--- title: "美聯儲將市場過熱視為首要的穩定性風險" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/285781195.md" description: "美聯儲最新的金融穩定報告強調，資產價格高企和投資者樂觀情緒是金融穩定的主要風險。報告指出，市場流動性在壓力時期尤其脆弱，特別是在國債市場。與伊朗戰爭相關的地緣政治緊張局勢正在加劇市場波動。儘管股市仍受到樂觀情緒的支持，但波動性有所上升。銀行業被認為是穩健的，資本水平強勁，但金融機構的高槓杆水平仍然令人擔憂。地緣政治風險和油價衝擊是市場參與者最關心的問題" datetime: "2026-05-08T22:20:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285781195.md) - [en](https://longbridge.com/en/news/285781195.md) - [zh-HK](https://longbridge.com/zh-HK/news/285781195.md) --- # 美聯儲將市場過熱視為首要的穩定性風險 - **Key takeaway**: The Federal Reserve said market froth remains the leading risk to financial stability, consistent with its assessment in November. - **Expert quote**: "Treasury market liquidity initially deteriorated in line with this heightened volatility, demonstrating the vulnerability of market liquidity during periods of acute stress." —Federal Reserve Financial Stability Report. - **What's at stake:** The report comes as the economy faces turbulence with the Iran war driving up energy prices and raising potential implications for inflation depending on how long the conflict lasts. The Federal Reserve on Friday flagged elevated asset prices and continued investor optimism as risks to financial stability. In its latest Financial Stability Report, which comes out twice a year, the central bank said asset valuations, including stocks and other securities, remain "at the high end of their range in most markets." "Measures of broad equity valuations remained elevated. Corporate bond and loan spreads continued to be low by historical standards," the report said. Despite ongoing market optimism, the Fed said investors are beginning to demand more compensation for risk as uncertainty around monetary policy increases. "Treasury yields across 2- and 10-year maturities rose modestly since the November report and remained well above their average levels over the past 15 years," the report said. "Interest rate volatility implied by interest rate swaptions moved higher in March but subsequently retreated, leaving it little changed, on net, and near its long-term median." The Fed said geopolitical risks tied to developments in the Middle East contributed to periods of heightened interest-rate volatility, particularly in shorter-term Treasury securities. "Treasury market liquidity initially deteriorated in line with this heightened volatility, demonstrating the vulnerability of market liquidity during periods of acute stress. In subsequent weeks, liquidity recovered, and, on net, market depth — a measure of liquidity in the Treasury market — was little changed since the previous report." The report, which includes data through April 23, said equity markets remain supported by investor optimism, though volatility has increased. "Two measures of equity market volatility — option-implied and realized — increased since November, with option-implied equity volatility moving to a level above its historical median," the report said. The Fed said commercial real estate prices have shown signs of stabilization following declines in 2022 and early 2024, as vacancy rates and rent growth normalized. In residential real estate, it said house-price growth continues to moderate, though prices remain elevated. The report also highlighted elevated leverage among financial institutions, particularly hedge funds and life insurers. It said leverage at the largest life insurers and at hedge funds remains "well into the upper quartile of its historical distribution." "Life insurers have also steadily increased their investments in risky and illiquid assets over the past decade, and their activity has contributed to the expansion of private credit," the report added. The Fed said the banking sector remains "sound and resilient," citing historically high regulatory capital levels and reduced interest rate risk as banks shorten asset duration. It added that strong profitability continues to support capital accumulation as banks retain earnings rather than rely on external funding. Household and business debt risks were described as "moderate," with total debt falling relative to the size of the economy. Mortgage delinquency rates remained historically low, though some stress has emerged in Federal Housing Administration loans, which have seen delinquencies rise above pre-pandemic levels. The report also included results from a Federal Reserve Bank of New York survey on market risks. Geopolitical risk ranked as the top concern, cited by more than 75% of respondents, up from 50% in November. Oil shocks ranked second at 70%, while artificial intelligence and private credit were each cited by 50%. The survey included 20 market contacts polled between March and April. ### 相關股票 - [.VIX.US](https://longbridge.com/zh-HK/quote/.VIX.US.md) - [.IXIC.US](https://longbridge.com/zh-HK/quote/.IXIC.US.md) - [TQQQ.US](https://longbridge.com/zh-HK/quote/TQQQ.US.md) - [VGSH.US](https://longbridge.com/zh-HK/quote/VGSH.US.md) - [VBIL.US](https://longbridge.com/zh-HK/quote/VBIL.US.md) - [VFH.US](https://longbridge.com/zh-HK/quote/VFH.US.md) - [BIL.US](https://longbridge.com/zh-HK/quote/BIL.US.md) - [SPY.US](https://longbridge.com/zh-HK/quote/SPY.US.md) - [QQEW.US](https://longbridge.com/zh-HK/quote/QQEW.US.md) - [SHV.US](https://longbridge.com/zh-HK/quote/SHV.US.md) - [IVV.US](https://longbridge.com/zh-HK/quote/IVV.US.md) - [ONEQ.US](https://longbridge.com/zh-HK/quote/ONEQ.US.md) - [IAI.US](https://longbridge.com/zh-HK/quote/IAI.US.md) - [JEPI.US](https://longbridge.com/zh-HK/quote/JEPI.US.md) - [RSP.US](https://longbridge.com/zh-HK/quote/RSP.US.md) - [VIXY.US](https://longbridge.com/zh-HK/quote/VIXY.US.md) ## 相關資訊與研究 - [議息紀錄丨聯儲局：通脹如持續高企 加息勢在必行](https://longbridge.com/zh-HK/news/287104176.md) - [【美國議息】聯儲局紀要官員放鷹，年底加息機率破八成](https://longbridge.com/zh-HK/news/287137814.md) - [瑞銀料美國消費放緩影響股市](https://longbridge.com/zh-HK/news/287076058.md) - [公債殖利率飆升，專家：恐將壓垮高估值股市](https://longbridge.com/zh-HK/news/287001514.md) - [銀行業掀 AI 改革潮 滙控籲員工擁抱轉型 艾橋智：雖毀部分職位但亦創造新職位](https://longbridge.com/zh-HK/news/287142085.md)