今天暴跌。主要是美联储主席鲍威尔讲话了。讲话内容大致如下:零利率,1200亿不变,准备结束逆回购(one month REPO)之后暴跌,可以看到前面两条都和以前一样,也在继续增加流动性。所以主要问题出自最后一点“REPO”。REPOA repurchase agreement (repo) is a form of short-term borrowing for dealers in government securities. In the case of a repo, a dealer sells government securities to investors, usually on an overnight basis, and buys them back the following day at a slightly higher price. That small difference in price is the implicit overnight interest rate. Repos are typically used to raise short-term capital. They are also a common tool of central bank open market operations.抄了一段英文解释。有点复杂。大概意思就是:一个类似借贷一样的债券。一般都是隔夜的。美国的这种REPO一般是公司之间的或者银行和公司之间的。通常每日都会有非常大规模的REPO,下图所示,平均都在4T级别。所以美国对这种金融手段非常依赖。就像普通借贷一样,这个REPO也是有利息的,通常都在2-4之间。一般来说美联储如果来触碰这个REPO,肯定不是为了赚钱,而是为了调节货币供给和银行的拨备金。相当于