期中に預金ファシリティ金利が上がったらスライドで上がって最終的に期中平均金利が適用される)なのですが、この次にあるTLTRO3のお助け拡充措置における適用金利がMRO金利-25bp、すなわち▲25bpになりますので、こっちの方が基準適用金利は低いという代物になっております。
『(2) In TLTRO III, considerably more favourable terms will be applied during the period from June 2020 to June 2021 to all TLTRO III operations outstanding during that same time.』
今年6月から1年間の間オファーするTLTRO3には「considerably more favourable」な条件が適用されますわよというお話。
『These operations will support bank lending to those affected most by the spread of the coronavirus, in particular small and medium-sized enterprises.』
『Throughout this period, the interest rate on these TLTRO III operations will be 25 basis points below the average rate applied in the Eurosystem’s main refinancing operations.』
適用レートは期中の平均MRO金利-25bpが基準になりますが、
『For counterparties that maintain their levels of credit provision, the rate applied in these operations will be lower, and, over the period ending in June 2021, can be as low as 25 basis points below the average interest rate on the deposit facility.』
『Moreover, the maximum total amount that counterparties will henceforth be entitled to borrow in TLTRO III operations is raised to 50% of their stock of eligible loans as at 28 February 2019. In this context, the Governing Council will mandate the Eurosystem committees to investigate collateral easing measures to ensure that counterparties continue to be able to make full use of the funding support.』
『(3) A temporary envelope of additional net asset purchases of ユーロ120 billion will be added until the end of the year, ensuring a strong contribution from the private sector purchase programmes. In combination with the existing asset purchase programme (APP), this will support favourable financing conditions for the real economy in times of heightened uncertainty. 』
年末までに1200億ユーロの追加資産買入を行いますということで、
『The Governing Council continues to expect net asset purchases to run for as long as necessary to reinforce the accommodative impact of its policy rates, and to end shortly before it starts raising the key ECB interest rates.』
『(4) The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon, and such convergence has been consistently reflected in underlying inflation dynamics.』
その後にあるガイダンス文言も従来通り。
5番目はAPPプログラムで買った分の償還再投資に関する話ですがこれは従来通り。
『(5) Reinvestments of the principal payments from maturing securities purchased under the APP will continue, in full, for an extended period of time past the date when the Governing Council starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation.』
うーんこの。 [外部リンク] Policy Statement Regarding Treasury Reserve Management Purchases and Repurchase Operations March 12, 2020
『The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has released a new monthly schedule of Treasury securities operations and has updated the current monthly schedule of repurchase agreement (repo) operations.』
ということで追加されたんですけど、
『Pursuant to instruction from the Chair in consultation with the FOMC, adjustments have been made to these schedules to address temporary disruptions in Treasury financing markets.』
『The Treasury securities operation schedule includes a change in the maturity composition of purchases to support functioning in the market for U.S. Treasury securities. Term repo operations in large size have been added to enhance functioning of secured U.S. dollar funding markets.』
ドルのファンディング市場の機能をサポートするためとな????
『・As a part of its $60 billion reserve management purchases for the monthly period beginning March 13, 2020 and continuing through April 13, 2020, the Desk will conduct purchases across a range of maturities to roughly match the maturity composition of Treasury securities outstanding. Specifically, the Desk plans to distribute reserve management purchases across eleven sectors, including nominal coupons, bills, Treasury Inflation-Protected Securities, and Floating Rate Notes. The distribution of purchases across sectors will be the same distribution as the Desk uses to reinvest principal payments from the Federal Reserve’s holdings of agency debt and agency MBS in Treasury securities. The first such purchases will begin tomorrow, March 13, 2020.』
『・Today, March 12, 2020, the Desk will offer $500 billion in a three-month repo operation at 1:30 pm ET that will settle on March 13, 2020. Tomorrow, the Desk will further offer $500 billion in a three-month repo operation and $500 billion in a one-month repo operation for same day settlement. Three-month and one-month repo operations for $500 billion will be offered on a weekly basis for the remainder of the monthly schedule. The Desk will continue to offer at least $175 billion in daily overnight repo operations and at least $45 billion in two-week term repo operations twice per week over this period.』
利下げキター!!と思ったら包括パッケージでしたがな。 [外部リンク] of England measures to respond to the economic shock from Covid-19 Published on11 March 2020
