[FED Watch] 국채 수익률 단기 소폭 하락, 중장기 상승 - 2019.9.9 > Fed Watch

<1> 금주의 T-Bill Yield Curve:국채수익률 단기물 소폭 하락, 중장기물 상승

 

 ■ 단기 국채 수익률은 소폭 하락하였으나 중장기물은 비교적 큰 폭 상승

   - 1월물(불변)은 5bp, 3월물은 2bp을 6월물은 1bp 하락

   - 10년, 20년 및 30년 물 수익률은 각각 7bp, 8bp 및 9bp 상승

   - 그러나 장기물 수익률은 2주 전 보다 5bp-6bp 낮은 수준 유지 

 

 

 

■ 국채 2년 만기물과  10년 만기물 수익률 모두 지난 주 후반 상승하였으나

   2년 물 수익률이 10년 물 보다 더 높은 금리역전 현상이 지속되고 있음. 

 

 - 금리역전이 지속됨에 따라 실물경기 침체에 대한 우려 분위기. 

 

<2>  FOMC 정책수단 시리즈#4 : 지불준비예치금 금리

      Interest on Required Reserve Balances and Excess Balances

 

 ■ The Federal Reserve Banks pay interest on required reserve balances and on excess reserve balances. 

    The Board of Governors has prescribed rules governing the payment of interest by Federal Reserve Banks in Regulation D (Reserve Requirements of Depository Institutions, 12 CFR Part 204).

 

 ■ The Financial Services Regulatory Relief Act of 2006 authorized the Federal Reserve Banks to pay interest on balances held by or on behalf of depository institutions at Reserve Banks, subject to regulations of the Board of Governors, effective October 1, 2011. The effective date of this authority was advanced to October 1, 2008, by the Emergency Economic Stabilization Act of 2008.

 

 ■ The interest rate on required reserves (IORR rate) is determined by the Board and is intended to eliminate effectively the implicit tax that reserve requirements used to impose on depository institutions. 

 

  ■ The interest rate on excess reserves (IOER rate) is also determined by the Board and gives the Federal Reserve an additional tool for the conduct of monetary policy. 

 

  ■ According to the Policy Normalization Principles and Plans adopted by the FOMC, during monetary policy normalization, the Federal Reserve intends to move the federal funds rate into the target range set by the FOMC primarily by adjusting the IOER rate. 

 

   For the current setting of the IOER rate, see the most recent implementation note issued by the FOMC. This note provides the operational settings for the policy tools that support the FOMC’s target range for the federal funds rate.

 

   The Board will continue to evaluate the appropriate settings of the interest rates on reserve balances in light of evolving market conditions and will make adjustments as needed.

 

  ■ The interest rates on reserve balances that are set forth in the table below are determined by the Board and officially announced in the most recent implementation note. The table is generally updated each business day at 4:30 p.m., Eastern Time, with the next business day's rates. This table will not     be published on federal holidays.

 

 

  <Interest Rates on Reserve Balances for September 9, 2019>

 

                                           이자율   발효일

 Rate on Required Reserves (IORR rate) 2.10 8/1/2019

 Rate on Excess Reserves (IOER rate)    2.10 8/1/2019

 

[부록.1] 지난 주 T-Bill 수익률 동향

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