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href=\"https:\/\/onlinelibrary.wiley.com\/doi\/abs\/10.1111\/jofi.12083?msockid=28db80147b4d6c753103934f7abd6de4\" target=\"_blank\" rel=\"noopener\">\u56e0\u6b64\u53ef\u4f5c\u4e3a\u6d41\u52a8\u6027\u7684\u66ff\u4ee3\u6307\u6807<\/a>\u3002<\/p>\n\n<p>\u8be5\u6307\u6807\u663e\u793a\u7684\u201c\u566a\u97f3\u201d\u4eca\u5e74\u6108\u53d1\u660e\u663e\u3002\u6570\u503c\u8d8a\u9ad8\uff0c\u5e02\u573a\u6d41\u52a8\u6027\u8d8a\u4f4e\u2014\u2014\u8be5\u6570\u503c\u8fd1\u671f\u66fe\u8fbe\u52305\uff0c\u5c3d\u7ba1\u6b64\u540e\u5df2\u5927\u5e45\u56de\u843d\uff0c\u4f46\u4ecd\u5904\u4e8e\u9ad8\u4f4d\uff0c\u8fdc\u9ad8\u4e8e\u65b0\u51a0\u75ab\u60c5\u671f\u95f4\u6d41\u52a8\u6027\u7d27\u7f29\u65f6\u7684\u5cf0\u503c\u3002 <\/p>\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/finalto.com\/wp-content\/uploads\/2024\/09\/fvdvfd-2.png\" alt=\"\"\/><\/figure>\n\n<p>\u56fe\u8868\u6765\u6e90\uff1a\u5f6d\u535a\u793e<\/p>\n\n<h3 class=\"wp-block-heading\">\u6211\u4eec\u9700\u8981\u62c5\u5fc3\u5417\uff1f<\/h3>\n\n<p>\u7ebd\u7ea6\u8054\u90a6\u50a8\u5907\u94f6\u884c\u7814\u7a76\u4e0e\u7edf\u8ba1\u7ec4\u8d44\u672c\u5e02\u573a\u7814\u7a76\u8d1f\u8d23\u4eba<a href=\"https:\/\/libertystreeteconomics.newyorkfed.org\/2024\/09\/has-treasury-market-liquidity-improved-in-2024\/\" target=\"_blank\" rel=\"noopener\">\u8fc8\u514b\u5c14\u00b7\u5f17\u83b1\u660e\u8868\u793a\uff0c<\/a>\u7edd\u975e\u5982\u6b64\u3002<\/p>\n\n<p>\u4ed6\u6307\u51fa\uff0c\u8be5\u6307\u6807\u4ecd\u8fdc\u4f4e\u4e8e\u5168\u7403\u91d1\u878d\u5371\u673a\uff08GFC\uff09\u671f\u95f4\u7684\u5cf0\u503c\u3002 \u201c\u6b64\u5916\uff0c\u5373\u4f7f\u57282020\u5e743\u6708\uff0c\u5f53\u76f4\u63a5\u6d41\u52a8\u6027\u63aa\u65bd\u5df2\u63a5\u8fd1\u5168\u7403\u91d1\u878d\u5371\u673a\u65f6\u671f\u7684\u6c34\u5e73\uff0c\u4e14\u7f8e\u8054\u50a8\u4e3a\u5e94\u5bf9\u5f53\u65f6\u52a8\u8361\u5e02\u573a\u7684\u529f\u80fd\u5931\u8c03\uff08<a href=\"https:\/\/www.newyorkfed.org\/research\/epr\/2022\/epr_2022_MFP_fleming\" target=\"_blank\" rel=\"noopener\">\u672c\u6587<\/a>\u4e2d\u5df2\u6709\u63cf\u8ff0\uff09\u800c\u542f\u52a8\u5927\u89c4\u6a21\u8d44\u4ea7\u8d2d\u4e70\u65f6\uff0c\u8be5\u6307\u6807\u4ecd\u8fdc\u4f4e\u4e8e\u5168\u7403\u91d1\u878d\u5371\u673a\u671f\u95f4\u7684\u5cf0\u503c\u3002\u201d <\/p>\n\n<p><a