---
title: "瑞穗银行：美联储资产负债表规模缩小，将需要联储更加 “活跃”"
description: "瑞穗银行指出，美联储主席提名人凯文·沃什希望缩小央行资产负债表，这将要求美联储在货币市场操作中采取更积极的干预措施。准备金稀缺可能导致银行透支和隔夜市场借贷增加，进而加大市场波动，削弱对短期利率的控制。为缩表，美联储可能需用国债抵押回购协议相关基准利率替代联邦基金利率，进行更频繁的干预。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/274709978.md"
published_at: "2026-02-03T21:07:18.000Z"
---

# 瑞穗银行：美联储资产负债表规模缩小，将需要联储更加 “活跃”

> 瑞穗银行指出，美联储主席提名人凯文·沃什希望缩小央行资产负债表，这将要求美联储在货币市场操作中采取更积极的干预措施。准备金稀缺可能导致银行透支和隔夜市场借贷增加，进而加大市场波动，削弱对短期利率的控制。为缩表，美联储可能需用国债抵押回购协议相关基准利率替代联邦基金利率，进行更频繁的干预。

美国总统特朗普提名的美联储主席人选凯文·沃什（Kevin Warsh）希望缩小央行的资产负债表。瑞穗证券认为，这将要求美联储在日常货币市场操作中扮演更具 “干预主义” 色彩的角色。

回归准备金稀缺的环境可能导致银行账户透支，并在隔夜市场增加借贷，从而加大货币市场波动，削弱美联储对短期利率目标的控制力。

为了缩表，美联储可能需要用与国债抵押隔夜回购协议相关的基准利率取代联邦基金利率，这将要求央行进行更频繁、更激进的日常干预。

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