NY急騰理由と明日の相場の読み方
2007年12月12日(水)夜の12時すぎ。NYは今朝の11時前でNYダウが急騰中 13633(+201)たぶんこのThe Wall Street Journalの記事とFTの記事がきっかけで現在NY株式が爆謄してる理由でしょう。NY時間は12月12日午前10時の記事みたい。FRBと他複数の中央銀行が連携で資金をぶち込む。水曜発表で今日水曜だね。これは昨日のFOMCで0.25%の利下げしたけど、みんなたたき売った。市場関係者は当局の出し惜しみでゴテゴテの対策となって金融市場の混乱はさらにひどくなって景気もさらに悪化するだろう。米連銀のやってることはそんなもんさ。。。とこれに対してポールソン財務長官が動いてきたのでしょう。FRB:欧州中央銀などと協調、大規模な資金供給実施へ 米連邦準備制度理事会(FRB)は12日、米国の低所得者向け高金利住宅ローン(サブプライムローン)問題による市場の混乱を収めるため、欧州中央銀行(ECB)、英国、カナダ、スイスの各中央銀行と協調して、短期金融市場での資金調達圧力に対処するため、年末にかけて世界の金融市場に大規模な資金供給を実施すると発表した。供給する資金の総額は少なくとも400億ドル(約4兆4000億円)にのぼり、今夏の金融危機時に供給した資金を上回る規模になると見られる。短期資金は今週から数回に分けて供給される。 オジリナルソースは次の記事でしょう。The Wall Street JournalFed Joins Other Banks in Measures To Inject More Funds Into MarketsBy GREG IP December 12, 2007 10:01 a.m.The Federal Reserve has joined with four other major central banks to announce a series of measures designed to inject added cash into global money markets in hopes of thawing a credit freeze that threatens their economies.The Fed said today it would create a new "term auction facility" under which it would lend at least $40 billion and potentially far more, in four separate auctions starting this week. The loans would be at rates far below the rate charged on direct loans from the Fed to banks from its so-called "discount window." But the new loans can still be secured by the same, broad variety of collateral available that banks pledge for discount window loans.GLOBAL PLAN Federal Reserve statementEuropean Central Bank statementBank of England statementBank of Canada statementSwiss National Bank statementThe European Central Bank, Bank of England, Bank of Canada and Swiss National Bank simultaneously announced parallel measures.Stock futures soared Wednesday on the news, a day after the Fed's rate moves disappointed the market.The Fed also said it had created reciprocal "swap" lines with the European Central Bank, for $20 billion, and the Swiss National Bank, for $4 billion. These will enable the ECB and SNB to make dollar loans to banks in their jurisdiction, in hopes of putting downward pressure on interbank dollar rates in the offshore markets, principally the London Interbank Offered Rate, or Libor, market. The inability of foreign central banks to inject funds in anything other than their own currency has been a factor creating the squeeze on bank funding in those markets.The Fed has worried that banks' growing reluctance to lend either to other financial institutions or to businesses and consumers could cause the flow of credit to dry up and drag the weak economy into recession.The new "term auction facility" overcomes the principal obstacles the Fed has faced using its two main tools for injecting liquidity. Open market operations can be used to inject cash at the federal funds rate, which is relatively cheap, but only against a limited range of collateral. The discount rate, on the other hand, is half a point higher than the federal funds rate and banks are reluctant to access it for fear of the stigma of being seen to be desperate for funds.The new loans will be auctioned off with a minimum rate linked to the expected actual federal funds rate over the duration of the loan. Since the federal funds rate is expected to decline over the next two months, when the loans will be outstanding, the loan rate could end up being close to or even below the current federal funds rate.以下省略三郎