十年一次的金融大洗牌 美國救債市

1997/1998 亞洲金融風暴, 輸錢的是買股票和借大錢炒樓的投資/投機者........

 

2008/2009 次按風暴, 輸錢的是買股票和買[雷曼債]的投資/投機者.....

2020肺炎風暴, 輸錢的是商家/生意人; 原來還有一班炒債的投資/投機者都要輸錢.......黑天鵝出現了, 本來以為減息會利債券, 但因為肺炎爆發公司無咗生意, 無人想再買佢地的債, 所以債息大升, 債價大跌....

 

Martin Amstrong 好多年前已預測債市會爆煲, 因為利息大升, 所以個個都以為減息對債市是好消息, 點知就係政府利息跌, 但債息因為市場因數逆道大升.....Martin Amstrong 已一早解釋.......

www.zerohedge.com

In yet another expansion of The Fed's intervantionary reach into 'markets', The Fed has decided to "expand its program of support for flow of credit to the economy by taking steps to enhance liquidity and functioning of crucial state and municipal money markets."

This is a move they never played during the Lehman crisis.

This is why - the Muni market is collapsing...

As a reminder, the Muni Bond market had 'broken' with investors desperately using the ETFs to hedge...

Completely decoupling the ETF from the underlying due to lack of liquidity...

Fed Statement:

The Federal Reserve Board on Friday expanded its program of support for the flow of credit to the economy by taking steps to enhance the liquidity and functioning of crucial state and municipal money markets. Through the Money Market Mutual Fund Liquidity Facility, or MMLF, the Federal Reserve Bank of Boston will now be able to make loans available to eligible financial institutions secured by certain high-quality assets purchased from single state and other tax-exempt municipal money market mutual funds.

Eligible Collateral: Collateral that is eligible for pledge under the Facility must be one of the following types:

1) U.S. Treasuries & Fully Guaranteed Agencies;

2) Securities issued by U.S. Government Sponsored Entities;

3) Asset-backed commercial paper that is issued by a U.S. issuer, is rated at the time purchased from the Fund or pledged to the Reserve Bank not lower than A1, F1, or P1 by at least two major rating agencies or, if rated by only one major rating agency, is rated within the top rating category by that agency;

4) Unsecured commercial paper that is issued by a U.S. issuer, is rated at the time purchased from the Fund or pledged to the Reserve Bank not lower than A1, F1, or P1 by at least two major rating agencies or, if rated by only one major rating agency, is rated within the top rating category by that agency; or

5) U.S. municipal short-term debt that:

i. Has a maturity that does not exceed 12 months; and
ii. At the time purchased from the Fund or pledged to the Reserve Bank:

1. If rated in the short-term rating category, is rated in the top short-term rating category (e.g., rated SP1, MIG1, or F1, as applicable) by at least two major rating agencies or if rated by only one major rating agency, is rated within the top rating category by that agency; or
2. If not rated in the short-term rating category, is rated in the top long-term rating category (e.g., AA or above) by at least two major rating agencies or if rated by only one major rating agency, is rated within the top rating category by that agency.

How long until corporate bonds... and stocks... are added to the list?

NOW財經

【Now新聞台】美國聯儲局再有進取行動，強化金融體系的流動性。

聯儲局說，會擴大資產購買類別，由目前只是買入國債和按揭抵押證券，擴大至買入地方債券，為州及市政府創造更多流動性，應對新型冠狀病毒疫情帶來的影響。

穆迪首席經濟學家贊迪稱，聯儲局買地方債是前所未有，即使零八年金融海嘯期間亦無走到這一步，表明信貸市場面臨巨大壓力。

另外，負責買債操作的紐約聯儲銀行，於周五進行了額外2次按揭抵押證券購買操作，買入合共150億美元，又稱下周將購買至少1000億美元按揭抵押證券。

另一方面，聯儲局宣布與歐洲央行、日本央行、英倫銀行加拿大央行和瑞士央行，聯手強化美元互換安排，以確保全球美元流動性充足，將7天期的操作由每周進行加密至每日進行。新措施下周一生效，最少持續到4月底。