---
title: "瑞穗銀行：美聯儲資產負債表規模縮小，將需要聯儲更加 “活躍”"
description: "瑞穗銀行指出，美聯儲主席提名人凱文·沃什希望縮小央行資產負債表，這將要求美聯儲在貨幣市場操作中採取更積極的干預措施。準備金稀缺可能導致銀行透支和隔夜市場借貸增加，進而加大市場波動，削弱對短期利率的控制。為縮表，美聯儲可能需用國債抵押回購協議相關基準利率替代聯邦基金利率，進行更頻繁的干預。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/274709978.md"
published_at: "2026-02-03T21:07:18.000Z"
---

# 瑞穗銀行：美聯儲資產負債表規模縮小，將需要聯儲更加 “活躍”

> 瑞穗銀行指出，美聯儲主席提名人凱文·沃什希望縮小央行資產負債表，這將要求美聯儲在貨幣市場操作中採取更積極的干預措施。準備金稀缺可能導致銀行透支和隔夜市場借貸增加，進而加大市場波動，削弱對短期利率的控制。為縮表，美聯儲可能需用國債抵押回購協議相關基準利率替代聯邦基金利率，進行更頻繁的干預。

美國總統特朗普提名的美聯儲主席人選凱文·沃什（Kevin Warsh）希望縮小央行的資產負債表。瑞穗證券認為，這將要求美聯儲在日常貨幣市場操作中扮演更具 “干預主義” 色彩的角色。

迴歸準備金稀缺的環境可能導致銀行賬户透支，並在隔夜市場增加借貸，從而加大貨幣市場波動，削弱美聯儲對短期利率目標的控制力。

為了縮表，美聯儲可能需要用與國債抵押隔夜回購協議相關的基準利率取代聯邦基金利率，這將要求央行進行更頻繁、更激進的日常干預。

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