WASHINGTON, July 27 -- The International Monetary Fund (IMF) said on Thursday that the monetary policy effects of U.S. Federal Reserve's balance sheet unwinding are expected to be small.
"Under the announced plan, if normalization were to begin at end-2017, the balance sheet would decline by 318 billion U.S. dollars in 2018 and by 409 billion dollars in 2019," the IMF staff said in its annual report of Article IV consultations with U.S. authorities on the U.S. economy.
"Such a reduction could have a monetary policy impact equivalent to a 22 basis point increase in the federal funds rate over the next two years," the report said.
Given the small monetary effects, the IMF believed "it is appropriate that the normalization of the balance sheet proceeds independently of changes in the federal funds rate and in inflation and employment outcomes," unless the U.S. economy is hit by a significant negative shock.
The Fed last month raised the target range of the federal funds rate by a quarter percentage point to 1-1.25 percent, the fourth rate hike since December 2017, and unveiled a plan to trim its balance sheet later this year.
The Fed's balance sheet has ballooned to around 4.5 trillion U.S. dollars following three rounds of quantitative easing programs to withstand the impact of the 2008 global financial crisis.
The central bank signaled on Wednesday that it would begin unwinding its holdings of U.S. Treasury bonds and other mortgage-backed securities "relatively soon," possibly at its next policy meeting on Sept. 19-20.
In response to the report, U.S. authorities said Fed holdings of securities are expected to decline "in a gradual and predictable manner."
"Under the baseline outlook, the intention is for changes to the balance sheet to be quietly operating in the background over the next several years with minimal effects on financial conditions," U.S. authorities said, suggesting Fed's future balance sheet "would be appreciably below that seen in recent years but larger than before the financial crisis."
美国习惯用语-第76讲:blame game
美国习惯用语-第71讲:To eat one´s hat
美国习惯用语-第63讲:to keep one´s eyes&nb
美国习惯用语-第59讲:a fish out of water
美国习惯用语-第86讲:to let the cat out&n
美国习惯用语-第29期:rain check
美国习惯用语-第52讲:no holds barred
美国习惯用语-第36期:hot seat
美国习惯用语-第68讲:to kick up one´s 
美国习惯用语-第84讲:to throw to the wolv
美国习惯用语-第56讲:peaches and cream
美国习惯用语-第79讲:sleaze
美国习惯用语-第47讲:to bug someone
美国习惯用语-第61讲:to feast your eyes o
美国习惯用语-第88讲:buddy
美国习惯用语-第50讲:to be swept off one&
美国习惯用语-第69讲:at the drop of a&nbs
美国习惯用语-第37期:to break your neck
美国习惯用语-第77讲:swing voter
美国习惯用语-第89讲:to go to the dogs
美国习惯用语-第90讲:to let sleeping dogs 
美国习惯用语-第46讲:ants in your pants
美国习惯用语-第73讲:wimp
美国习惯用语-第74讲:to throw one´s hat&nb
美国习惯用语-第81讲:on the fence
美国习惯用语-第31期:Green thumb
美国习惯用语-第51讲:to pull no punches
美国习惯用语-第48讲:to get a foot in&nbs
美国习惯用语-第57讲:lemon and going bananas
美国习惯用语-第75讲:favorite son
不限 |
英语教案 |
英语课件 |
英语试题 |
不限 |
不限 |
上册 |
下册 |
不限 |