過去經常發言抨擊QE的達拉斯聯邦儲備銀行總裁費雪(Richard Fisher)5日表示,減碼的時機已逐漸逼近,投資人不應太過依賴這項貨幣刺激政策。他說,投資人可能已太過習慣「聯準會賣權(FED put)」的作法,認為只要市場下滑、央行就會放寬信用;部分人士甚至認為FED會讓金融市場永遠獲得支撐。他警告,這會扭曲金融資產的價格,進而導致嚴重的資本錯置(misallocation of capital)。
投資人將會密切關注公債的標售需求,尤其是10年期、30年期公債的標售案。倘若需求疲軟,這將代表投資人擔憂殖利率可能上揚、進而蒙受損失,尤其是對長天期公債而言。華爾街日報報導,CIBC World Markets Corp.公債交易部主管Tom Tucci指出,隨著QE的減碼時間點愈來愈明朗化,資金也將持續投入2-5年期公債。
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