http://www.federalreserve.gov
• There are potential risks associated with current policy. The Fed’s securities purchases
have reduced mortgage yields and, to a lesser extent, Treasury yields. Current low bond
yields are disruptive to management of fixed-income portfolios, retirement funds,
consumer savings, and retirement planning. They may encourage unsophisticated investors
to take on undue risk to achieve better returns. MBS purchases account for over 70% of
gross issuance, causing price distortion and volatility in the MBS market. Fixed-income
investors worry that attractive mortgage-backed securities are in very tight supply. Higher
premium coupons carry too much exposure to prepayments, potentially led by new
government support programs for housing. Many are concerned about the Fed’s significant
presence in the market. They have underweighted MBS in favor of corporate, municipal,
and emerging-market bonds. There is also concern about the possibility of a breakout of
inflation, although current inflation risk is not considered unmanageable, and of an
unsustainable bubble in equity and fixed-income markets given current prices.
• Further, current policy has created systemic financial risks and potential structural
problems for banks. Net interest margins are very compressed, making favorable earnings
trends difficult and encouraging banks to take on more risk. The Fed’s aggressive
purchases of 15-year and 30-year MBS have depressed yields for the “bread and butter”
investment in most bank portfolios; banks seeking additional yield have had to turn to
investment options with longer durations, lower liquidity, and/or higher credit risk. Finally,
the regressive nature of the artificially compressed savings yields creates pent-up demand
within bank deposit portfolios; these deposits may be at risk once yields begin to rise and
competitive pressures increase.
• Uncertainty exists about how markets will reestablish normal valuations when the Fed
withdraws from the market. It will likely be difficult to unwind policy accommodation, and
the end of monetary easing may be painful for consumers and businesses. Given the Fed’s
balance sheet increase of approximately $2.5 trillion since 2008, the Fed may now be
perceived as integral to the housing finance system.
....по кол-ву "стуков" определим цену и размер комисси!...в этом месяце да?!