稳定币、货币政策和美联储：新的平衡法案？

美联储官员斯蒂芬·米兰强调稳定币对货币政策的影响力越来越大，可能需要调整利率策略。

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

稳定币、货币政策和美联储：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.

稳定币不再只是雷达上的一个亮点。美联储理事斯蒂芬·米兰表示，这些数字美元可能会巧妙地重塑货币政策格局，这引起了人们的关注。关键要点是什么？稳定币使用的增加可能会给利率带来下行压力，迫使美联储重新考虑其策略。

Stablecoins: A New Force to Be Reckoned With

稳定币：一股不可忽视的新力量

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.

米兰在纽约发表讲话时描绘了这样一幅图景：由传统储备支持的稳定币为金融体系注入了新的流动性。这种资本的流入可能会改变储蓄和投资之间的平衡，从而有可能降低经济的中性利率，即“R-star”——货币政策既不太热也不太冷的利率。根据米兰的说法，即使对稳定币增长的保守估计也意味着可贷资金的增加，从而压低 r*。这是一支绝对不可忽视的力量。

The Miran Perspective: Rate Cuts on the Horizon?

米兰观点：降息即将到来？

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.

以主张更快降息而闻名的米兰认为，美联储目前的政策过于紧缩。他认为，较低的 R 星需要较低的政策利率才能维持健康的经济。他呼吁降息，并预计 12 月降息。

Liquidity Injections and Bitcoin: A Temporary Fix?

流动性注入和比特币：临时解决方案？

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.

美联储最近向银行系统注入了 294 亿美元，一些人认为此举支持了比特币等风险资产。通过隔夜回购操作执行的流动性增加旨在缓解流动性压力。然而，专家警告说，这是一种短期解决方案，并不等同于量化宽松（QE），后者会产生更持久的影响。

The Bigger Picture: Innovation and Economic Consequences

大局观：创新和经济后果

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.

米兰承认，加密货币领域的快速创新已经对美联储和货币政策产生了重要的经济影响。尽管稳定币仅占货币供应总量的一小部分，但其影响流动性和长期利率设定的潜力是不可否认的。

So, What Does It All Mean?

那么，这一切意味着什么？

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.

稳定币正在撼动金融界，促使美联储考虑其对货币政策的影响。讨论正在不断发展，观察美联储如何适应将会很有趣。有一点是肯定的：金融世界变得更加有趣了！一切都会好起来的。