特朗普要代美联储“管房贷利率”？贝森特表态：“特朗普QE”目标是匹配美联储“缩表”

Core Viewpoint - The Trump administration is intervening in the mortgage market to lower mortgage rates by directing Fannie Mae and Freddie Mac to purchase mortgage-backed securities (MBS), countering the Federal Reserve's balance sheet reduction [1][2][5]. Group 1: Government Intervention - The U.S. Treasury Secretary, Mnuchin, announced that the government has instructed the Federal Housing Finance Agency (FHFA) to purchase $200 billion in MBS, marking a significant intervention in the housing affordability crisis [2]. - The initial phase of this plan involves a $30 billion purchase, which is seen as an aggressive move by the White House to address housing costs [2]. Group 2: Market Impact - Following the announcement, MBS prices surged, leading to a potential decrease in mortgage rates by approximately 0.25 percentage points [3][5]. - The risk premium of MBS relative to U.S. Treasuries narrowed by about 0.18 percentage points, indicating a positive market response to the intervention [5]. Group 3: Concerns Over Federal Reserve Independence - The intervention has raised concerns about the independence of the Federal Reserve, as traditionally, interest rate adjustments are within the Fed's purview [6][7]. - Analysts warn that this action blurs the line between market-driven effects and political manipulation, potentially reintroducing political risks into the financial markets [6]. Group 4: Future of Fannie Mae and Freddie Mac - The policy complicates the future privatization of Fannie Mae and Freddie Mac, as the government now views these entities as essential policy tools [8]. - There are conflicting expectations between the government's use of these government-sponsored enterprises (GSEs) as policy levers and the traditional expectations of private investors regarding their profitability [8].