『The Bank’s three policy committees are today announcing a comprehensive and timely package of measures to help UK businesses and households bridge across the economic disruption that is likely to be associated with Covid-19』
『The front line of combatting the challenges of Covid-19 comprises the extraordinary efforts of NHS health professionals, carers, and volunteers across the country, as well as the exceptional support by the FCO to UK citizens abroad.』
コロナちゃんへの戦いは保険防疫当局が最前線で行うのですが、と来まして、
『The Bank of England’s role is to help UK businesses and households manage through an economic shock that could prove sharp and large, but should be temporary. The Bank’s three policy committees are today announcing a comprehensive and timely package of measures to help UK businesses and households bridge across the economic disruption that is likely to be associated with Covid-19.』
『These measures will help to keep firms in business and people in jobs and help prevent a temporary disruption from causing longer-lasting economic harm.』
いやいやいやだからテンポラリーなディスラプションに何でその鉋屑程度の金利の下げを入れるのよ。
『Following the spread of Covid-19, risky asset and commodity prices have fallen sharply, and government bond yields reached all-time lows, consistent with a marked deterioration in risk appetite and in the outlooks for global and UK growth. Indicators of financial market uncertainty have reached extreme levels.』
「Indicators of financial market uncertainty have reached extreme levels」って言いますけど、正直言ってリーマンショックの時の方が資本主義の崩壊かと思うようなアレ感があったんだが、その後の世界の金融市場の発達というか何というかで、益々株式のボラティリティーとかそっちの方が過剰に注目されるようになったんでネーノとは思うし、変にVIXだのなんだのとかいうのが注目浴びるからボラがボラを呼んでボラボラ大発生とかになってしまうのよね。正直あの時に感じた終末感まるで無いんですけど(とは言っても欧州は何せ大流行モードみたいなので現地ではコレラペスト大流行位の恐怖になっているのかも知れませんから何ともですけれども)。
『Although the magnitude of the economic shock from Covid-19 is highly uncertain, activity is likely to weaken materially in the United Kingdom over the coming months. Temporary, but significant, disruptions to supply chains and weaker activity could challenge cash flows and increase demand for short-term credit from households and for working capital from companies. 』
『MPC reduces Bank Rate and launches new Term Funding Scheme with additional incentives for SMEs』
と来まして、
『At its special meeting ending on 10 March 2020, the Monetary Policy Committee (MPC) voted unanimously to reduce Bank Rate by 50 basis points to 0.25%. The MPC voted unanimously for the Bank of England to introduce a new Term Funding scheme with additional incentives for Small and Medium-sized Enterprises (TFSME), financed by the issuance of central bank reserves. The MPC voted unanimously to maintain the stock of sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves, at £10 billion. The Committee also voted unanimously to maintain the stock of UK government bond purchases, financed by the issuance of central bank reserves, at £435 billion.』
『The reduction in Bank Rate will help to support business and consumer confidence at a difficult time, to bolster the cash flows of businesses and households, and to reduce the cost, and to improve the availability, of finance. 』
『When interest rates are low, it is likely to be difficult for some banks and building societies to reduce deposit rates much further, which in turn could limit their ability to cut their lending rates. In order to mitigate these pressures and maximise the effectiveness of monetary policy, the TFSME will, over the next 12 months, offer four-year funding of at least 5% of participants’ stock of real economy lending at interest rates at, or very close to, Bank Rate.』
『Additional funding will be available for banks that increase lending, especially to small and medium-sized enterprises (SMEs). Experience from the Term Funding Scheme launched in 2016 suggests that the TFSME could provide in excess of £100 billion in term funding.』
・help reinforce the transmission of the reduction in Bank Rate to the real economy to ensure that businesses and households benefit from the MPC’s actions;
・provide participants with a cost-effective source of funding to support additional lending to the real economy, providing insurance against adverse conditions in bank funding markets;
・incentivise banks to provide credit to businesses and households to bridge through a period of economic disruption; and
・provide additional incentives for banks to support lending to SMEs that typically bear the brunt of contractions in the supply of credit during periods of heightened risk aversion and economic downturns.』
『To support further the ability of banks to supply the credit needed to bridge a potentially challenging period, the Financial Policy Committee (FPC) has reduced the UK countercyclical capital buffer rate to 0% of banks’ exposures to UK borrowers with immediate effect. The rate had been 1% and had been due to reach 2% by December 2020.』
『The FPC expects to maintain the 0% rate for at least 12 months, so that any subsequent increase would not take effect until March 2022 at the earliest.』
