By  Eli Han, Mathew Dickerson and Yi He

INTRODUCTION
简介

The COVID-19 outbreak in the United States has wreaked havoc in the U.S. economy.  In response, the U.S. government has taken massive actions to stabilize and stimulate the economy.  The U.S. Federal Reserve has delivered a series of extraordinary measures to support the U.S. economy during the escalating COVID-19 pandemic, pledging to buy an unlimited amount of bonds and setting up a series of programs to ensure credit continues to flow to U.S. companies.

新冠病毒的爆发对美国经济已经造成了严重的损害，作为回应，美国政府采取了一系列大规模行动来稳定和刺激经济。美联储已采取了一系列前所未有的措施，以期在不断升级的疫情期间支持美国经济，包括无限量化宽松计划以及设立众多信贷项目以确保资金流动性。

While some of the measures announced by the Federal Reserve echo programs established during the 2008 global financial crisis (including the TALF, MMLF, CPFF and PDCF), compared against those earlier programs, the Federal Reserve’s COVID-19 measures are both:

尽管美联储宣布的一些措施是在2008年全球金融危机期间制定的（包括TALF，MMLF，CPFF和PDCF），但与之前措施相比，美联储此次采取的措施：

  • broader in scope, as they are aimed at supporting all types of companies (large and small) that operate in the real economy and not just financial institutions; and
  • 范围更广，因为它们旨在支持实体经济中运营的所有类型的公司，而不仅仅是金融机构；

 

  • greater in magnitude, which is reflective of the increasing severity of the COVID-19 pandemicand the tremendous hardship it is causing to families and businesses in the United States and around the world.
  • 规模更大，这反映出新冠疫情的严重性及其对美国和世界各地造成的巨大经济困难。

The remainder of this article provides a high-level overview of some of the key measures announced by the Federal Reserve to date.  As the COVID-19 situation continues to develop and as other parts of the U.S. government adopt and implement their own extraordinary response measures, the Federal Reserve’s approach and policy toolkit is expected to evolve.

下文概述了美联储迄今宣布的一些关键的应对新冠疫情措施。随着疫情局势的持续发展，以及美国的其他政府部门也在同时采取前所未有的举措，美联储的应对措施将不断发生变化。

 

OVERVIEW OF THE FEDERAL RESERVE’S MEASURES
美联储措施概览

 

1. Support for Critical Market Functioning – Quantitative Easing Plan

    支持市场关键运作—无限量化宽松计划

The Federal Open Market Committee (FOMC) of the Federal Reserve System will purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy. The FOMC had previously announced it would purchase at least $500 billion of Treasury securities and at least $200 billion of mortgage-backed securities. In addition, the FOMC will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.

美国联邦公开市场委员会（FOMC）将会无限量购买美国国债和联邦机构发行的抵押贷款支持证券，以支持市场的平稳运行和有效的货币政策传导。FOMC此前已经宣布，将购买至少5000亿美元的美国国债和至少2000亿美元的抵押贷款支持证券。此外，FOMC将把购买机构商业抵押贷款支持证券纳入其联邦机构抵押贷款支持证券的购买范围。

2. Provide Liquidity– supporting the flow of credit to employers, consumers, and businesses by establishing new programs that, taken together, will provide up to $300 billion in new financing. The Department of the Treasury, using the Exchange Stabilization Fund (ESF), will provide $30 billion in equity to these facilities.

提高流动性——通过建立新的信贷项目来支持对雇主、消费者和企业的信贷流动。这些新项目加在一起将可以提供高达3000亿美元的新融资。财政部则将利用外汇稳定调节基金 (ESF)向这些项目提供300亿美元的股资。

 

3. Establishment of Various Facilities

    设立一系列信贷机制

 

Primary Dealer Credit Facility (PDCF)

一级交易商信贷机制（PDCF）

 

    • Objective: The PDCF is intended to allow primary dealers to support smooth market functioning and facilitate the availability of credit to businesses and households by providing credit to primary dealers in exchange for a broad range of collateral.

目标：该信贷机制通过向一级交易商提供抵押信贷，以达到支持平稳的市场运作、为企业和家庭提供信贷便利的目的。

    • Overview: Loans will be made available to primary dealers for a term of up to 90 days and may be collateralized by a broad range of investment grade debt securities, including commercial paper and municipal bonds, and a broad range of equity securities.

简介：该信贷机制将被用于向一级交易商提供贷款，贷款期限最长为90天，并且可以通过各种投资级债券（包括商业票据和市政债券）以及各种股票证券作为抵押。 

 

Commercial Paper Funding Facility (CPFF)

商业票据融资机制 (CPFF)

 

  • Objective: The CPFF is designed to encourage investors to once again feel safe to lend in the commercial paper (CP) market, and to make sure that U.S. CP issuers, including corporate issuers, are able to roll over maturing CPs.

