The overall price and availability of money: bond yields, mortgage rates, credit spreads, the dollar, share prices. They can tighten even when the policy rate does not move.
金融条件
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | The bond market raised rates for the Fed 金融条件 · 第 3 张术语卡 | This is the hinge of the article: the Fed can pause because the market has already tightened for it. 美联储看的是芝加哥联储的全国金融状况指数（NFCI），正值代表比平均更紧。9 月加息之后，股市波动让这个指数略微收紧——这就是官员可以说「我们已经紧了」的依据。对读者的用处：判断加息与否，不要只盯政策利率，要看 10 年期收益率、投资级信用利差和高收益债发行窗口是否同时关上了。 |