穩定幣、貨幣政策和美聯儲：新的平衡法案？

美聯儲官員斯蒂芬·米蘭強調穩定幣對貨幣政策的影響力越來越大，可能需要調整利率策略。

Stablecoins, Monetary Policy, and the Fed: A New Balancing Act?

穩定幣、貨幣政策和美聯儲：新的平衡法案？

Stablecoins are no longer just a blip on the radar. Federal Reserve Governor Stephen Miran is raising eyebrows by suggesting these digital dollars could be subtly reshaping the landscape of monetary policy. The key takeaway? The increasing use of stablecoins might be exerting downward pressure on interest rates, forcing the Fed to rethink its strategies.

穩定幣不再只是雷達上的一個亮點。美聯儲理事斯蒂芬·米蘭表示，這些數字美元可能會巧妙地重塑貨幣政策格局，這引起了人們的關注。關鍵要點是什麼？穩定幣使用的增加可能會給利率帶來下行壓力，迫使美聯儲重新考慮其策略。

Stablecoins: A New Force to Be Reckoned With

穩定幣：一股不可忽視的新力量

Miran, speaking in New York, painted a picture where stablecoins, backed by traditional reserves, inject fresh liquidity into the financial system. This influx of capital could shift the balance between savings and investment, potentially lowering the economy’s neutral interest rate, or “R-star”— the rate where monetary policy is neither too hot nor too cold. According to Miran, even conservative estimates of stablecoin growth imply an increase in loanable funds that pushes down r*. This is a force to be reckoned with absolutely.

米蘭在紐約發表講話時描繪了這樣一幅圖景：由傳統儲備支持的穩定幣為金融體系注入了新的流動性。這種資本的流入可能會改變儲蓄和投資之間的平衡，從而有可能降低經濟的中性利率，即“R-star”——貨幣政策既不太熱也不太冷的利率。根據米蘭的說法，即使對穩定幣增長的保守估計也意味著可貸資金的增加，從而壓低 r*。這是一支絕對不可忽視的力量。

The Miran Perspective: Rate Cuts on the Horizon?

米蘭觀點：降息即將到來？

Miran, known for advocating faster rate reductions, believes the Fed's current policy is too tight. He argues that a lower R-star necessitates lower policy rates to maintain a healthy economy. He has called for rate cuts, and expected rate cuts in December.

以主張更快降息而聞名的米蘭認為，美聯儲目前的政策過於緊縮。他認為，較低的 R 星需要較低的政策利率才能維持健康的經濟。他呼籲降息，並預計 12 月降息。

Liquidity Injections and Bitcoin: A Temporary Fix?

流動性注入和比特幣：臨時解決方案？

The Fed recently injected $29.4 billion into the banking system, a move some see as supportive of risk assets like Bitcoin. This liquidity boost, executed through overnight repo operations, aims to ease liquidity stress. However, experts caution that this is a short-term fix and not equivalent to quantitative easing (QE), which would have a more lasting impact.

美聯儲最近向銀行系統注入了 294 億美元，一些人認為此舉支持了比特幣等風險資產。通過隔夜回購操作執行的流動性增加旨在緩解流動性壓力。然而，專家警告說，這是一種短期解決方案，並不等同於量化寬鬆（QE），後者會產生更持久的影響。

The Bigger Picture: Innovation and Economic Consequences

大局觀：創新和經濟後果

Miran acknowledged that the rapid innovation in the crypto space is already having economic consequences that matter for the Fed and monetary policy. While stablecoins remain a small fraction of the overall money supply, their potential to influence liquidity and long-term rate-setting is undeniable.

米蘭承認，加密貨幣領域的快速創新已經對美聯儲和貨幣政策產生了重要的經濟影響。儘管穩定幣僅佔貨幣供應總量的一小部分，但其影響流動性和長期利率設定的潛力是不可否認的。

So, What Does It All Mean?

那麼，這一切意味著什麼？

Stablecoins are shaking things up in the financial world, prompting the Fed to consider their impact on monetary policy. The conversation is evolving, and it will be fascinating to watch how the Fed adapts. One thing's for sure: the world of finance just got a little more interesting! It will all work itself out fine.

穩定幣正在撼動金融界，促使美聯儲考慮其對貨幣政策的影響。討論正在不斷發展，觀察美聯儲如何適應將會很有趣。有一點是肯定的：金融世界變得更加有趣了！一切都會順利進行。