The 2023 U.S. Treasury Market Conference
I am pleased to join you today at the ninth annual U.S. Treasury Market Conference.
我很高兴今天参加第九届美国国债市场年度会议。
1 This event is a joint effort by the agencies that make up the Inter-Agency Working Group on Treasury Market Surveillance and serves as a reflection of the group's ongoing, crucial collaboration.
1 此次活动是国债市场监管机构间工作组各机构的共同努力，反映了该工作组正在进行的重要合作。
The flash rally in the Treasury market in October 2014 revealed a need for a deeper understanding of Treasury market functioning.
2014 年 10 月国债市场的快速反弹表明需要更深入地了解国债市场的运作。
The report that the joint agencies produced in response sheds light on how the market had evolved.
联合机构为此发布的报告揭示了市场的演变过程。
Since then, this annual conference has provided a forum for the official sector to come together with market participants and the scholarly community to identify ways to bolster the resilience of the Treasury market.
自那时起，这次年度会议为官方部门与市场参与者和学术界提供了一个论坛，共同探讨增强国债市场弹性的方法。
This coordination has been important as we have worked together to study subsequent bouts of market stress.
这种协调非常重要，因为我们共同研究了随后的市场压力。
I am proud of the work done by the staff of the agencies and the private sector participants and wholeheartedly support our continued collaboration to advance work in this area.
我对各机构工作人员和私营部门参与者所做的工作感到自豪，并全心全意支持我们继续合作，推进这一领域的工作。
Before I dive into my remarks, I want to thank the Federal Reserve Bank of New York for hosting this event once again and for its ongoing thought leadership on Treasury market functioning.
在我开始发言之前，我要感谢纽约联邦储备银行再次主办这次活动，并感谢其在国债市场运作方面持续的思想领导力。
I also wanted to acknowledge the important leadership of the U.S. Department of the Treasury in convening both the agencies and the private sector to analyze longer-term structural issues and to address emergent issues.
我还要感谢美国财政部在召集各机构和私营部门分析长期结构性问题并解决紧急问题方面发挥的重要领导作用。
The Importance of the Treasury Market Let me start by sharing a few thoughts on why I think work on Treasury market structure is so important to the public and the Federal Reserve.
国债市场的重要性首先让我分享一些想法，解释为什么我认为国债市场结构的工作对公众和美联储如此重要。
First, Treasury securities are the primary means of U.S. federal government financing.
首先，国债是美国联邦政府融资的主要手段。
The American people rely on the Treasury market to function well, so that the Treasury can issue debt efficiently.
美国人民依赖国债市场的良好运转，让财政部能够高效地发行债务。
Second, the market for Treasury securities underpins the pricing of assets across the financial system, providing benchmark rates on which other assets are priced.
其次，国债市场支撑着整个金融体系的资产定价，提供了其他资产定价的基准利率。
As such, the Treasury market is a key component of the transmission of monetary policy for the Federal Reserve.
因此，国债市场是美联储货币政策传导的关键组成部分。
In addition, open market operations in the Treasury cash and repo markets have long been central to how the Fed implements monetary policy.
此外，国债现金和回购市场的公开市场操作长期以来一直是美联储实施货币政策的核心。
The Treasury market also helps us understand investors' views on the outlook for growth and inflation.
国债市场还帮助我们了解投资者对增长和通胀前景的看法。
The insights we gain from studying the evolution of Treasury yields across the curve help us understand financial conditions that affect borrowing costs for businesses and households.
我们从研究国债收益率曲线演变中获得的见解有助于我们了解影响企业和家庭借贷成本的金融状况。
Finally, Treasury securities serve as reserve assets for private savers, financial institutions, and other countries.
最后，国债作为私人储户、金融机构和其他国家的储备资产。
For example, Treasuries comprise a significant portion of banks' high-quality liquid assets.
例如，国债占银行优质流动资产的很大一部分。
In times of stress, certain sources of funding can, in some cases, exit quickly.
在压力时期，某些资金来源可能会迅速退出。
In such cases, access to immediately available liquidity is important, and thus, even in normal circumstances, helps promote safety and soundness.
