美联储Hammack淡看美债收益率攀升：美国金融市场紧张但仍在运转

Group 1 - Cleveland Fed President Beth Hammack indicated that despite recent volatility in U.S. Treasury bonds due to President Trump's trade policies, the financial markets are functioning well. She noted that the market appears tense but is self-regulating effectively [1] - The recent sell-off in U.S. Treasuries has pushed long-term yields higher, with the 30-year Treasury yield surpassing 5%. This has led to speculation that the Federal Reserve may need to intervene if the bond market continues to deteriorate [1] - Deutsche Bank and Jefferies strategists suggested that if market turmoil persists, the Federal Reserve might need to consider emergency quantitative easing, such as purchasing bonds [1] Group 2 - Jefferies economist Thomas Simons suggested that the Federal Reserve should consider using tools from past crises, including the suspension of the Supplementary Leverage Ratio (SLR) requirements, to help dealers expand their balance sheets [2] - Hammack expressed skepticism about whether adjusting the SLR would alleviate market pressures, stating that it is unclear if removing SLR restrictions would increase the risk tolerance of banks and other intermediaries [2] - Policymakers typically intervene in the market during extreme signs of credit market freeze, and officials currently expect to maintain interest rates until they better understand the overall economic impact of Trump's policies [2] Group 3 - Hammack stated that after officials lowered borrowing costs by a full percentage point last year, interest rates are now "moderately restrictive." She prefers to wait for clearer economic trends before making policy adjustments [3]