以史为鉴：流动性危机中的美联储

Core Viewpoint - The article discusses the current surge in U.S. Treasury yields as a critical vulnerability for the U.S. economy, suggesting a potential scenario of a bond market collapse, widespread hedge fund liquidations, and Federal Reserve intervention to stabilize the market [1]. Group 1: Historical Context of Liquidity Crises - Each liquidity crisis is characterized by a panic where lenders seek to retract loans and borrowers rush to sell collateral, leading to a downward spiral in asset prices and liquidity [1]. - Historical instances of liquidity crises, such as the Silicon Valley Bank crisis, the March 2020 liquidity crisis, and the 2019 repo crisis, are reviewed, highlighting the Federal Reserve's role as a last resort lender [1]. Group 2: Federal Reserve's Special Lending Facilities - The Federal Reserve has introduced special lending facilities, such as the Bank Term Funding Program (BTFP), which was established in March 2023 to address the Silicon Valley Bank crisis, allowing eligible institutions to borrow against U.S. Treasury securities and mortgage-backed securities at face value [3][6]. - As of May 3, 2023, the borrowing amount under BTFP reached $75.8 billion, indicating significant reliance on this facility during the crisis [6]. - The discount window, a traditional short-term loan tool, saw a peak borrowing of $152.9 billion on March 15, 2023, following the crisis, before declining to $5.3 billion by May 3, 2023 [6]. Group 3: Specific Events and Responses - The article details the March 2020 liquidity crisis triggered by the COVID-19 pandemic, where the Federal Reserve implemented various measures, including the Main Street Lending Program and the Commercial Paper Funding Facility, to support credit flow to households and businesses [8][9]. - The 2019 repo crisis is highlighted, where the overnight repo rate spiked from around 2% to over 5%, prompting the Federal Reserve to intervene with low-cost funding to stabilize the market [14][16].