在这种情况下，获得立即可用的流动性非常重要，因此，即使在正常情况下，也有助于促进安全性和稳健性。
This means that markets for high-quality liquid assets need to be deep and well-functioning in a variety of conditions.
这意味着高质量流动资产的市场需要深入且在各种条件下运转良好。
Of course, these holdings cannot completely insulate banks from acute risks—a point I will discuss later—but having a readily available liquidity buffer to meet outflows can provide firms with some flexibility to adjust their balance sheets in response to changing market or firm conditions.
当然，这些资产不能完全使银行免受严重风险的影响（这一点我将在稍后讨论），但拥有随时可用的流动性缓冲来应对资本外流，可以为企业提供一定的灵活性，以根据不断变化的市场或企业状况调整其资产负债表。
Interest Rate Risk Management The events in March made it clear how important it is for banks to properly manage their interest rate risk, so I want to spend a few minutes on this topic.
利率风险管理 三月份的事件清楚地表明了银行妥善管理利率风险的重要性，因此我想花几分钟讨论这个话题。
To start, I would say that years of very low interest rates led to complacency at some financial institutions about the degree to which banks needed to manage interest rate risk, including in high-quality liquid asset portfolios.
首先，我想说的是，多年来的极低利率导致一些金融机构对银行需要管理利率风险的程度感到自满，包括高质量流动资产投资组合。
As in the case of Silicon Valley Bank, supervisors could also have done more to act forcefully when they identified problems.
与硅谷银行的情况一样，监管者在发现问题时也可以采取更多措施，采取强有力的行动。
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Savings soared during the pandemic as normal spending was disrupted, and government payments to households and businesses increased significantly to avert a massive economic contraction.
疫情期间，由于正常支出受到干扰，储蓄猛增，政府对家庭和企业的付款大幅增加，以避免大规模经济萎缩。
As a result, bank deposits grew rapidly.
受此影响，银行存款快速增长。
To manage balance sheet growth, understandably, a number of banks invested in securities, including Treasury securities.
为了管理资产负债表的增长，许多银行投资于证券，包括国债，这是可以理解的。
But investing heavily in fixed-rate, long-duration assets without appropriate interest rate risk management led to problems in some cases.
但在没有适当的利率风险管理的情况下大量投资于固定利率、长期资产在某些情况下会导致问题。
As described in our Financial Stability Report , as the Federal Open Market Committee (FOMC) raised the policy rate to combat inflation, yields increased across the curve and some banks experienced sizable declines in the fair value of these assets.
正如我们的金融稳定报告所述，随着联邦公开市场委员会 (FOMC) 提高政策利率以对抗通胀，收益率曲线上扬，一些银行的资产公允价值大幅下降。
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The higher rate environment also affected the liability side of banks' balance sheets.
较高的利率环境也影响了银行资产负债表的负债部分。
The outflow of bank deposits into money market funds and other alternative short-term instruments, for the most part, has been and remains both anticipated and orderly.
银行存款流入货币市场基金和其他替代短期工具的情况在很大程度上一直是并且仍然是预期的和有序的。
Unfortunately, a few firms had a combination of both poor interest rate risk management and weak liquidity risk management.
不幸的是，一些公司的利率风险管理和流动性风险管理都很薄弱。
The combination led to failure, as staff documented in my report on Silicon Valley Bank.
正如工作人员在我关于硅谷银行的报告中所记录的那样，这次合并导致了失败。
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The contagion from the failure of Silicon Valley Bank, Signature Bank, and eventually First Republic was stemmed from spreading further in large part by the invocation of the systemic risk exception, permitting the Federal Deposit Insurance Corporation to fully pay out on uninsured depositor claims, and the establishment of the Bank Term Funding Program, which provides a long-term source of liquidity secured by Treasuries and agency securities at par.
硅谷银行、签名银行以及最终第一共和银行的倒闭所带来的蔓延，很大程度上是由于系统性风险例外的援引，允许联邦存款保险公司全额支付未投保储户的索赔，以及银行定期融资计划的建立，该计划提供了由美国国债和按面值代理证券担保的长期流动性来源。
Deposit flows have reverted to their normal patterns.
