FOMC 회의록 QT 관련 내용 > 게시판

FOMC 회의록 QT 관련 내용 

- 모든 참석자들은 다가오는 회의에서 QT 실시가 적절하며 대차대조표 축소 속도는 2017~2019년보다 빠를 것임에 동의 

(All participants agreed that elevated inflation and tight labor market conditions warranted commencement of balance sheet runoff at a coming meeting, with a faster pace of decline in securities holdings than over the 2017–19 period.) 

- 몇몇 참가자들은 자산 축소 한도가 없는 것이 적절할 것이라고 언급 

(Several participants remarked that they would be comfortable with relatively high monthly caps or no caps.) 

- 자산 축소 규모는 매월 국채 600억달러, MBS 350억달러에서 시작 

(Participants generally agreed that monthly caps of about $60 billion for Treasury securities and about $35 billion for agency MBS would likely be appropriate.) 

- 시장 상황을 지켜본 후 3개월 또는 그 이상 term을 두고 자산 축소 규모를 조정하는데 대체적으로 동의 

(Participants also generally agreed that the caps could be phased in over a period of three months or modestly longer if market conditions warrant.) 

- 대부분 참가자들은 1년만기 이하 국채(Bills)는 월간 국채 보유 규모 축소가 한도를 하회할 경우 그 범위 내에서 축소시키는 것이 적절 

(Most participants judged that it would be appropriate to redeem coupon securities up to the cap amount each month and to redeem Treasury bills in months when Treasury coupon principal payments were below the cap.) 

- 5월 회의 이후가 QT를 시행할 수 있는 좋은 시기 

(Participants agreed they had made substantial progress on the plan and that the Committee was well placed to begin the process of reducing the size of the balance sheet as early as after the conclusion of its upcoming meeting in May.) 

QT 중 MBS 관련 내용 

- MBS 축소 한도 설정은 높은 조기상환율 시나리오에서 과도한 보유량 축소를 제한할 것 

(MBS principal prepayments would likely run under the proposed monthly cap in a range of plausible interest rate scenarios but that the cap could guard against outsized reductions in the Federal Reserve's agency MBS holdings in scenarios with especially high prepayments.) 

- 일부 참가자들은 MBS가 연준 내 자산에서 수년 간 상당 비중을 차지할 것으로 전망 

(Some participants noted that under the proposed approach to running off Treasury and agency securities primarily through adjustments to reinvestments, agency MBS holdings would still make up a sizable share of the Federal Reserve's asset holdings for many years.) 

- 참가자들은 국채 위주 포트폴리오 구성을 위해 향후 MBS을 매각할 수 있음(선 상환 후 매각)에 대체로 동의 

(Participants generally agreed that after balance sheet runoff was well under way, it will be appropriate to consider sales of agency MBS to enable suitable progress toward a longer-run SOMA portfolio composed primarily of Treasury securities.)