独家编译！美联储开放式量化宽松声明全文

北京时间3月23日晚间，美联储宣布了一系列帮助市场的新计划，包括了开放式的资产购买。

美联储称，本周每天都将购买750亿美元的国债和500亿美元的机构住房抵押贷款支持证券（MBS）。此外美联储还表示：每日和定期回购利率报价利率将重设为0%。

以下为美联储声明全文（网易研究局独家编译）：

1、美联储发表联邦公开市场委员会声明

Federal Reserve issues FOMC statement

美联储（Federal Reserve）致力于在这一充满挑战的时刻使用其全部工具来支持美国经济，从而促进其最大就业和价格稳定目标。

The Federal Reserve is committed to use its full range of tools to support the U.S. economy in this challenging time and thereby promote its maximum employment and price stability goals.

联邦公开市场委员会正在采取进一步行动，通过解决国债和代理抵押支持证券的市场压力来支持信贷向家庭和企业的流动。美联储将继续购买必要数量的国库券和机构抵押支持证券，以支持平稳的市场运作，以及将货币政策有效地传导至更广泛的金融环境。委员会将在其机构抵押支持证券购买中包含机构商业抵押支持证券的购买。此外，开放市场操作台将继续提供大规模的隔夜和定期回购协议操作。委员会将继续密切监视市场状况，并将在未来的会议上评估其购买证券的适当步伐。

The Federal Open Market Committee is taking further actions to support the flow of credit to households and businesses by addressing strains in the markets for Treasury securities and agency mortgage-backed securities. The Federal Reserve will continue to 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. The Committee will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will continue to closely monitor market conditions, and will assess the appropriate pace of its securities purchases at future meetings.

在一系列相关行动中，美联储宣布了其他措施，以支持信贷流向家庭和企业。

In a related set of actions, the Federal Reserve announced additional measures to support the flow of credit to households and businesses. More information can be found on the Federal Reserve Board's website.

针对这些计划，委员会一致投票通过授权和指示纽约联邦储备银行，除非另有指示，否则将根据以下国内政策指令在系统公开市场账户中执行交易：

In connection with these plans, the Committee voted unanimously to authorize and direct the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive:

“从2020年3月23日起，联邦公开市场委员会指示公开市场交易部门进行必要的公开市场操作，以将联邦基金利率维持在0％至0.25％的目标范围内。委员会指示该部门提高系统开放度以支持国库券和代理MBS市场的平稳运作，需要的国库券和抵押贷款支持证券（MBS）的市场账户持有量。委员会还指示该部门购买机构商业抵押支持证券，包括在其代理商抵押支持的证券购买。

"Effective March 23, 2020, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 0 to 1/4 percent. The Committee directs the Desk to increase the System Open Market Account holdings of Treasury securities and agency mortgage-backed securities (MBS) in the amounts needed to support the smooth functioning of markets for Treasury securities and agency MBS. The Committee also directs the Desk to include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.

委员会指示该部门继续进行定期和隔夜回购协议操作，以确保储备供应仍然充足，并支持短期美元融资市场的平稳运转。此外，委员会指示该部门以0.00％的发行价进行隔夜的逆回购操作（以及为适应周末，节假日或类似的交易惯例，在必要时到期超过一天的逆回购操作）仅限于可在系统公开市场帐户中直接持有的，可用于此类操作的美国国库券的价值，以及每天每交易方300亿美元的限额。

The Committee also directs the Desk to continue conducting term and overnight repurchase agreement operations to ensure that the supply of reserves remains ample and to support the smooth functioning of short-term U.S. dollar funding markets. In addition, the Committee directs the Desk to conduct overnight reverse repurchase operations (and reverse repurchase operations with maturities of more than one day when necessary to accommodate weekend, holiday, or similar trading conventions) at an offering rate of 0.00 percent, in amounts limited only by the value of Treasury securities held outright in the System Open Market Account that are available for such operations and by a per-counterparty limit of $30 billion per day.

委员会指示该部门继续拍卖所有美联储持有的美国国债的本金，并将在每个月内从美联储持有的机构债务和机构抵押贷款支持证券中获得的所有本金再投资于机构抵押贷款中。由于操作原因，与这些金额的微小偏差是可以接受的。

The Committee directs the Desk to continue rolling over at auction all principal payments from the Federal Reserve's holdings of Treasury securities and to reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities received during each calendar month in agency mortgage-backed securities. Small deviations from these amounts for operational reasons are acceptable.

委员会还指示该部门进行必要的美元滚动和票面掉期交易，以便利美联储机构抵押贷款支持的证券交易的结算。”

The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions."

2、美联储宣布广泛的新措施以支持经济

Federal Reserve announces extensive new measures to support the economy

美联储（Federal Reserve）致力于在这一充满挑战的时期内使用其全套工具为家庭，企业和美国经济提供整体支持。冠状病毒大流行在美国和世界各地造成了巨大的困难。我们国家的首要任务是照顾受难者并限制病毒的进一步传播。尽管仍然存在很大的不确定性，但很明显，我们的经济将面临严重的破坏。公共和私营部门必须采取积极的努力，以减少工作和收入的损失，并在疫情消除后促进经济迅速地恢复。

The Federal Reserve is committed to using its full range of tools to support households, businesses, and the U.S. economy overall in this challenging time. The coronavirus pandemic is causing tremendous hardship across the United States and around the world. Our nation's first priority is to care for those afflicted and to limit the further spread of the virus. While great uncertainty remains, it has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.