『Although the disruption arising from Covid-19 could be sharp and large, it should be temporary. Such economic disruption should have less of an impact on the core banking system than recent stress tests run by the Bank have shown the system can withstand. Those stress tests demonstrated that banks would be able to continue to lend to businesses and households even while absorbing the effects of substantial, prolonged economic downturns in both the UK and the global economies, as well as falls in asset prices much larger than experienced in recent weeks.』
テンポラリーだと思うけどテンポラリーじゃないかもしれんし、まあ解放しますよってのは分かる。
『Given the resilience of the core banking system, businesses and households should be able to rely on banks to meet their need for credit to bridge through a period of economic disruption.』
このような時には金融機関借入のニーズが高まるので、
『The release of the countercyclical capital buffer will support up to £190 billion of bank lending to businesses. That is equivalent to 13 times banks’ net lending to businesses in 2019. Together with the TFSME, this means that banks should not face obstacles to supplying credit to the UK economy and to meeting the needs of businesses and households through temporary disruption.』
『The FPC and the Prudential Regulation Committee (PRC) will monitor closely the response of banks to these measures as well as the credit conditions faced by UK businesses and households more generally.』
『The release of the countercyclical capital buffer reinforces the expectations of the FPC and the PRC that all elements of banks’ capital and liquidity buffers can be drawn down as necessary to support the economy through this temporary shock. In addition, the Prudential Regulation Authority (PRA) has today set out its supervisory expectation that banks should not increase dividends or other distributions, such as bonuses, in response to these policy actions. 』
これはプルーデンシャルオーソリティーのマターだそうで。
『Major UK banks are well able to withstand severe market disruption. They hold £1 trillion of high-quality liquid assets, enabling them to meet their maturing obligations for many months.』
英国の主要金融機関は資金繰りバッファーも十分備えておりますが・・・・・・・
『In response to the material fall in government bond yields in recent weeks, the PRC invites requests from insurance companies to use the flexibility in Solvency II regulations to recalculate the transitional measures that smooth the impact of market movements. This will support market functioning.』
『The Bank of England has operations in place to make loans to banks in all major currencies on a weekly basis. Banks have pre-positioned collateral with the Bank of England enabling them to borrow around £300 billion through these facilities.』
『The Bank is coordinating its actions with those of HM Treasury in order to ensure that our initiatives are complementary and that they will, collectively, have maximum impact, consistent with our independent responsibilities. The Bank continues to co-ordinate closely with international counterparts.』
『The actions announced today by the three policy committees of the Bank of England comprise a comprehensive and timely package to allow UK businesses and households to bridge a temporarily difficult period and thereby to mitigate any longer-lasting effects of Covid-19 on jobs, growth and the UK economy.』
『The Bank will take all further necessary steps to support the UK economy and financial system, consistent with its statutory responsibilities.』
『The minutes of the special MPC meeting ending on 10 March will be published at 12 noon on 13 March 2020. The next regularly scheduled MPC meeting will end on 25 March 2020, with the minutes of that meeting published on 26 March. The record of the FPC meeting ending on 9 March and the next regularly scheduled meeting on 19 March will be published together at 9.30 am on 24 March 2020.』
[外部リンク] Policy with very low interest rates Release date 10 March 2020
ほうほうと思ってちょっと鑑賞。これはスピーチのサマリーのプレスリリースみたいな物件です。
『The Reserve Bank of New Zealand, Te Putea Matua, is taking proactive steps to ensure it is well positioned to effectively and efficiently manage New Zealand’s monetary policy in an environment of very low interest rates.』
ちなみにこの「Te Putea Matua」というのはマオリ語でのニュージーランド中央銀行らしいどすえ(実際は最初のuの上に横棒が入る)。
『In a speech launching its Principles on Using Unconventional Monetary Policy, Reserve Bank Governor Adrian Orr said as kaitiaki (caretakers) of Te Putea Matua, the Bank’s activities involve continuous assessment of our monetary policy framework, including the most effective tools and their best application.』
この辺はワシらちゃんとやっています系のマクラ。
『Mr Orr said the Reserve Bank has not, and still does not, need to use alternative monetary policy instruments to the OCR, but it is best to be prepared.』