目标：鼓励投资人在商业票据（CP）市场上放贷；确保任何美国CP发行人 (包括公司发行人)都可以转换到期CP票据。

 

  • Overview: The CPFF will serve as a funding backstop to facilitate the issuance of term CPs by eligible issuers. The Federal Reserve Bank of New York will lend, on a recourse basis, to a funding special purpose vehicle (SPV), capitalized by the Department of the Treasury with $10 billion equity investmentfrom the ESF, and loans will be secured by all assets of the SPV. The SPV will purchase 90-day U.S. dollar-denominated CPs, rated at least A1/P1/F1 (with limited exception), issued by eligible issuers, including U.S. corporate issuers and municipalities.

简介：CPFF将为合格发行人发行定期CP提供资金支持。在此信贷机制下，纽约联邦储备银行将、利用财政部提供的100亿美元股权投资设立一个SPV，向该SPV提供有追索权、并由SPV的所有资产作为抵押的贷款。SPV将从合格发行人那里购买期限为90天的以美元发行的CP, 这些CP一般需要至少有A1/P1/F1的信用评级。合格发行人包括公司机构和地方政府。

Money Market Mutual Fund Liquidity Facility (MMLF)

货币市场共同基金流动性机制 (MMLF)

  • Objective: The MMLF is designed to provide relief for, and liquidity to, money market mutual funds (MMFs) that are prime MMFs, single-state MMFs and other tax-exempt MMFs.

目标：为优先型市场货币基金、单州货币基金以及其他免税的货币基金提供救助和流动性。

 

  • Overview: The MMLF will serve as a funding backstop for MMFs.Under the MMLF, the Federal Reserve Bank of Boston will make non-recourse loans to eligible financial institutions, secured by high-quality assets purchased by the borrower financial institution from MMFs, without haircuts. Eligible borrowers include all U.S. depository institutions, U.S. bank holding companies and U.S. branches and agencies of foreign banks.

简介：MMLF将为货币市场共同基金提供流动性支持。在此信贷机制下，波士顿联邦储备银行将会向符合资格的金融机构提供无追索权贷款，贷款由金融机构从货币市场共同基金购买的优质资产作抵押，且不会对抵押物的估值进行折扣。合格的借款人包括所有美国银行机构、美国银行控股公司以及外国银行在美国的分支机构和代理机构。

    • Eligible collateral under the MMLF includes U.S. Treasuries and fully guaranteed U.S. agency securities, securities issued by U.S. government sponsored entities, CPs and negotiable CDs with a short-term rating within the top rating category, U.S. municipal short-term debt with a maturity less than 12 months and a short-term rating within the top rating category, and variable rate demand notes that can be tendered within 12 months and have a rating in a top rating category.
    • MMLF下的合格抵押物包括美国国债和美国主权信用担保的政府机构债务，美国政府发起的机构发行人债务，短期高信用评级的CP 和可兑现CD，短期高信用评级的市政债券，和短期高信用评级的可变利率即期票据。
  • Term Asset-Backed Securities Loan Facility (TALF)

定期资产支持证券信贷机制 (TALF)

    • Objective: The TALF is intended to help meet the credit needs of consumers and small businesses by facilitating the issuance of asset-backed securities (ABS) backed by student loans, auto loans, credit card loans, loans guaranteed by the Small Business Administration (SBA), and certain other assets, and improving the market conditions for ABS more generally.

目标：其旨在通过促进发行由学生贷款、汽车贷款、信用卡贷款、美国小企业管理局（SBA）和其他某些资产担保的资产支持证券（ABS）来满足消费者和小企业的信贷需求以及提升ABS的整体市场状况。

 

    • Overview: The TALF will serve as a funding backstop to facilitate the issuance of eligible ABS. The Federal Reserve Bank of New York will lend to a funding SPV, capitalized by the Department of the Treasury with $10 billion equity investment, on a recourse basis.  The SPV will then make loans to eligible borrowers on a non-recourse basis, secured by certain AAA-rated cash ABS backed by newly and recently originated consumer and small business loans, with the collateral subject to valuation haircuts. The SPV initially will make up to $100 billion of loans available. The loans will have a term of three years.

