--- title: "美聯儲官員巴爾警告稱，縮減資產負債表存在權衡取捨" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/286482290.md" description: "美聯儲理事邁克爾·巴爾警告不要縮減中央銀行的資產負債表，稱這可能導致意想不到的後果和市場波動加劇。他強調，減少準備金可能會削弱銀行的韌性，並威脅金融穩定，這與即將上任的美聯儲主席凱文·沃什優先考慮縮減資產負債表的目標相悖。巴爾認為，準備金的減少可能需要美聯儲更頻繁地進行干預，最終增加其在金融市場的影響力。他總結道，如果縮減資產負債表會妨礙銀行系統的韌性，那麼這一目標就是錯誤的" datetime: "2026-05-14T23:54:14.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286482290.md) - [en](https://longbridge.com/en/news/286482290.md) - [zh-HK](https://longbridge.com/zh-HK/news/286482290.md) --- # 美聯儲官員巴爾警告稱，縮減資產負債表存在權衡取捨 - **Key takeaway:** Federal Reserve Gov. Michael Barr said shrinking the central bank's balance sheet could have unintended consequences, including increasing the Fed's footprint in financial markets. - **Expert quote:** "I think shrinking the balance sheet is the wrong objective, and many of the proposals to meet this objective would undermine bank resilience, impede money market functioning and, ultimately, threaten financial stability." — Federal Reserve Gov. Michael Barr - **What's at stake:** Kevin Warsh, the incoming Federal Reserve chair, has said shrinking the central bank's balance sheet will be a priority. Federal Reserve Gov. Michael Barr warned Thursday against efforts to shrink the central bank's balance sheet, saying such moves could undermine financial stability and ultimately make the Fed more active in financial markets rather than less. Speaking at a Money Marketeers event in New York, Barr outlined several recently floated proposals to reduce the Fed's balance sheet, including lowering reserve demand, easing regulatory thresholds for banks or having the Treasury reduce the size of its account at the Fed. He said some of those ideas could carry unintended consequences, including increasing the Fed's footprint in financial markets. "I think shrinking the balance sheet is the wrong objective, and many of the proposals to meet this objective would undermine bank resilience, impede money market functioning and, ultimately, threaten financial stability," Barr said. "Some would actually increase the Fed's footprint in financial markets." Barr said reserve requirements are "essential to the safety and soundness of our banking system" and warned that reducing reserves too far could put a strain on the payments system. "It gives banks an incentive to economize on their liquidity by slowing down their outgoing payments, leading to bottlenecks and stresses in funding markets," he said. "And, as we know, during stress, if banks do not have enough reserves when depositors ask for withdrawals, panic can ensue." Barr also warned that operating with lower reserve levels could increase market volatility and raise the risk that the Fed loses control of short-term interest rates. "That's what we saw in 2019 when repo market rates spiked," Barr said. "The Fed avoided this outcome in late 2025 by acting in advance to incrementally grow our balance sheet." He said lower reserves could make financial markets more fragile and require the Fed to intervene more frequently through lending facilities such as the standing repo facility or the discount window. He added that such a system would depend on banks being more willing to use those tools. "If banks overcame their reluctance to use standing repo operations and the discount window, rate control could be maintained with a lower level of reserves," he said. "But it would mean that the Fed would be lending into the market on a regular basis, again, a form of a bigger footprint. I'm not opposed to Fed lending, but it would not reduce the Fed's footprint in the market." Barr also questioned the rationale for shrinking the Fed's balance sheet if doing so reduced financial resilience. "In sum, shrinking the Fed's balance sheet is the wrong goal, and reducing the resilience of the banking system is the wrong means," he said. Barr's comments com in stark contrast to those of incoming Fed chair Kevin Warsh, who has argued for reducing the size of the central bank's balance sheet. Less than $1 trillion before the 2008 financial crisis, the Fed's balance sheet swelled to nearly $9 trillion at its peak during the pandemic, when it purchased large quantities of Treasury securities and mortgage-backed securities to support the economy. It has since fallen to about $6.7 trillion, but remains well above pre-crisis levels. Warsh has long criticized that expansion. In a Wall Street Journal op-ed last year, he wrote: "The Fed's bloated balance sheet, designed to support the biggest firms in a bygone crisis era, can be reduced significantly." He added that "largesse can be redeployed in the form of lower interest rates to support households and small and medium-size businesses." ### 相關股票 - [.VIX.US](https://longbridge.com/zh-HK/quote/.VIX.US.md) - [.DJI.US](https://longbridge.com/zh-HK/quote/.DJI.US.md) - [.SPX.US](https://longbridge.com/zh-HK/quote/.SPX.US.md) - [.IXIC.US](https://longbridge.com/zh-HK/quote/.IXIC.US.md) ## 相關資訊與研究 - [聯儲局理事巴爾稱縮表是錯誤目標 與候任主席沃什主張背道而馳](https://longbridge.com/zh-HK/news/286486668.md) - [華許想終結支撐美股 15 年的 Fed 劇本！投資人現在該怎麼做？](https://longbridge.com/zh-HK/news/286713491.md) - [新壽外價金增提牽動資產增加 金管會要求釐清妥適性](https://longbridge.com/zh-HK/news/286920235.md) - [新壽外價金縮水爭議 金管會仍不允許 475 億轉列其他資產](https://longbridge.com/zh-HK/news/286889798.md) - [美國「過度特權」的終結？紐約 Fed：69 兆美元外國投資正反噬美國經濟](https://longbridge.com/zh-HK/news/286866452.md)