存款流动已恢复正常模式。
A few observations are in order, however.
然而，有一些观察是合理的。
I will start with the liability side of bank balance sheets.
我将从银行资产负债表的负债方面开始。
As I mentioned, as yields on deposit alternatives, such as money funds, increased as our tightening cycle took hold, banks found they needed to start paying higher interest rates to retain deposits and pay up for alternative sources of funding as they lost deposits.
正如我所提到的，随着货币基金等存款替代品的收益率随着紧缩周期的持续而增加，银行发现它们需要开始支付更高的利率来保留存款，并在损失存款时支付替代资金来源的费用。
A recent paper by three members of the Federal Reserve staff discusses how deposit betas rise in a dynamic way as interest rates rise, rather than having a static relationship to rising rates.
美联储三名成员最近发表的一篇论文讨论了存款贝塔系数如何随着利率上升而动态上升，而不是与利率上升保持静态关系。
This paper formalizes the intuition that banks must be prepared for potential declines in deposit duration as rates rise.
本文正式阐述了这样的直觉：随着利率上升，银行必须为存款期限可能缩短做好准备。
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Looking at the asset side of bank balance sheets, most banks do not need to record unrealized gains and losses of their security portfolios in regulatory capital.
从银行资产负债表的资产方面来看，大多数银行不需要在监管资本中记录其证券投资组合的未实现损益。
Banks have an incentive to avoid selling "hold to maturity" (HTM) securities because selling even a portion of a portfolio "taints" the entire portfolio since it requires recognizing changes in value.
银行有动机避免出售“持有至到期”（HTM）证券，因为即使出售投资组合的一部分也会“污染”整个投资组合，因为它需要识别价值的变化。
But, even if not recognized from an accounting or capital standpoint, losses on long-duration asset portfolios can still lead to challenges.
但是，即使没有从会计或资本的角度认识到，长期资产投资组合的损失仍然可能带来挑战。
Federal Reserve supervisors have stepped up their supervision of interest rate and liquidity risk, given what we have learned from recent experience, and they will continue to work with banks to ensure their balance sheets are resilient to a variety of conditions.
根据我们从最近的经验中学到的经验，美联储监管机构已经加强了对利率和流动性风险的监管，他们将继续与银行合作，以确保其资产负债表能够适应各种条件。
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The Importance of Contingency Funding Preparedness That brings me to the importance of contingency funding planning and preparedness.
应急资金准备的重要性这让我认识到应急资金规划和准备的重要性。
Banks don't need to sell securities to gain liquidity value from them if they can borrow against them.
如果银行可以借入证券，则无需出售证券即可从中获得流动性价值。
But firms can face challenges in significantly ramping up funding in private markets, such as repo markets, particularly if they do not tap those markets regularly.
但企业在大幅增加回购市场等私人市场融资方面可能面临挑战，特别是如果它们不定期利用这些市场的话。
In July, the Board, along with the other relevant agencies, updated guidance to highlight that banks should maintain a broad array of funding sources, including the discount window, which can be accessed in a range of circumstances.
7月，委员会与其他相关机构一起更新了指导意见，强调银行应维持广泛的资金来源，包括可以在多种情况下使用的贴现窗口。
7 Liquidity sources that are not regularly tapped or tested may not function as expected when most needed.
7 未定期利用或测试的流动性来源可能无法在最需要时发挥预期作用。
I have recently discussed the importance of discount window preparedness.
我最近讨论了折扣窗口准备的重要性。
Last month, I outlined how the discount window is an important tool of both monetary policy and financial stability.
上个月，我概述了贴现窗口如何成为货币政策和金融稳定的重要工具。
8 It is an important tool of monetary policy because, with the primary credit rate set at the top of the target range, it supports rate control.
8 它是货币政策的重要工具，因为将基本信贷利率设定在目标区间的顶部，它支持利率控制。
It is also an important tool of financial stability because it provides ready access to liquidity, regardless of market conditions.