href=\"https:\/\/www.ft.com\/content\/53bbf63b-e9cb-483a-8a75-74b6ab5a9780\" target=\"_blank\" rel=\"noopener\">\u6709\u4eba\u8ba4\u4e3a\uff0c\u5f6d\u535a\u6307\u6570\u53cd\u6620\u7684\u662f\u5e02\u573a\u8106\u5f31\u6027\uff0c\u800c\u975e\u6d41\u52a8\u6027\u4e0d\u8db3\u3002<\/a>\u6b64\u5916\uff0c\u7531\u4e8e\u5e02\u573a\u5bf9\u8106\u5f31\u6027\u7684\u62c5\u5fe7\uff0c<a href=\"https:\/\/finalto.com\/blogs\/should-we-fret-about-the-treasury-basis-trade\/\">\u6211\u4eec\u51e0\u4e2a\u6708\u524d\u66fe\u8ba8\u8bba\u8fc7\u5bf9\u56fd\u503a\u5e02\u573a\u6301\u4ed3\u72b6\u51b5\u7684\u62c5\u5fe7\u3002<\/a><\/p>\n\n<p>\u4f46\u7531\u5f17\u83b1\u660e\u6267\u7b14\u7684\u7ebd\u7ea6\u8054\u50a8\u5bf9\u56fd\u503a\u5e02\u573a\u6d41\u52a8\u6027\u7684\u5b9a\u671f\u8bc4\u4f30\u663e\u793a\uff0c\u4eca\u5e74\u60c5\u51b5\u5df2\u6709\u6240\u597d\u8f6c\u3002<\/p>\n\n<p>\u5f17\u83b1\u660e\u5199\u9053\uff1a\u201c\u6807\u51c6\u6307\u6807\u663e\u793a\uff0c2024\u5e74\u56fd\u503a\u5e02\u573a\u6d41\u52a8\u6027\u5c06\u6539\u5584\uff0c\u8fbe\u5230\u5f53\u524d\u8d27\u5e01\u653f\u7b56\u7d27\u7f29\u5468\u671f\u5f00\u59cb\u524d\u7684\u6c34\u5e73\u3002\u6ce2\u52a8\u6027\u4e5f\u5448\u4e0b\u964d\u8d8b\u52bf\uff0c\u8fd9\u4e0e\u6d41\u52a8\u6027\u6539\u5584\u7684\u60c5\u51b5\u76f8\u4e00\u81f4\u3002\u201d<\/p>\n\n<p>\u89c4\u6a21\u8fbe27\u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fd\u56fd\u503a\u5e02\u573a\u662f\u5168\u7403\u89c4\u6a21\u6700\u5927\u3001\u6d41\u52a8\u6027\u6700\u5f3a\u7684\u653f\u5e9c\u8bc1\u5238\u5e02\u573a\u3002<\/p>\n\n<p>\u5e02\u573a\u6d41\u52a8\u6027\u53ef\u5b9a\u4e49\u4e3a\u5c06\u8d44\u4ea7\u5feb\u901f\u8f6c\u6362\u4e3a\u73b0\u91d1\uff08\u6216\u53cd\u4e4b\uff09\u6240\u9700\u7684\u6210\u672c\uff0c\u5176\u8861\u91cf\u65b9\u5f0f\u591a\u79cd\u591a\u6837\u3002\u4e0e\u4ee5\u5f80\u4e00\u6837\uff0c\u5f17\u83b1\u660e\u901a\u8fc7\u4e09\u4e2a\u5e38\u89c1\u6307\u6807\u6765\u8bc4\u4f30\u6d41\u52a8\u6027\uff1a\u4e70\u5356\u4ef7\u5dee\u3001\u8ba2\u5355\u7c3f\u6df1\u5ea6\u548c\u4ef7\u683c\u51b2\u51fb\u3002 <\/p>\n\n<p>2022\u5e74\u548c<a href=\"https:\/\/libertystreeteconomics.newyorkfed.org\/2023\/10\/how-has-treasury-market-liquidity-evolved-in-2023\/\" target=\"_blank\" rel=\"noopener\">2023\u5e74<\/a>\uff0c\u7ebd\u7ea6\u8054\u50a8\u5bf9\u6ce2\u52a8\u6027\u4e0e\u6d41\u52a8\u6027\u4e4b\u95f4\u7684\u8d1f\u76f8\u5173\u5173\u7cfb\u8868\u793a\u4e86\u62c5\u5fe7\u3002<\/p>\n\n<p>\u4f46<a