从“特朗普QE”到信用卡限价：当白宫开始亲自定价利率

Core Viewpoint - The Trump administration is intervening in the credit card interest rate market, proposing a cap of 10%, which reflects a shift in the traditional role of the Federal Reserve in determining interest rates [1][10]. Group 1: Mortgage Market Intervention - The Trump administration's approach to the mortgage market involves directing Fannie Mae and Freddie Mac to purchase mortgage-backed securities (MBS) to mitigate the impact of the Federal Reserve's balance sheet reduction [4]. - This intervention aims to narrow the spread between mortgage rates and Treasury yields rather than directly lowering risk-free rates [5]. - The policy is seen as a form of "quasi-QE" that, while having monetary policy implications, is framed as an administrative measure to improve housing affordability [5][10]. Group 2: Credit Card Rate Cap Proposal - The proposed cap on credit card interest rates at 10% is concerning because it disrupts the risk-based pricing mechanism that determines credit card APRs, which currently average between 20% and 25% [9]. - Unlike mortgage rates, credit card rates are influenced by high default risks and are critical for household cash flow management [7][9]. - The imposition of such a cap without fiscal support could lead banks to withdraw from the market, pushing borrowers towards higher-cost alternative lending sources [9][10]. Group 3: Broader Implications of Administrative Intervention - The administration's actions signify a potential shift in how interest rates are determined, moving away from traditional market mechanisms and towards political influence [10][12]. - If this trend continues, it raises concerns about the long-term implications for financial market stability and the pricing of risk [11][12]. - The fundamental question is how the financial system will adjust if interest rates are increasingly dictated by political considerations rather than risk and capital [12].