招商证券-美联储八月议息会议声明点评：经济复苏前景悲观 联储重启量化宽松-100813.pdfVIP

Macro Report Fed Resorts to QE-lite in Face of Slowing Recovery Comments on FOMC Statement in August As both the output and the pace of recovery have slowed down since Dr. Cliff ZHAO June, the Fed got more pessimistic on the U.S. economic recovery. In （852 view of the unsatisfactory employment, income and other slower wenlizhao@ growth and the impact of the credit crunch, the Fed believed that the economic recovery in the short run will much slower than originally Qing LI anticipated. （852 In order to prevent further economic downturn, while announcing the qingli@ extension of maintaining low interest rates, the Fed decided to restart the quantitative easing, reinvested the principal payment of agency debt Dr. David XIE and mortgage-backed securities (MBS) into Treasury bills, thus prevent （86-755 the Fed’s balance sheet from shrinking, which is in line with xieyx@ expectations. At the same time, the Commission held that when the bonds expire after the Fed will be extended. Through the above Research Department approach, the Fed hopes to depress bond yields, thereby reducing bond CMS (HK) yields as a benchmark for corporate bond yields, mortgage interest rates, stimulate private consumption and investment recovery. The 13 August 2010 interest-rate decisions made by the meeting suggested tha