With a quantitative easing exit now being eyed, many are beginning to worry about the possibility that the Federal Reserve will struggle to unwind its huge balance sheet in a controlled way. In reality, however, there is no reason to fear runaway rates provided authorities keep collateral market rates in mind during the exit process.
鉴于目前有退出量化宽松政策的可能,很多人开始担忧美联储(Fed)可能很难以可控的方式消解其庞大的资产负债表。但实际上,只要在退出的过程中,当局能够始终考虑到抵押市场利率,就不需要担忧利率失控。
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