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【美联储称其正关注国债流动性情况】美联储在其一年两度发布的《金融稳定报告》中探讨了美国国债市场目前的生态情况。报告提供的数据显示,就业市场非常紧张,通胀远高于2%的目标,美国国债收益率现已接近或高于过去25年的中值水平。相比之下,美国国债名义期限溢价(衡量投资者持有较长期国债而非较短期国债所需的补偿收益率)的模型估测值估计几乎没有变化,且相对于长期历史水平较低。“市场深度等流动性指标显示,美国国债市场的流动性一直低于历史标准。”报告解释,其意味着流动性对流动性提供者的行动更为敏感,后者利用高频交易策略迅速补充订单。“这种依赖可能成为脆弱性的一个来源,使流动性急剧恶化的可能性进一步加大。”

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