简介：TALF将为促进发行合格ABS提供资金支持。在此信贷机制下，纽约联邦储备银行将利用财政部提供的100亿美元股权投资设立一个SPV，向该SPV提供有追索权的贷款。该SPV将会向借款人提供由某些AAA级的ABS抵押担保的无追索权贷款。这些ABS的底层资产必须是最高信用评级的新近发行的消费贷款和小企业贷款，对于这些ABS抵押资产的估值会有折扣。该SPV最初可以提供高达1000亿美元的贷款。贷款期限为三年。

 

  • Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance andSecondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds

一级市场公司信贷机制 (PMCCF)，以支持发放新债券及贷款；二级市场公司信贷机制(SMCCF)，为公司债券提供流动资金

Objective: To allow companies access to credit so that they are better able to maintain business operations and capacity during the period of dislocations caused by COVID-19.

目标：提供公司获得信贷的渠道，以便公司在疫情期间更好地维护业务运营。

i. PMCCF

Overview: The PMCCFwill serve as a funding backstop for corporate debt issued by eligible issuers. The Federal Reserve Bank of New York will lend to a funding SPV, capitalized by the Department of the Treasury with $10 billion equity investment from the ESF, on a recourse basis and secured by all assets of the SPV. The SPV will then purchase, in the primary market, qualifying bonds from, and make loans to, eligible issuers on a non-recourse basis. This facility is open to U.S. companies headquartered in the United States and with material operations in the United States, which or whose bonds have investment grade ratings, other than companies that are expected to receive direct financial assistance under federal legislation, such as airlines.

简介：PMCCF将为合格发行人发行的公司债券提供资金支持。纽约联邦储备银行将在此信贷机制下、利用财政部提供的100亿美元股权投资设立一个SPV，向该SPV提供有追索权、以SPV资产抵押的贷款。SPV将直接从一级市场的合格发行人购买公司债券，并向合格发行人提供贷款。该信贷机制将向具有投资级信用评级、总部位于美国和在美国有重要运营的公司开放，但不包括像航空公司等将在联邦法案下直接获得资助的公司企业。

ii. SMCCF

Overview: Under the SMCCF, the Federal Reserve Bank of New York will lend to a funding SPV, capitalized by the Department of the Treasury with $10 billion equity investment from the ESF, on a recourse basis and secured by all assets of the SPV. The SPV will purchase in the secondary market corporate bonds issued by U.S. companies with material operations in the United States, whose bonds have investment grade ratings, as well as U.S.-listed exchange-traded bond funds.

简介：纽约联邦储备银行将在此信贷机制下、利用财政部提供的100亿美元股权投资设立一个SPV，向该SPV提供有追索权、以SPV资产抵押的贷款。SPV将在二级市场上购买由在美国有重要运营的美国公司发行的具有投资级信用评级的公司债券，以及美国交易所交易的债务基金。

  • Temporary FIMA Repo Facility

临时性外国央行美国国债回购机制

    • Objective: This facility is designed to help support the smooth functioning of the U. Treasury securities market by providing other central banks an alternative temporary source of U.S. dollars to sales of U.S. Treasury securities they own in the open market. It should also serve, along with the U.S. dollar liquidity swap lines the Federal Reserve has established with other central banks, to help ease strains in global U.S. dollar funding markets.

目标：为各国央行提供除了在公开市场外出售美国国债以外的替代性的美元临时资金来源，从而有助于支持美国国债市场的平稳运转。该机制还将与美联储和其他央行达成的美元流动性互换协议一起，帮助缓解全球美元融资市场的压力。

    • Overview: On March 31, 2020, the Federal Reserve announced the establishment of a temporary repurchase agreement facility for foreign central banks and other international monetary authorities (FIMA Repo Facility). The FIMA Repo Facility will allow FIMA account holders, which consist of central banks and other international monetary authorities with accounts at the Federal Reserve Bank of New York, to enter into repurchase agreements with the Federal Reserve, to temporarily exchange their U.S. Treasury securities for U.S. dollars, which can then be made available to institutions in their home jurisdictions.  Under the facility, foreign central banks can temporarily raise dollars by selling U.S. Treasuries to the Federal Reserve’s System Open Market Account and agreeing to buy them back at the maturity of the repurchase agreement. The term of the agreement will be overnight, but can be rolled over as needed. The transaction would be conducted at an interest rate of 25 basis points over the rate on IOER (Interest on Excess Reserves), which generally exceeds private repo rates when the Treasury market is functioning well, so the facility would primarily be used only in unusual circumstances such as those prevailing at present.

