Though the Fed has stopped purchasing new assets, it has shown no inclination to scale back its outsize holdings. Meanwhile it has passed the quantitative-easing baton to the Bank of Japan and the European Central Bank, both of which will create even more liquidity at a time of record-low interest rates.
更重要的是，美联储4.5万亿美元规模的资产负债表已经增长了五倍多。尽管美联储已经停止购买新资产，但并未表现出缩减巨额持有量的意图。与此同时，它将量化宽松的接力棒传给了日本银行和欧洲央行，后两者都会在利率位于创纪录低水平的情况下创造出更多的流动性。