它也是金融稳定的重要工具，因为无论市场状况如何，它都可以随时提供流动性。
Other sources of funds to banks, even the Federal Home Loan Banks, are dependent on a functioning private-sector market to provide liquidity to their customers.
银行的其他资金来源，甚至是联邦住房贷款银行，都依赖于运转良好的私营部门市场为其客户提供流动性。
When the market is not working, such sources of funding and liquidity come under strain.
当市场不运转时，此类资金来源和流动性就会受到压力。
The discount window, however, can play these important roles only if eligible institutions are both willing and ready to use it.
然而，只有符合条件的机构愿意并准备好使用折扣窗口，它才能发挥这些重要作用。
This means that it is important that banks establish borrowing arrangements, pre-pledge collateral, and engage in test transactions at regular intervals.
这意味着银行建立借款安排、预先质押抵押品并定期进行测试交易非常重要。
I also want to highlight the standing repo facility (SRF).
我还想强调一下常设回购工具（SRF）。
The SRF was established by the FOMC to help keep the federal funds rate within the target range if pressures arise in short-term funding markets, with the rate currently set at the top of the target range.
SRF是由FOMC设立的，目的是在短期融资市场出现压力时帮助将联邦基金利率保持在目标区间内，目前利率设定在目标区间的顶部。
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This facility can be useful to both primary dealers and banks because it gives them another venue to raise liquidity against Treasury securities and other eligible securities.
该工具对一级交易商和银行都很有用，因为它为他们提供了另一个提高国债和其他合格证券流动性的场所。
It is encouraging to see an uptick in interest among banks to join the SRF as counterparties, with 10 banks onboarded as counterparties in the last year, bringing total coverage to about half the assets of the banking system.
令人鼓舞的是，银行作为交易对手加入 SRF 的兴趣有所上升，去年有 10 家银行作为交易对手加入，使总覆盖范围达到了银行系统资产的约一半。
I am also encouraged to see that there is now a broader appreciation among eligible institutions that Federal Reserve liquidity facilities are an important part of making sure that firms can weather a variety of market conditions.
我还很高兴地看到，现在符合资格的机构越来越广泛地认识到，美联储的流动性便利是确保企业能够应对各种市场条件的重要组成部分。
It is important that firms are ready to tap facilities when the rates they face from private market participants are higher than the rates offered on the facilities.
重要的是，当私人市场参与者提供的利率高于设施提供的利率时，企业要做好利用设施的准备。
In this way, the facilities can serve to support interest rate control and broader market functioning.
通过这种方式，这些设施可以支持利率控制和更广泛的市场运作。
Leverage in the Treasury Market Turning to risks on the horizon, the Federal Reserve continues to study leverage in the Treasury market, and we have also been contributing to the Financial Stability Oversight Council (FSOC) work to study this issue as well.
国债市场的杠杆作用谈到即将到来的风险，美联储继续研究国债市场的杠杆作用，我们也一直在为金融稳定监督委员会（FSOC）的研究这一问题的工作做出贡献。
I want to recognize that leveraged trading, including in the so-called basis trade, can play an important role in capital markets.
我想认识到杠杆交易，包括所谓的基差交易，可以在资本市场中发挥重要作用。
Basis trading serves a valuable function of market efficiency, improving the connection between cash and futures pricing and facilitating access to futures for investing and risk management.
基差交易对市场效率发挥着重要作用，改善了现货和期货定价之间的联系，并为投资和风险管理提供了便利。
Leverage allows market participants to arbitrage away relatively small pricing discrepancies, enhancing the integration of prices across economically equivalent instruments and markets.
杠杆允许市场参与者利用相对较小的定价差异进行套利，从而增强经济上同等工具和市场之间的价格一体化。
But leverage can also increase risks to both market participants and to Treasury market functioning and must be managed appropriately by both investors and their counterparties, including through collecting margin to manage counterparty risk.
但杠杆也会增加市场参与者和国债市场运作的风险，投资者及其交易对手必须适当管理，包括通过收取保证金来管理交易对手风险。
Staff at the Federal Reserve and other agencies have done important work to analyze leverage in the Treasury market using available data.
