【中金:美国金融市场流动性有所收紧,但冲击暂仅限于在股债的波动上】金十数据4月15日讯,中金研报称,综合各个维度指标,目前美国金融市场流动性有所收紧,但冲击暂仅限于在股债的波动上,尚未出现大范围流动性危机。不过需要说明的是,流动性危机往往都是非线性发展的意外“黑天鹅”,无法准确预判、也不能把最差情形线性外推。例如,如果市场情绪稳定下来,资产企稳,那现在的流动性紧张也都可以缓解。倘若真的出现大范围流动性冲击,政策需要“对症干预”,否则就会演变为流动性危机,且干预也一般都管用,例如2022年英国养老金、2023年3月硅谷银行以及2024年8月日元套息交易逆转都是如此。美联储也有丰富的“工具”进行救市,届时反而可能提供较好介入时机
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