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🌏 | FRB mitigation contraction, pace doubled in January Expected to be completed in mid-March = Goldman


Fed mitigation shrinks, pace doubles in January Expected to be completed in mid-March = Goldman

If you write the contents roughly
Goldman analyst Jan Hatzius and his colleagues wrote in a note to clients: "In addition to the somewhat higher inflation rates over the past two months, the financial markets have been accelerating the pace of tapering. Fed officials may be open to accelerating the pace, as there is a sense of security that they will not be shocked. "

[London XNUMXth Reuters] – Goldman Sachs will be on the XNUMXth at the Federal Reserve Board (FRB) ... → Continue reading


Wikipedia related words

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Financial market

Financial market(Finance,British: financial market) Is資金A place where lending transactions are carried out, or a place where the supply and demand of funds is adjusted (Market) Or the process,interest rateIs established therePriceIt means that. In this case, the meaning of the financial market is widely understood depending on the scope of the loan transaction of funds and the nature of the funds.

Individual market / partial market

The broadest financial market is in the national economy金融It refers to the entire flow of funds. It is composed of various individual markets or sub-markets, and various interest rates are formed accordingly.

For example, money markets (money markets) and money markets (long-term financial markets) depending on whether the funds traded are short-term or medium- to long-term.Capital market, Capital markets), depending on the form of funding (especially)Stock marketIn addition, it can be further divided into those according to the borrower or the use of funds. The lending market is a market for lending funds between financial institutions and customers, and is divided into a long-term lending market and a short-term lending market according to the length of the loan period.

またFinancial institutionAnd between the depositordepositThere is a market.Lending marketAnd the deposit market can be collectively called the financial institution market. This is done between financial institutions and customers and is a customer market. On the contraryStock marketIs an open market, that is, a market in which anyone can freely participate in trading in principle. The securities market is securitiesstock-BondsIs a general term for the process by which is issued and bought and sold, depending on the type of securities traded.Stock marketIt is divided into. For stocks and public and corporate bonds, there is an issue market and a secondary market depending on whether the transaction target is newly issued securities or already issued securities. Financing in the former and liquidation of securities in the lattermarket priceCan be formed.

In the money market,Call marketThere are ,,,,. In the call market and the bill market, short-term funds are lent and borrowed through call fund transactions or bill sales transactions between financial institutions.Interbank market(Interbank market). Traditionally, the short-term capital market refers to both of these markets, where the excess or deficiency of payment preparations of financial institutions is adjusted. On the other hand, in the repurchase market and the CD market, general companies, institutional investors, and non-residents also participate in the transaction.Open market(Open market). The government money market is highly developed in the United States and the United Kingdom and is the center of the money market, but it is not yet fully developed in Japan. The so-called money market is a combination of the securities market (capital market) and the money market (money market).

The above is about financial markets in a country, but in relation to external settlement and external fund transfer,Foreign exchangeThe foreign exchange market, which is the place where trading is done, will also form a part of the financial market in a broad sense.

Pyramid structure of financial markets

There are various individual markets, but they are three-dimensionally interlaced to form a financial market in a broad sense as a whole. In every country, the financial systemCentral BankIt is constructed in a pyramid shape with various financial institutions in the market as subordinate organizations. Financial markets are also formed in response to the composition of such financial institutions.

Stage 1
Company,Individual,政府Is in the process of raising funds from financial institutions and the securities market, or managing the funds, and the deposit / lending market and the securities market exist there.
Stage 2
This is the call / bill trading market in the process of lending and borrowing funds between financial institutions.
Stage 3
It is the process of transactions between a central bank and a financial institution, and the operations of the central bank are set in the long and short financial markets. The central bank acts as the "lender of last resort", mainly coordinating the money markets, thereby influencing the entire financial markets in a broad sense and seeking to spread the effects of policies.

The role of financial markets

Financial markets sometimes政府Although it was improved by the training measures of the authorities, it has generally developed spontaneously with the development of the economy and financial institutions. Microscopically, the role of financial markets is that of individual economic agents.incomeとexpenditureIt is to fill the gap and increase the degree of freedom in spending decisions. It is also, on a macro level, that, coupled with the work of interest rates, directs funds throughout the economy to productive uses, increasing funding efficiency and contributing to economic growth and stability. This is because in a free economy, which is premised on the free activities of private companies, individuals, and private financial institutions, the supply and demand of funds is adjusted and allocated by the interest rate mechanism in the financial markets.

World financial markets

1United States flag ニ ュ ー ヨ ー ク
2British flag UK
3Flag of the People's Republic of China Shanghai
4Hong Kong flag Hong Kong
5Singapore flag Singapore
International Financial Center Index
(Updated in March 2021)[1]

The financial marketUnited Kingdom,The United States of AmericaMost developed in. Britain is the first in the worldIndustrial revolutionAchieved and became a factory in the world, but at the same timeLondon financial marketAbsorbed long- and short-term funds from all over the world and played the role of a global bank.New York financial market TheWorld War ILater, it replaced London as the world's bank. The financial markets of London and New York are called international financial markets, but they not only carry out trade settlements and fund exchanges between their own countries and overseas, but also the settlement of funds between third countries is concentrated there. Because. New York marketU.S. dollarIs used as an international currency, and the London market is due to the fact that the British pound lost its former position as an international currency, but Eurodollar trading developed around London.

JapanIn the past, the call market and stock market were well developed, but the open money market and public and corporate bond markets were slow to develop. However1970 eraAfter the second half,Government bondThe long- and short-term financial markets expanded rapidly with the mass issuance of financial markets and the progress of financial internationalization, and the liberalization of interest rates also progressed. In addition, as the international status of the Japanese economy rises, the foreign exchange market expands at a rapid pace, and the yen becomes more internationalized.1986 In December, non-resident financial transactions were given tax and currency control benefits.Tokyo offshore marketHas been established.

ChugokuSo, Hong Kong has been the financial center for many years, but according to the evaluation of the International Financial Center Index (GFCI),2019-2020 Hong Kong Democratization DemoAfter that, from March 2020 (GFCI3)Hong KongthanShanghaiWas ranked high.

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