『“An inability to predict what might happen next is no excuse for not preparing for what could happen. That’s true for businesses, governments and central banks. It is in light of both economic theory and recent global experience that we have been assessing what alternative monetary policy tools may be available to the Reserve Bank of New Zealand - and their relative desirability. We are fortunate, unlike many other OECD economies, to have the time to prepare for such possible needs.”』
『The Reserve Bank typically implements monetary policy by controlling the Official Cash Rate but as interest rates fall, this tool could be pushed to its limit in the future. Given this, in recent years, the Reserve Bank has been considering the unconventional monetary policy tools and policy framework that it would use to meet its policy targets.』
『The work to develop the Reserve Bank’s preparation for unconventional monetary policies has involved:
・Identifying the suite of possible ‘unconventional monetary policy tools’ available to the Reserve Bank;
・Defining and making explicit the criteria the Reserve Bank would use to assess these tools, against both each other and also alternative policies all together (e.g., fiscal policy options);
・Considering the relative benefits and costs of the tools, so as to operate on a ‘least surprise’ basis, and to ensure the Reserve Bank works in collaboration and with the agreement of fiscal authorities;
・Considering not just the monetary policy efficacy of the tools, but also broader considerations related to our financial stability and efficiency mandate; and
・Ensuring the tools are actually able to be utilised, including working with the important financial institutions that make up our system.』
『“We are confident of our success in assessment and implementation, but we are also aware that these tools work best when supported by wider stabilisation policies and additional macroprudential considerations.』
マクロプルーデンスの観点からの検討も重要とな。
『In the event we ever had to use these unconventional tools, our goal would be to ensure a strong and sustained increase in economic activity, with inflation expectations remaining well-anchored on our target mid-point.”』
ほうほうそれでそれで?
『In the coming weeks the Reserve Bank will release a series of technical papers explaining the tools in more detail, examining their pros and cons, and outlining how they would potentially be used.』
『The principles and speech do not discuss current economic conditions or the Reserve Bank’s outlook for the Official Cash Rate (OCR). The Reserve Bank’s next OCR decision is scheduled for March 25.
The Bank remains prepared in its business continuity role to ensure a well-functioning financial system, including ongoing consumer and business access to credit and cash, liquidity to the banking system and a stable payments and settlements system.』
ということで次の決定会合が25日なんですな。
・・・・・・とまあここまではほうほうと読んでいたのですが、総裁様のスピーチの方を拝見するとですな、
[外部リンク] at Low Altitude: Monetary Policy with Very Low Interest Rates
Release date 10/03/2020 Speaker Adrian Orr Main file Navigating at Low Altitude: Monetary Policy with Very Low Interest Rates (PDF 741.18 KB) Supplementary pages ・ Principles for Using Unconventional Monetary Policy in New Zealand ・ Monetary Policy with very low interest rates
なお、その図表ですが思いっきり「ソースはニュージーランド中央銀行」となっていまして、何でそうなのかと言いますと、さっきあったサプリメンタリーペーパー(実は最初の所にもサプリメンタリーペーパーがあって、今回はいうなれば3点セット状態)の『Principles for Using Unconventional Monetary Policy in New Zealand』の方に同じのがあるんですよ(というかアタクシ実は先にそっちを読んでました)。
[外部リンク] for Using Unconventional Monetary Policy in New Zealand
途中の『Principles for Using Unconventional Monetary Policy』から読みますと、
『We have developed the following set of principles, based on the Committee’s objectives as set out in the Remit, to evaluate how different unconventional monetary policy tools contribute to effective monetary policy. Publishing these principles provides greater transparency about how the Committee would use these tools. Our aim in setting principles is to provide a clear framework for using monetary policy should the OCR reach zero.』
政策金利がゼロになった後はこんなプリンシパルの元でアンコンベンショナルポリシーを入れるそうな。
『MPC Remit Principles』って箱があって、
『Effectiveness Tools would be designed to provide a strong influence over inflation and employment, to ensure that the monetary policy objectives are achieved.
Efficiency The Committee would take into account the distortionary impact of the tools on the efficient allocation of resources within the economy, including between various groups and sectors of the economy.
Financial system soundness The Committee would take into account the impact of the tools on financial system risks, to avoid the costs of financial crises.
In addition to these principles are two operational considerations related to the practical implementation of effective monetary policy.』
『Public balance sheet risk The Committee would take into account the financial risks that the tools would create for the Reserve Bank and Crown balance sheets, to protect public funds and central bank independence.