美联储和其他机构的工作人员已经开展了重要工作，利用现有数据分析国债市场的杠杆率。
10 These studies have found that hedge funds are significant investors in Treasury cash, derivatives, and repo markets; that their highly leveraged positions in Treasury markets are facilitated by very low, or even zero, haircuts on their repo financing; and that demand for this leverage is highly concentrated among a handful of large hedge funds.
10 这些研究发现，对冲基金是国债现金、衍生品和回购市场的重要投资者；他们在国债市场上的高杠杆头寸得益于非常低甚至为零的回购融资折扣；对这种杠杆的需求高度集中在少数大型对冲基金中。
Moreover, liquidation of leveraged Treasury positions by hedge funds appears to have contributed to the Treasury market stress in March 2020.
此外，对冲基金对杠杆国债头寸的清算似乎加剧了 2020 年 3 月的国债市场压力。
All of us need to better understand this activity.
我们所有人都需要更好地了解这项活动。
The Federal Reserve collects information on the triparty repo market through its oversight of the Bank of New York Mellon, and the Office of Financial Research (OFR) collects detailed information on repo trading centrally cleared through the Fixed Income Clearing Corporation.
美联储通过对纽约梅隆银行的监督收集三方回购市场的信息，金融研究办公室（OFR）收集通过固定收益清算公司集中清算的回购交易的详细信息。
But as discussed at this conference, there is much less information on the non-centrally cleared bilateral repo market, where much of this activity takes place.
但正如本次会议所讨论的那样，有关非中央清算的双边回购市场的信息要少得多，而大部分此类活动都是在非集中清算的双边回购市场上进行的。
OFR's proposal to collect information on this market segment on an ongoing basis is an important step forward, and I look forward to their final rulemaking.
OFR 提议持续收集该细分市场的信息，这是向前迈出的重要一步，我期待着他们的最终规则制定。
The Board also contributes to the official sector's visibility into the Treasury market by requiring banks that meet certain threshold requirements to report transactions to TRACE.
该委员会还要求满足特定门槛要求的银行向 TRACE 报告交易，从而提高官方部门对国债市场的可见性。
11 Under this rule, 22 depository institutions began submitting their Treasury and agency MBS transactions on a daily basis to TRACE last fall.
11 根据这一规则，22 家存款机构从去年秋天开始每天向 TRACE 提交其财政部和机构 MBS 交易。
Although the bulk of transactions in the Treasury market are conducted through FINRA members, the addition of reporting by depository institutions has helped to ensure more complete coverage of the market, and we will continue to consider enhancements so that the collection aligns with FINRA's reporting rules for its members and ensures consistent coverage of the market.
尽管国债市场的大部分交易是通过 FINRA 成员进行的，但存款机构报告的增加有助于确保更完整的市场覆盖，我们将继续考虑增强功能，以便收集符合 FINRA 对其成员的报告规则，并确保市场覆盖的一致性。
While getting more and better data is crucial for fully understanding Treasury markets, some of the analysis outlined in recent research raises questions about how the official sector can further support the resilience of the Treasury market.
虽然获得更多更好的数据对于充分了解国债市场至关重要，但最近研究中概述的一些分析提出了关于官方部门如何进一步支持国债市场弹性的问题。
The Financial Stability Oversight Council's Hedge Fund Working Group has done excellent work to identify risks and offer recommendations to the council on leveraged trading.
金融稳定监督委员会的对冲基金工作组在识别风险并向委员会提供有关杠杆交易的建议方面做得非常出色。
12 At the Federal Reserve, we will continue to work with the other agencies and market participants to identify and address risks to our supervised institutions and to the resiliency of Treasury markets.
12 在美联储，我们将继续与其他机构和市场参与者合作，识别并解决我们的监管机构和国债市场弹性面临的风险。
For instance, the capital requirements applicable to banks are one of our primary tools to help ensure that banks have sufficient capital to weather stressful conditions and continue to lend in good times and bad.