简介：2020年3月31日，美联储宣布为外国央行和其他国际货币组织设立一个临时美国国债回购协议安排。这项安排将允许在纽约联邦储备银行拥有账户的外国央行和其他国际货币组织与美联储达成美国国债回购协议，从而使它们可以暂时用其持有的美国国债从美联储换取美元，提供给各自司法区内的机构使用。在回购协议下，这些机构可以向美联储出售用其持有的美国国债，换取美元，并承诺在回购协议到期后回购这些国债。回购协议期限通常是隔日，但是可以根据需要推延。回购交易利率是超额准备金利率加25个基点。这一利率在美国国债市场平稳时通常是高于普通回购交易利率，因此这一机制只有在像目前这样非正常市场环境中使用。

4. Other Federal Reserve Actions

其他措施

  • The Federal Reserve established temporary dollar liquidity-swap lines with 14 central banks. The Federal Reserve first announced coordinated action with five central banks (ECB, BoE, and central banks of Canada, Japan, Switzerland), and on March 19 added temporary swap arrangements with 9 more central banks to be in place for at least six months.  On March 20, it announced that swaps with the first group of central banks would be conducted daily rather than weekly.

美联储目前已经与14家央行达成了临时美元流动性互换协议。美联储先前宣布与五家央行（即欧洲央行、英国央行、加拿大央行、日本央行、瑞士央行）采取协调行动，随后于19日又宣布新增9家央行。3月20日，美联储宣布与第一批央行的互换操作频率由每周调整为每天。

    • The expansion of the dollar swap lines allows foreign central banks to meet the needs of companies and financial institutions rushing for dollars as the global payment system undergoes severe strain due to COVID-19.

随着全球支付系统由于疫情而备受压力，美元互换额度的提升使各国央行能够满足急需美元的公司和金融机构的需求。

  • Steps to enhance the availability and ease terms for borrowing at the discount window,help encourage more active use of the window by depository institutions to meet unexpected funding needs:

提高贴现窗口（discount window）的贷款可用额度并降低贷款门槛，以鼓励银行积极利用贴现窗口来满足意外的资金需求；

    • Discount window: Federal Reserve lending to depository institutions (the “discount window”) plays an important role in supporting the liquidity and stability of the banking system and the effective implementation of monetary policy. By providing ready access to funding, the discount window helps depository institutions manage their liquidity risks efficiently and avoid actions that have negative consequences for their customers, such as withdrawing credit during times of market stress. Thus, the discount window supports the smooth flow of credit to households and businesses.

贴现窗口：美联储对银行的短期贷款（“贴现窗口”）在支持银行系统的流动性和稳定性以及有效实施货币政策方面发挥着重要作用。通过提供现成的融资渠道，贴现窗口可帮助银行有效地管理其流动性风险，并避免采取对其客户有负面影响的行动，例如在市场承受压力时期撤出信贷。因此，贴现窗口能够支持向家庭和企业的平稳信贷流动。

    • Measures: Primary credit rate reduced to 25 bps, term extended to up to 90 days.

措施：将一级信贷利率降至0.25%，贷款期限延长至90天。

  • The reduction of the reserve requirement ratios to zero percent to free up funds to support more lending. The reserve requirement is the amount of money that a depository institution must have in its account at a Federal Reserve Bank, as a percentage of its deposit liabilities.

美联储将存款准备金率降至零，以释放资金来支持银行借贷。存款准备金是指银行在联邦储备银行帐户中必须存有的金额，以其存款负债的百分比表示。

    • Guidance encouraging banks to be flexible with customers experiencing financial challenges related to COVID-19 and to utilize their liquidity and capital buffers in doing so。

出具指导意见鼓励银行在其客户由于疫情而遇到财务挑战时灵活应对，并利用其流动性和资本缓冲来做到这一点；

    • FOMC cut the target range for the federal funds rate to 0% to 0.25%.

将基准利率降低至0%-0.25%。

In addition to the steps above, the Federal Reserve expects to announce soon the establishment of a Main Street Business Lending Program to support lending to eligible small-and-medium sized businesses, complementing efforts by the SBA.

除了上述措施之外，美联储将很快宣布建立一个“大众企业贷款计划”，为符合条件的中小企业提供贷款，作为对小企业管理局支持的补充。

CONCLUDING OBSERVATIONS

结语

As the U.S. government’s multifaceted response to the COVID-19 pandemic continues to unfold, it remains to be seen how the Federal Reserve’s monetary policy tools will work together with the U.S. government’s recently announced fiscal policy measures in the CARES Act to deliver maximum results for affected households and businesses.

随着美国政府不断采取针对新冠疫情的多方面措施，对于美联储的货币政策工具将如何与美国政府最近颁布的CARES法案中财政措施共同发挥作用、从而为受影响的家庭和企业带来最大化效益，还有待观察。

Market participants are also eagerly waiting to see the extent to which governments and central banks around the world can effectively coordinate their policy measures to revitalize the global economy.  As with the virus itself, the economic repercussion of the COVID-19 pandemic knows no borders or ideologies.

市场还在急切观望世界各国政府和其央行将如何有效地协调其政策措施以振兴全球经济。与病毒本身一样，新冠疫情带来的经济影响是不分国界或意识形态的。

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