Kevin Warsh, what a man.<\/p>\n\n\n\n
\u65b0\u5b98\u4e0a\u4efb\uff0c\u7a4d\u6975\u5c07\u5e72\u9810\u5e02\u5834\u606f\u53e3\u9810\u671f\u7684\u8077\u8cac\u8f49\u79fb\u3002<\/p>\n\n\n\n
\u81ea 2008 \u5e74\u5168\u7403\u91d1\u878d\u5371\u6a5f\u7206\u767c\u4ee5\u4f86\uff0c\u806f\u5132\u5c40\u70ba\u4e86\u62ef\u6551\u6975\u7aef\u6d41\u52d5\u6027\u5371\u6a5f\uff0c\u958b\u555f\u4e86\u5927\u898f\u6a21\u8cc7\u7522\u8cfc\u8cb7\uff08QE\uff09\uff0c\u4e26\u5728\u96a8\u5f8c\u7531\u67cf\u5357\u514b\u7b49\u4eba\u5c07\u300c\u524d\u77bb\u6307\u5f15\u300d\u5236\u5ea6\u5316\u3002\u904e\u53bb\u5341\u591a\u5e74\u4f86\uff0c\u806f\u5132\u5c40\u900f\u904e\u524d\u77bb\u6307\u5f15\u904e\u5ea6\u5f15\u5c0e\u5e02\u5834\uff0c\u4ee4\u83ef\u723e\u8857\u7fd2\u6163\u5c07\u806f\u5132\u5c40\u7684\u8868\u614b\u8996\u70ba\u4e00\u5834\u300e\u4ea4\u6613\u6a5f\u6703\u300f\uff0c\u76f4\u63a5\u6839\u64da\u5b98\u54e1\u7684\u6bcf\u6b21\u767c\u8a00\u4f86\u9032\u884c\u5927\u898f\u6a21\u4ea4\u6613\u3002<\/strong><\/p>\n\n\n\n \u7136\u800c\uff0c Kevin Warsh \u6c7a\u5fc3\u7d42\u7d50\u9019\u7a2e\u4fdd\u59c6\u5f0f\u7684\u6e9d\u901a\uff0c\u8b93\u524d\u77bb\u6307\u5f15\u7684\u6d88\u5931\u6210\u70ba\u65b0\u5e38\u614b\u3002\u4ed6\u63a8\u52d5\u8ca8\u5e63\u653f\u7b56\u5411\u300c\u683c\u6797\u65af\u6f58\u6642\u4ee3\u300d\u56de\u6b78\uff0c\u91cd\u5efa\u4e0d\u53ef\u9810\u6e2c\u6027\u8207\u786c\u6027\u7d00\u5f8b\uff0c\u660e\u78ba\u8868\u614b\u82e5\u9762\u5c0d\u5730\u7de3\u653f\u6cbb\u901a\u8139\u53cd\u5f48\u6216\u570b\u5bb6\u9ad8\u50b5\u52d9\u98a8\u96aa\uff0c\u806f\u5132\u5c40\u6703\u6beb\u4e0d\u7336\u8c6b\u5c07\u52a0\u606f\u91cd\u65b0\u7d0d\u5165\u9078\u9805\u3002\u9019\u8209\u52d5\u64ca\u788e\u4e86\u5e02\u5834\u5c0d\u4f4e\u606f\u74b0\u5883\u7684\u76f2\u76ee\u6a02\u89c0\uff0c\u8feb\u4f7f\u83ef\u723e\u8857\u6b63\u8996\u806f\u5132\u5c40\u7d55\u4e0d\u6703\u76f2\u76ee\u9077\u5c31\u653f\u5e9c\u8207\u5e02\u5834\u7684\u8a34\u6c42\uff0c\u9032\u800c\u5927\u5e45\u524a\u6e1b\u592e\u884c\u5c0d\u8cc7\u7522\u50f9\u683c\u7684\u76f4\u63a5\u5e72\u9810\u3002<\/p>\n\n\n\n Warsh \u9078\u64c7\u4e3b\u52d5\u4ea4\u51fa\u9577\u671f\u50b5\u5238\u5e02\u5834\u7684\u64cd\u4f5c\u6b0a\uff0c\u9019\u662f\u634d\u885b\u7368\u7acb\u6027\u6700\u95dc\u9375\u7684\u4e00\u6b65\u3002\u4ed6\u660e\u78ba\u6307\u51fa\uff0c\u7dad\u8b77\u570b\u50b5\u6d41\u52d5\u6027\u8207\u7ba1\u7406\u9577\u671f\u606f\u53e3\u7684\u91cd\u4efb\uff0c\u7406\u61c9\u7531\u771f\u6b63\u7684\u50b5\u52d9\u4eba\uff08\u7f8e\u570b\u8ca1\u653f\u90e8\uff09\u627f\u64d4\u3002\u96a8\u8457\u806f\u5132\u5c40\u9000\u51fa\u5e72\u9810\uff0c\u7f8e\u570b\u653f\u5e9c\u8ca1\u653f\u90e8\u900f\u904e\u6539\u8b8a\u5e95\u5c64\u50b5\u52d9\u767c\u884c\u7d50\u69cb\u53ca\u76f4\u63a5\u4ecb\u5165\u4e8c\u7d1a\u5e02\u5834\uff0c\u5be6\u8cea\u63a5\u7ba1\u4e86\u539f\u672c\u7531\u806f\u5132\u5c40\u4ee3\u52de\u7684\u5e02\u5834\u7dad\u8b77\u5de5\u4f5c\u3002\u9019\u8b93\u806f\u5132\u5c40\u5fb9\u5e95\u5283\u6e05\u4e86\u8ca8\u5e63\u8207\u8ca1\u653f\u7684\u754c\u7dda\uff0c\u62d2\u7d55\u518d\u70ba\u653f\u5e9c\u7684\u5de8\u984d\u8d64\u5b57\u88ab\u52d5\u57cb\u55ae\u3002<\/p>\n\n\n\n \u7576\u5f71\u97ff\u50b5\u5e02\u6d41\u52d5\u6027\u8207\u9577\u671f\u606f\u53e3\u7684\u6307\u63ee\u6b0a\uff0c\u6b63\u5f0f\u5f9eFOMC \u7684\u524d\u77bb\u6307\u5f15\u904e\u6e21\u5230\u8ca1\u653f\u90e8\u7684\u5fae\u89c0\u64cd\u4f5c\u5f8c\uff0c\u806f\u5132\u5c40\u4fbf\u6210\u529f\u5378\u4e0b\u4e86\u6c89\u91cd\u7684\u5e02\u5834\u5305\u88b1\u3002\u800c\u8ca1\u653f\u90e8\u5247\u6b63\u5f0f\u5f9e\u5e55\u5f8c\u8d70\u5411\u524d\u53f0\uff0c\u900f\u904e\u4e3b\u52d5\u8abf\u6574\u50b5\u52d9\u767c\u884c\u7d50\u69cb\u8207\u57f7\u884c\u5927\u898f\u6a21\u7684\u5e02\u5834\u5e72\u9810\uff0c\u5168\u9762\u63a5\u7ba1\u4e86\u539f\u672c\u5c6c\u65bc\u806f\u5132\u5c40\u7684\u5e02\u5834\u7dad\u8b77\u8207\u6d41\u52d5\u6027\u652f\u6490\u7684\u8077\u8cac\u3002<\/p>\n\n\n\n \u4e8b\u5be6\u4e0a\uff0c\u7f8e\u570b\u8ca1\u653f\u90e8\u89aa\u81ea\u4e0b\u5834\u9032\u884c\u7684\u5927\u898f\u6a21\u570b\u50b5\u56de\u8cfc\u5728\u6b77\u53f2\u4e0a\u6975\u70ba\u7f55\u898b\u3002\u56de\u9867\u9019\u9805\u5de5\u5177\u7684\u6f14\u9032\u8ecc\u8de1\uff0c\u9996\u6b21\u555f\u52d5\u8981\u8ffd\u6eaf\u81f3 2000 \u5e74\u4ee3\u521d\u671f\uff0c\u800c\u8fd1\u5e74\u5247\u6f14\u8b8a\u70ba\u56e0\u61c9\u9ad8\u606f\u8207\u9f90\u5927\u8d64\u5b57\u7684\u5e38\u614b\u5316\u5fae\u89c0\u5e72\u9810\u3002<\/p>\n\n\n\n 1. 2000 \u5e74\u4ee3\u7684\u9996\u6b21\u8cb7\u50b5\u6b77\u53f2<\/strong><\/p>\n\n\n\n \u2022 \u7f55\u898b\u7684\u5275\u8209\u8207\u52d5\u6a5f<\/strong>\uff1a\u5728\u73fe\u4ee3\u7f8e\u570b\u8ca1\u653f\u53f2\u4e0a\uff0c2000 \u5e74\u555f\u52d5\u7684\u570b\u50b5\u56de\u8cfc\u8a08\u756b\u662f\u7834\u5929\u8352\u7684\u7b2c\u4e00\u6b21\u3002\u7576\u6642\u53d7\u60e0\u65bc\u4e92\u806f\u7db2\u6ce1\u6cab\u7206\u7834\u524d\u7684\u9f90\u5927\u8ca1\u653f\u76c8\u9918\uff0c\u8ca1\u653f\u90e8\u624b\u982d\u73fe\u91d1\u6c3e\u6feb\uff0c\u555f\u52d5\u56de\u8cfc\u7684\u7d14\u7cb9\u76ee\u7684\u662f\u5229\u7528\u904e\u5269\u73fe\u91d1\u300c\u63d0\u65e9\u511f\u9084\u6602\u8cb4\u7684\u820a\u50b5\u300d\u3002<\/p>\n\n\n\n \u2022 \u5e02\u5834\u5e72\u9810\u6a5f\u5236<\/strong>\uff1a\u7576\u6642\u56de\u8cfc\u7684\u8cc7\u91d1 100% \u96c6\u4e2d\u65bc\u9577\u671f\u50b5\u5238<\/strong>\uff0c\u7279\u5225\u662f 1980 \u5e74\u4ee3\u767c\u884c\u7684\u9ad8\u606f20- 30 \u5e74\u671f\u820a\u50b5\uff0c\u606f\u7387\u9ad8\u90548%-14%\uff08\u5c0d\u6bd4\u73fe\u5728\u666e\u904d\u5c0f\u65bc5%\uff09\u3002\u8ca1\u653f\u90e8\u4e3b\u52d5\u6536\u7dca\u9577\u7aef\u4f9b\u61c9\uff0c\u5728\u5e02\u5834\u4e0a\u88fd\u9020\u4e86\u300c\u8cc7\u7522\u7d55\u5c0d\u7a00\u7f3a\u300d\u3002<\/p>\n\n\n\n \u2022 \u5c0d\u6536\u76ca\u7387\u66f2\u7dda\u7684\u5f71\u97ff<\/strong>\uff1a\u9019\u7a2e\u4e3b\u52d5\u8cb7\u65b7\u64cd\u4f5c\u76f4\u63a5\u5c0e\u81f4\u7576\u6642\u7684 30\u5e74\u671f\u548c10\u5e74\u671f\u7684\u6536\u76ca\u7387\u66f2\u7dda\u5229\u5dee\u8dcc\u81f3\u8fd1 -0.2% \u7684\u4f4e\u9ede\u3002\u9019\u5834\u7531\u8ca1\u653f\u90e8\u4e3b\u5c0e\u7684\u56de\u8cfc\u884c\u52d5\u5c07\u9577\u50b5\u606f\u53e3\u57283\u5e74\u9593\u58d3\u4f4e\u4e86\u63a5\u8fd1100bp<\/strong>\u3002\u9019\u8b49\u660e\u4e86\u8ca1\u653f\u90e8\u7684\u5e02\u5834\u64cd\u4f5c\uff0c\u5177\u5099\u51cc\u99d5\u65bc\u5e02\u5834\u4f9b\u9700\u4e4b\u4e0a\u7684\u5b9a\u50f9\u7834\u58de\u529b\u3002<\/p>\n\n\n\n 2. \u7576\u524d\u9ad8\u606f\u6642\u4ee3\u7684\u8cb7\u50b5\u64cd\u4f5c<\/strong><\/p>\n\n\n\n \u2022 \u5e38\u614b\u5316\u7684\u91cd\u555f\u8207\u52d5\u6a5f<\/strong>\uff1a\u96a8\u8457 2002 \u5e74\u76c8\u9918\u6d88\u5931\uff0c\u9019\u9805\u5de5\u5177\u6c89\u5bc2\u4e86\u4e8c\u5341\u5e74\u3002\u76f4\u81f3\u8fd1\u5e74\u9762\u5c0d\u9f90\u5927\u8d64\u5b57\u8207\u9ad8\u606f\u74b0\u5883\uff0c\u8ca1\u653f\u90e8\u91cd\u555f\u5e38\u614b\u5316\u56de\u8cfc\uff0c2025\u5e74\u56de\u8cfc\u984d\u9ad8\u90541960\u5104\uff0c2026\u5e74\u622a\u81f39\u6708\u9ad8\u90541849\u5104\u3002\u6b64\u6642\u7684\u64cd\u4f5c\u4e26\u975e\u59822000\u5e74\u4ee3\u822c\u9084\u50b5\uff0c\u800c\u662f\u4e3b\u8981\u70ba\u5e02\u5834\u6ce8\u5165\u6d41\u52d5\u6027<\/strong>\u3002<\/p>\n\n\n\n \u2022 \u64cd\u4f5c\u7a2e\u985e\uff08Operation Type\uff09\uff1a<\/p>\n\n\n\n 1. Cash Management<\/strong>\uff1a\u903e 60% \u81f3 