例如，适用于银行的资本要求是我们的主要工具之一，以帮助确保银行有足够的资本来应对压力条件，并在顺境和逆境时继续放贷。
We and the other banking agencies recently sought comment on a proposal to revise these requirements to better reflect the risk of bank activities, and we are interested in views on whether the proposal achieves that goal.
我们和其他银行机构最近就一项修改这些要求以更好地反映银行活动风险的提案征求意见，我们对有关该提案是否实现该目标的看法感兴趣。
The people in this room and those watching online are well positioned to provide us detailed feedback on the capital proposal, including how different components of the rule could affect different markets, so I thank you in advance for your thoughtful contributions.
这个房间里的人和那些在线观看的人有能力向我们提供有关资本提案的详细反馈，包括规则的不同组成部分如何影响不同的市场，所以我提前感谢你们的深思熟虑的贡献。
I also want to highlight that the preamble to the proposal asks commenters for feedback on whether and to what extent sovereign securities should be subject to minimum collateral haircut floors, including, for example, repo-style transactions in which a banking organization lends cash against Treasury securities.
我还想强调的是，该提案的序言要求评论者就主权证券是否以及在多大程度上应受到最低抵押品削减下限的反馈，包括银行组织以国债为抵押借出现金的回购式交易。
13 While we are in early stages of exploring these issues, we appreciate commenter views on these issues.
13 虽然我们正处于探索这些问题的早期阶段，但我们感谢评论者对这些问题的看法。
I have also taken note of some recent studies, including a paper presented at Jackson Hole, that have looked at additional factors that could support Treasury market functioning, including a move to broader central clearing, all-to-all trading, and also ensuring that risk-based capital requirements, rather than the enhanced supplementary leverage ratio, drive dealer balance sheet allocation.
我还注意到最近的一些研究，包括在杰克逊霍尔发表的一篇论文，该论文研究了可能支持国债市场运作的其他因素，包括转向更广泛的中央清算、全面交易，并确保基于风险的资本要求，而不是提高的补充杠杆率，推动交易商资产负债表配置。
14 We are continuing to study these and other topics.
14 我们正在继续研究这些和其他主题。
Managing Cyber Risk I want to wrap up today by reiterating the importance of managing cyber risk.
管理网络风险 作为今天的总结，我想重申管理网络风险的重要性。
Cyber threats are constantly evolving, and we can expect them to become increasingly sophisticated as technology advances.
网络威胁在不断发展，我们可以预见，随着技术的进步，它们将变得越来越复杂。
It is vital for financial institutions and those who provide critical services to them to understand vulnerabilities in their systems and make necessary investments to remedy those vulnerabilities.
对于金融机构和为其提供关键服务的机构来说，了解其系统中的漏洞并进行必要的投资来修复这些漏洞至关重要。
These preventative measures are necessary but not sufficient.
这些预防措施是必要的，但还不够。
It is also imperative for firms to build resilience to cyber incidents by developing and regularly testing business continuity plans.
公司还必须通过制定和定期测试业务连续性计划来增强对网络事件的抵御能力。
This is another area where we can never become complacent and where contingency preparedness for an array of scenarios is important.
这是我们永远不能自满的另一个领域，为一系列场景做好应急准备非常重要。
1.
1.
The views expressed here are my own and not necessarily those of my colleagues on the Federal Reserve Board and the Federal Open Market Committee.
这里表达的观点是我自己的观点，并不一定是我在联邦储备委员会和联邦公开市场委员会的同事的观点。
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2.
2.
Board of Governors of the Federal Reserve System, " Federal Reserve Board announces the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Barr ," news release, April 28, 2023.
美国联邦储备系统理事会，“联邦储备委员会公布由监管副主席巴尔领导的硅谷银行监管审查结果”，新闻稿，2023 年 4 月 28 日。
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3.
3.
Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington: Board of Governors, October 2023).
美联储系统理事会，金融稳定报告 (PDF)（华盛顿：理事会，2023 年 10 月）。
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4.
4.
Board of Governors of the Federal Reserve System, Review of the Federal Reserve's Supervision and Regulation of Silicon Valley Bank (Washington: Board of Governors, April 2023).