美联储的职责是：以国会授权的任务为指导，以促进最大的就业和稳定的价格，以及促进金融体系的稳定。为了支持这些目标，美联储正在利用其全部权限来为向美国家庭和企业的信贷流动提供有力的支持。这些动作包括：

The Federal Reserve's role is guided by its mandate from Congress to promote maximum employment and stable prices, along with its responsibilities to promote the stability of the financial system. In support of these goals, the Federal Reserve is using its full range of authorities to provide powerful support for the flow of credit to American families and businesses. These actions include:

1、支持关键市场功能。联邦公开市场委员会（FOMC）将购买必要数量的国债和机构抵押支持证券，以支持平稳的市场运作以及将货币政策有效地传递给更广泛的金融环境和经济。联邦公开市场委员会此前曾宣布将购买至少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，联邦公开市场委员会将在其机构抵押支持证券的购买中包括机构商业抵押支持证券的购买。

Support for critical market functioning. The Federal Open Market Committee (FOMC) 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.

2、通过建立新的计划来支持信贷流向雇主，消费者和企业，这些计划加在一起将提供高达3000亿美元的新融资。财政部将使用外汇稳定基金（ESF）向这一机制提供300亿美元的本金。

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.

3、建立两种支持向大型企业提供信贷——用于发行新债券和贷款担保的一级市场企业信用便利（PMCCF）和用于为未偿还公司债券提供流动性的二级市场企业信用便利（SMCCF）。

Establishment of two facilities to support credit to large employers – the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance and the Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds.

4、建立定期资产担保证券贷款机制（TALF），以支持信贷流向消费者和企业。TALF将允许发行由学生贷款、汽车贷款、信用卡贷款、小企业管理局（SBA）担保的贷款，以及其他一些特定资产支持的抵押证券（ABS）

Establishment of a third facility, the Term Asset-Backed Securities Loan Facility (TALF), to support the flow of credit to consumers and businesses. The TALF will enable 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.

5、通过扩大货币市场共同基金流动性工具（MMLF）将更多种类的证券纳入这一工具，促进信贷流动，这些证券包括市政债券可变利率即期票据（VRDN）和银行存单，以促进信贷流向市政公债。

Facilitating the flow of credit to municipalities by expanding the Money Market Mutual Fund Liquidity Facility (MMLF) to include a wider range of securities, including municipal variable rate demand notes (VRDNs) and bank certificates of deposit.

6、通过扩展商业票据融资工具（CPFF），美联储扩大了商业票据融资工具的范畴，高等级和免税商业票据也被纳入合格证券，这一融资工具的利率此前已被降低。

Facilitating the flow of credit to municipalities by expanding the Commercial Paper Funding Facility (CPFF) to include high-quality, tax-exempt commercial paper as eligible securities. In addition, the pricing of the facility has been reduced.

除上述步骤外，美联储预计将宣布建立“大街商业贷款计划”，以支持对符合条件的中小型企业的贷款，以补充SBA的努力。

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.

PMCCF将允许公司获得信贷，以便他们能够在疫情流行期间更好地维持业务运营和能力。该措施向投资级公司开放，并将提供四年过渡性融资。借款人可以选择在贷款的前六个月内延期支付利息和本金，这可以由美联储决定延长，以便手头有更多的现金可以用来支付雇员和供应商的工资。美联储将为特殊目的工具（SPV）提供资金，以从PMCCF向公司贷款。财政部将使用ESF对SPV进行股权投资。

The PMCCF will allow companies access to credit so that they are better able to maintain business operations and capacity during the period of dislocations related to the pandemic. This facility is open to investment grade companies and will provide bridge financing of four years. Borrowers may elect to defer interest and principal payments during the first six months of the loan, extendable at the Federal Reserve's discretion, in order to have additional cash on hand that can be used to pay employees and suppliers. The Federal Reserve will finance a special purpose vehicle (SPV) to make loans from the PMCCF to companies. The Treasury, using the ESF, will make an equity investment in the SPV.

SMCCF将在二级市场上购买由投资级美国公司和在美国上市的交易所交易基金发行的公司债券，这些公司的投资目标是为美国投资级公司债券提供广泛的市场敞口。财政部将使用ESF对美联储为此措施建立的SPV进行股权投资。

The SMCCF will purchase in the secondary market corporate bonds issued by investment grade U.S. companies and U.S.-listed exchange-traded funds whose investment objective is to provide broad exposure to the market for U.S. investment grade corporate bonds. Treasury, using the ESF, will make an equity investment in the SPV established by the Federal Reserve for this facility.

根据TALF，美联储将无条件向某些AAA评级的ABS持有人提供贷款，这些资产由新近发行的消费和小企业贷款支持。美联储将放贷等于ABS市值减去扣减额的金额，并将始终由ABS担保。财政部还将利用ESF对美联储为此建立的SPV进行股权投资。 TALF，PMCCF和SMCCF由美联储在第13条第3款的授权下建立。

Under the TALF, the Federal Reserve will lend on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. The Federal Reserve will lend an amount equal to the market value of the ABS less a haircut and will be secured at all times by the ABS. Treasury, using the ESF, will also make an equity investment in the SPV established by the Federal Reserve for this facility. The TALF, PMCCF and SMCCF are established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.

These actions augment the measures taken by the Federal Reserve over the past week to support the flow of credit to households and businesses. These include:

The establishment of the CPFF, the MMLF, and the Primary Dealer Credit Facility;

The expansion of central bank liquidity swap lines;