70% \u7684\u56de\u8cfc\u96c6\u4e2d\u5728\u5c0f\u65bc\u4e09\u5e74\u7684\u77ed\u50b5\u3002\u8ca1\u653f\u90e8\u4e00\u908a\u4e0d\u65b7\u767c\u884c\u65b0\u77ed\u50b5\u52df\u8cc7\uff0c\u4e00\u908a\u7528\u9019\u4e9b\u9322\u53bb\u8d16\u56de\u820a\u50b5\u3002\u9019\u6a23\u5bc6\u96c6\u7684\u64cd\u4f5c\uff0c\u662f\u70ba\u4e86\u628a\u6bcf\u5e74\u9ad8\u9054 25 \u842c\u5104\u7f8e\u5143\u3001\u6392\u968a\u5230\u671f\u7684\u9f90\u5927\u77ed\u50b5\u62c6\u6563\uff0c\u907f\u514d\u5728\u7279\u5b9a\u65e5\u5b50\u51fa\u73fe\u5de8\u984d\u73fe\u91d1\u9032\u51fa\uff0c\u63f8\u5e72\u9694\u591c\u56de\u8cfc\u5e02\u5834\u7684\u6d41\u52d5\u6027\u3002<\/p>\n\n\n\n 2. Liquidity Support<\/strong>\uff1a\u8ca1\u653f\u90e8\u900f\u904e\u767c\u884c\u65b0\u77ed\u50b5\u501f\u4f86\u7684\u73fe\u91d1\uff0c\u89aa\u81ea\u4e0b\u5834\u8cb7\u56de\u6d41\u52d5\u6027\u8f03\u4f4e\u7684\u820a\u9577\u50b5\uff0c\u63a5\u7ba1\u4e86\u539f\u672c\u5c6c\u65bc\u592e\u884c\u7684\u8cac\u4efb\u3002\u8ca1\u653f\u90e8\u4ee5\u300c\u6d41\u52d5\u6027\u652f\u6301\u300d\u4ee3\u66ff\u300cFed Put\u300d\uff0c\u8b93\u5e02\u5834\u958b\u59cb\u7fd2\u6163\u7531\u8ca1\u653f\u90e8\u4ee3\u66ff\u806f\u5132\u5c40\u5728Market Operation\u4e0a\u64d4\u4efb\u9818\u5c0e\u89d2\u8272\u3002<\/p>\n\n\n\n \u800c\u66f4\u52a0\u76f4\u767d\u5730\u8aaa\uff0c\u6211\u5011\u9762\u524d\u662f\u4e00\u5834\u5c0f\u578bQE\u3002<\/p>\n","protected":false},"excerpt":{"rendered":" Kevin Warsh, what a man. \u65b0\u5b98\u4e0a\u4efb\uff0c\u7a4d\u6975\u5c07\u5e72\u9810\u5e02\u5834\u606f\u53e3\u9810\u671f\u7684\u8077\u8cac\u8f49\u79fb\u3002 \u81ea 2008 \u5e74\u5168\u7403\u91d1\u878d\u5371\u6a5f\u7206\u767c\u4ee5\u4f86\uff0c\u806f […]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":0,"_exactmetrics_skip_tracking":false,"spay_email":""},"categories":[194,13,6],"tags":[],"modified_by":"\u80a1\u4e2d\u4eba","jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/posts\/27447"}],"collection":[{"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27447"}],"version-history":[{"count":1,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/posts\/27447\/revisions"}],"predecessor-version":[{"id":27448,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=\/wp\/v2\/posts\/27447\/revisions\/27448"}],"wp:attachment":[{"href":"https:\/\/theplutustimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theplutustimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}