美联储系统理事会，《美联储对硅谷银行的监督和监管审查》（华盛顿：理事会，2023 年 4 月）。
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5.
5.
Emily Greenwald, Sam Schulhofer-Wohl, and Joshua Younger, " Deposit Convexity, Monetary Policy, and Financial Stability (PDF) ," Working Paper 2315 (Dallas: Federal Reserve Bank of Dallas, October 2023).
Emily Greenwald、Sam Schulhofer-Wohl 和 Joshua Younger，“存款凸性、货币政策和金融稳定 (PDF)”，工作论文 2315（达拉斯：达拉斯联邦储备银行，2023 年 10 月）。
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6.
6.
Board of Governors of the Federal Reserve System, Supervision and Regulation Report (PDF) (Washington: Board of Governors, November 2023).
美联储系统理事会，监督和监管报告 (PDF)（华盛顿：理事会，2023 年 11 月）。
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7.
7.
Addendum to the Interagency Policy Statement on Funding and Liquidity Risk Management: Importance of Contingency Funding Plans (PDF) .
关于融资和流动性风险管理的机构间政策声明附录：应急融资计划的重要性 (PDF)。
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8.
8.
Michael S.
迈克尔·S。
Barr, " Monetary Policy and Financial Stability " (speech at the Forecasters Club of New York, New York, October 2, 2023).
巴尔，“货币政策和金融稳定”（纽约预测者俱乐部演讲，纽约，2023 年 10 月 2 日）。
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9.
Committee discussions about the design of the standing repo facility can be found in Board of Governors of the Federal Reserve System, " Minutes of the Federal Open Market Committee, June 15–16, 2021 ," press release, July 7, 2021.
有关常设回购工具设计的委员会讨论，请参阅美联储理事会，“联邦公开市场委员会会议纪要，2021 年 6 月 15 日至 16 日”，新闻稿，2021 年 7 月 7 日。
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10.
10.
Ayelen Banegas, Phillip Monin, and Lubomir Petrasek, " Sizing Hedge Funds' Treasury Market Activities and Holdings ," FEDS Notes (Washington: Board of Governors of the Federal Reserve System, October 6, 2021); and Ayelen Banegas and Phillip Monin, " Hedge Fund Treasury Exposures, Repo, and Margining ," FEDS Notes (Washington: Board of Governors of the Federal Reserve System, September 8, 2023).
Ayelen Banegas、Phillip Monin 和 Lubomir Petrasek，“调整对冲基金的国债市场活动和持有量”，FEDS Notes（华盛顿：美联储系统理事会，2021 年 10 月 6 日）；以及 Ayelen Banegas 和 Phillip Monin，“对冲基金国债风险敞口、回购和保证金”，FEDS Notes（华盛顿：美联储系统理事会，2023 年 9 月 8 日）。
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11.
Agency Information Collection Activities: Announcement of Board Approval Under Delegated Authority and Submission to OMB (PDF) , 86 Fed.
机构信息收集活动：根据授权发布董事会批准并向 OMB 提交的公告 (PDF)，86 Fed。
Reg.
注册。
59,716 (October 28, 2021).
59,716（2021 年 10 月 28 日）。
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12.
12.
Financial Stability Oversight Council, 2022 Annual Report (PDF) (Washington: Financial Stability Oversight Council, 2022): 44.
金融稳定监督委员会，2022 年年度报告 (PDF)（华盛顿：金融稳定监督委员会，2022 年）：44。
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13.
Regulatory Capital Rule: Large Banking Organizations and Banking Organizations with Significant Trading Activity (PDF) , 88 Fed.
监管资本规则：大型银行组织和具有重大交易活动的银行组织 (PDF)，88 Fed。
Reg.
注册。
64,028 (September 18, 2023).
64,028（2023 年 9 月 18 日）。
See questions 54 and 55.
参见问题 54 和 55。
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14.
14.
Darrell Duffie, " Resilience Redux in the U.S. Treasury Market (PDF) ," August 13, 2023.
Darrell Duffie，“美国国债市场的弹性回归 (PDF)”，2023 年 8 月 13 日。
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