Operational readiness Use of the tools would take into account the operational readiness of each tool, to ensure the transmission channels function as expected. This includes the readiness of the Reserve Bank to implement each tool and the readiness of financial markets and the New Zealand public to respond appropriately to the tools.』
『In many cases, the principles would be complementary. For example, monetary policy is more effective if it does not weaken the efficiency of the economy or cause financial instability.』
『However, there could be conflict between some principles some of the time. For example, some tools could be highly effective but would create risks to the public balance sheet. In these circumstances, the Monetary Policy Committee would seek to balance the principles when making decisions on the use of tools.』
でもってちょっと先に行きますと、『Summary of Unconventional Monetary Policy tools』って小見出しがありまして、非伝統的なツールについて、
『We have been working to develop our understanding and capability to use a range of tools, building on the initial assessment in the 2018 RBNZ Bulletin, Aspects of Implementing Unconventional Monetary Policy in New Zealand. The tools we have been working on are described below.』
でまあそれはそれで良いんですけど、『Annex: The channels through which these tools affect inflation and employment』ってのがあって、その図表の右に「総ての非伝統的政策のツールはインフレ期待を引き上げる」となっているのがさっきと同じ文脈で何かのフラグに成らないことを祈りたいと思います。
[外部リンク] Policy Statement Regarding Repurchase Operations March 9, 2020
『The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has updated the current monthly schedule of repurchase agreement (repo) operations.』
ほうほう。
『Beginning with today’s operation and through March 12, 2020, the Desk will increase the amount offered in daily overnight repo operations from at least $100 billion to at least $150 billion. In addition, the Desk will increase the amount offered in the two-week term repo operations on Tuesday, March 10, 2020 and Thursday, March 12, 2020 from at least $20 billion to at least $45 billion.』
『Consistent with the FOMC directive to the Desk, these adjustments are intended to ensure that the supply of reserves remains ample and to mitigate the risk of money market pressures that could adversely affect policy implementation. They should help support smooth functioning of funding markets as market participants implement business resiliency plans in response to the coronavirus. The Desk will continue to adjust repo operations as needed to foster efficient and effective policy implementation consistent with the FOMC directive.』
『Detailed information on the schedule and parameters of term and overnight repo operations are provided on the Repurchase Agreement Operational Details page. The Desk will release the next monthly repo operation schedule for the March 13, 2020 to April 13, 2020 period on Thursday, March 12, 2020 around 3:00 PM ET.』
[外部リンク] Economic Outlook March 05, 2020 John C. Williams, President and Chief Executive Officer
物凄く短いのですがアタクシも時間が無いので(それは関係ないでしょと言われるとサーセン)簡単に。
途中の『Monetary Policy』から。
『Central banks like the Federal Reserve also have an important role to play in addressing the economic effects of the coronavirus, ensuring that financial markets function effectively and providing support to the economy. These actions cannot address the health issues, but can help manage near-term risks to the economy in a highly uncertain time.』
『Earlier this week, the FOMC voted unanimously to lower the target range for the federal funds rate to 1 to 1-1/4 percent. This strong policy action provides meaningful support to the economy and will help sustain the economic expansion. The outlook is evolving and highly uncertain. In the weeks and months ahead, we will continue to closely monitor developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy.』
まあ追加もやりますよって言ってるようなもんですわな、次回のFOMC前に収束が見えない限り。
『As part of our response, my colleagues and I in the Federal Reserve System are coordinating with our counterparts around the world. Tuesday’s phone call between G7 finance ministers and central bank governors, the subsequent statement, and policy actions by central banks are clear indications of the close alignment at the international level. 』
『Turning to the specific responsibilities of the New York Fed, we are tasked with the implementation of monetary policy. Our goals are to keep the federal funds rate within the target range and foster stable conditions in short-term funding markets.』
NY連銀は短期市場の金利を誘導します、という前振りがあって、
『We will ensure that the supply of reserves in the banking system remains ample, consistent with the FOMC’s direction.2 Treasury bill purchases continue to add to the underlying level of reserves, and repo operations are keeping reserve levels ample. We are monitoring conditions in money markets closely. We remain flexible and ready to make adjustments to our operations as needed to ensure that monetary policy is effectively implemented and transmitted to financial markets and the broader economy.』
『I’ll conclude with this: The coronavirus poses evolving risks to the U.S. economy. Our policy action this week positions us well to support the economic expansion. We are carefully monitoring the effects of the coronavirus on the U.S. economic outlook and will respond as appropriate. Our focus remains trained on serving the American people by pursuing our dual goals of maximum employment and price stability.
