美聯(lián)儲金融英語

演講人：日期：美聯(lián)儲金融英語OverviewandFunctionsoftheFederalReserveFundamentalsofFinancialMarketsFederalReservePolicyCommunicationandMarketResponseCrossborderfinancialactivitiesandregulatorycooperation目錄TheFederalReserve'sImpactontheGlobalEconomyDevelopmentofFinancialTechnologyandItsApplicationintheFederalReserve目錄01OverviewandFunctionsoftheFederalReserveCreatedinresponsetofinancialpoliciesandfacilitiesinthelate19thandearly20thcentersGovernedbyaBoardofGovernorsinWashington,D.C.,withresponsibilitiesformonetarypolicyandsupervisionTheHistoricalBackgroundandOrganizationalStructureoftheFederalReserveEstablishedasacentralbankingsystemwith12regionalFederalReserveBanksOrganizationalstructureincludestheFederalOpenMarketCommittee(FOMC)formonetarypolicydecisionsMonetaryPolicyGoalsandToolsGoalsincludemaximumemployment,stableprices,andmodeledlongterminterestratesOpenmarketoperationsinvolvebuyingandsellinggovernmentsecuritiestoinfluencethefederalfundsrateToolsincludeopenmarketoperations,discountrate,andreserverequirementsThediscountrateistheinterestratechargedtobanksforshorttermloansfromtheFederalReserveRegulatoryresponsibilitiesandinternationalcooperation01Supervisorsandregulationsbankinginstitutionstoensuresafetyandsoundness02Implementsconsumerprotectionlawsandregulations03Cooperateswithothercentralbanksandinternationalfinancialinstitutionstomaintainglobalfinancialstability04Participantsininternationalforumsandcommitteestodiscussmonetarypolicyandfinancialmarketdevelopments02FundamentalsofFinancialMarketsWheresecuritiesarefirstissuedandsoldtoinvestors,offeringcompanieswithcapitalforexpansion,operations,ordebtrepaymentPrimaryMarketsWherepreviouslyissuedsecuritiesarebulkyandsolidamonginvestors,offeringliquidityandpricediscoverySecondaryMarketsShorttermdebtinstruments(e.g.,treasurybills,commercialpaper)aretraded,facilitatingshorttermfundingneedsforbusinessesandgovernmentsMoneyMarketsLongtermdebtandequityinstruments(e.g.,bonds,stocks)aretraded,enablinglongterminvestmentandfundingforeconomicgrowthCapitalMarketsTypesandfunctionsoffinancialmarketsStocksRepresentativeownershipinacompanyandentityshareholderstodividendsandvotingrightsBondsRepresentativedebtobligationsofacompanyorgovernmentandprovideregularinterestpaymentstobondholdersDerivativesFinancialcontractswhosevalueisderivedfromanunderlyingasset,suchasfutures,options,swaps,andforwardsFinancialproductsandtradingmethodsTradingMethodsIncludeorderdrivenmarkets(e.g.,stockexchanges)wherebuyersandsellersplaceordersthatarematchedbytheexchange,andquotedrivenmarkets(e.g.,overthecountermarkets)wheredealersprovidepricesandarewillingtobuyorsellatthosepricesFinancialproductsandtradingmethodsDiversionSpreadinginvestmentsacrossdifferentassetclasses,industries,andgeographytoreduceexposuretoanysingleriskfactorHeddingTakingoffsettingpositionsinrelatedmarketstoreducetheriskofadversepricemovementsintheprimaryinvestmentRiskMeasurementQuantifyingriskthroughstatisticalanalysisandhistoricaldatatoassessthepotentialimpactofmarketmovementsonaninvestmentportfolioRiskmanagementstrategyRiskManagementPoliciesEstablishingclearguidelinesforinvestmentdecisions,includingrisktolerancelevels,positionlimits,andstoplossorderstolimitlossesintheeventofmarketdownturnsRiskmanagementstrategy03FederalReservePolicyCommunicationandMarketResponseTheFederalReserveissuespolicystatementstocommunicatemonetarypolicydecisionsandtheirrationalityPressconferencesareheldafterkeypolicymeetingstoprovideadditionalcontextandclaimonpolicychangesTheChairoftheFederalReserveandotherseniorofficesusetheseplatformstoguidemarketexpectationsandmanageuncertaintyPolicystatementandpressconferenceItutilizesvariouschannelssuchasspeeches,interviews,andteststotransmitinformationtoawiderangeofmarketparticipantsTheFedalsoengageswiththemediatoensureaccuracyandtimelydiscussionofpolicymessagesTheFederalReservemanagementmarketexpectationsthroughclearandconsistentcommunicationofpolicygoalsandstrategiesMarketExpectationManagementandInformationTransmission01FinancialmarketsreactsweetlytopolicyadjustmentsannouncedbytheFederalReserve,reflectingchangesininterestrates,assetprices,andexchangerates02Marketparticipantscloselymonitorpolicystatementsandpressconferencesforcuesonfuturepolicydirectionandeconomicoutlook03TheFederalReserve'scommunicationstrategyplaysacriticalroleinshapingmarketresponsesandensuringasmoothtransmissionofmonetarypolicyTheresponseoffinancialmarketstopolicyadjustments04CrossborderfinancialactivitiesandregulatorycooperationInternationalpaymentsystemsTheseincludeSWIFT,CHIPS,andothermajorglobalpaymentnetworksthatfacilitatecrossbordertransactionsCorrespondingbankingrelationshipsTheseareestablishedbetweenbankstoenablethemtoprovideservicestoeachother'scustomers,includingcrossborderpaymentsCrossordersettlementmechanismsTheseinvolvetheuseofcentralbankoperatedsystems,suchasRTGS(RealTimeGrossSettlement)systems,toprocessandsettlecrossborderpaymentsCrossborderpaymentandsettlementsystem010203ForeignexchangereservesTheseareholdingsofforeigncurrenciesorassetsthatcanbeeasilyconvertedintoforeigncurrencies,whichareusedtobackacountry'scurrencyandinterveneintheforeignexchangemarketifnecessaryExchangeratepoliciesCentralbanksmayhavedifferentexchangeratepolicies,suchasafloatingexchangerate,afixedexchangerate,oramanagedfloat,dependingontheireconomicobjectivesandcirculationsForeignexchangemarketinterventionCentralbanksmayinterveneintheforeignexchangemarkettoinfluencethevalueoftheircurrencybybuyingorsellingforeigncurrenciesForeignexchangereservemanagementandexchangeratepolicyCapitalflowsTheserefertothemovementoffundsacrossborders,whichcanbeintheformofdirectinvestment,portfolioinvestment,orbankingflowsRisksassociatedwithcrossbordercapitalflowsTheseincludeexchangeraterisk,interestraterisk,andcreditrisk,whichcanaffectthevalueofinvestmentsandthestabilityoffinancialmarketsRegulatorymeasurestomitigaterisksRegulatorsmayimplementmeasuressuchascapitalcontrols,empiricalregulations,andmacroprincipalpoliciestomitigatetherisksassociatedwithcrossbordercapitalflowsCrossborderCapitalFlowsandRiskPrevention05TheFederalReserve'sImpactontheGlobalEconomyGlobalizationandintegrationTheincreasinginterconnectivityofeconomieshasledtotherapidtransmissionofshocksandrisksacrossbordersTechnicalinnovationTheriskofdigitaltechnologiesandautomationhastransformedthewaybusinessesoperateandtrade,leadingtosignificantshiftsintheglobaleconomiclandscapeDemographicchangesShiftsinpopulationsize,agestructure,andmigrationpatternshaveimportantimplicationsforlabormarkets,consumptionpatterns,andeconomicgrowthEnvironmentalsustainabilityThegrowingrecognitionoftheneedtoaddressclimatechangeandenvironmentaldegradationhasledtotheemergenceofnewsectorsandpoliciesthataresharingtheglobaleconomyTheevolutionandchallengesoftheglobaleconomiclandscapeMonetarypolicydivergenceDifferencesinmonetarypolicystandbetweentheFederalReserveandothermajorcentralbankscanleadtosignificantcapitalflowsandexchangeratemovementsinemergingmarketeconomicsFinancialstabilityrisksStrengtheningmonetarypolicyintheU.S.canleadtoariskinglobalinterestrates,whichcanincreasedebtservingcostsandfinancialstabilityrisksinemergingmarketswithhighlevelsofexternaldebtCommoditypricevolatilityChangesinU.S.monetarypolicycanaffectglobalcommodityprices,whichcanhaveasignificantimpactontheeconomyofcommodityexportingemergingmarketsSpillovereffectsofdomesticpoliciesDomesticpoliciesintheUnitedStates,suchastradeandfinancialpolicies,canhavespillovereffectsonemergingmarketeconomiesthroughtradelinksandfinancialmarketsTheImpactofFederalReservePolicyonEmergingMarketEconomicsInternationalFinancialStabilityandGovernanceReformStrengtheningglobalfinancialinstitutionsTheFederalReserveplaysakeyroleininternationalfinancialinstitutions,suchastheInternationalMonetaryFund(IMF)andtheBankforInternationalSettlements(BIS),whichareworkingtostrengthenglobalfinancialstabilityandgovernanceImprovingcrossborderpaymentsystemsTheFederalReserveisinvolvedineffortstoimprovecrossborderpaymentsystemstoenhancetheefficiencyandsecurityofinternationaltransactionsPromotingfinancialinclusionTheFederalReservesupportspoliciesandinitiativ