href=\"https:\/\/finalto.com\/blogs\/market-liquidity-getting-out-of-depth\/\">\u81ea\u4e24\u5e74\u524d\u7f8e\u8054\u50a8\u5c31\u5305\u62ec\u56fd\u503a\u5e02\u573a\u5728\u5185\u7684\u591a\u9879\u8d44\u4ea7\u6d41\u52a8\u6027\u4e0d\u8db3\u53d1\u51fa\u8b66\u544a\u4ee5\u6765\uff0c<\/a>\u5c40\u52bf\u5df2\u8d8b\u4e8e\u5e73\u7a33\u3002 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class=\"wp-block-heading\">\u4e70\u5356\u4ef7\u5dee\u4ecd\u4fdd\u6301\u5728\u8f83\u4f4e\u6c34\u5e73<\/h3>\n\n<p>\u57282020\u5e743\u6708\u56e0\u65b0\u51a0\u75ab\u60c5\u5f15\u53d1\u7684\u5e02\u573a\u52a8\u8361\u671f\u95f4\uff0c\u4ee5\u53ca2023\u5e743\u6708\u94f6\u884c\u5012\u95ed\u4e8b\u4ef6\u53d1\u751f\u524d\u540e\uff0c\u4e70\u5356\u4ef7\u5dee\u5747\u6709\u6240\u6269\u5927\u3002\u4e0d\u8fc7\uff0c\u8fd9\u4e24\u6b21\u6269\u5927\u7684\u60c5\u51b5\u90fd\u8fc5\u901f\u6536\u7a84\uff0c\u4e14\u81ea2023\u5e74\u5e74\u4e2d\u4ee5\u6765\u4e00\u76f4\u4fdd\u6301\u201c\u7a84\u5e45\u7a33\u5b9a\u201d\u7684\u72b6\u6001\u3002 <\/p>\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/finalto.com\/wp-content\/uploads\/2024\/09\/frfe-2.png\" alt=\"\"\/><\/figure>\n\n<p>\u6765\u6e90\uff1a\u4f5c\u8005\u6839\u636eBrokerTec\u7684\u6570\u636e\u8ba1\u7b97\u5f97\u51fa\u3002<\/p>\n\n<p>\u6ce8\uff1a\u8be5\u56fe\u8868\u5c55\u793a\u4e862019\u5e749\u67081\u65e5\u81f32024\u5e748\u670831\u65e5\u671f\u95f4\uff0c\u5728\u4ea4\u6613\u5546\u95f4\u5e02\u573a\u4e0a\uff0c\u5f53\u524d\u6700\u6d3b\u8dc3\u76842\u5e74\u671f\u30015\u5e74\u671f\u548c10\u5e74\u671f\u56fd\u503a\u65e5\u5747\u4e70\u5356\u4ef7\u5dee\u76845\u65e5\u79fb\u52a8\u5e73\u5747\u7ebf\u3002 \u70b9\u5dee\u4ee532\u5206\u4e4b1\u70b9\u4e3a\u5355\u4f4d\u8ba1\u7b97\uff0c\u5176\u4e2d1\u70b9\u7b49\u4e8e\u9762\u503c\u76841%\u3002 <\/p>\n\n<h3 class=\"wp-block-heading\">\u8ba2\u5355\u6df1\u5ea6\u6b63\u5728\u589e\u52a0<\/h3>\n\n<p>\u5f17\u83b1\u660e\u6307\u51fa\uff1a<i>\u201c\u4e0b\u56fe\u5c55\u793a\u4e86\u8ba2\u5355\u7c3f\u6df1\u5ea6\uff0c\u5176\u8861\u91cf\u6807\u51c6\u662f\u6309\u6700\u4f73\u4e70\u5165\u4ef7\u548c\u5356\u51fa\u4ef7\u53ef\u4e70\u5356\u8bc1\u5238\u7684\u5e73\u5747\u6570\u91cf\u3002 \u6df1\u5ea6\u8d8a\u4f4e\uff0c\u6d41\u52a8\u6027\u8d8a\u5dee\u3002\u6df1\u5ea6\u57282020\u5e743\u6708\u6025\u5267\u4e0b\u8dcc\uff0c\u6b64\u540e\u6709\u6240\u56de\u5347\uff0c\u4f46\u57282022\u5e743\u6708\u5f53\u524d\u653f\u7b56\u5229\u7387\u7d27\u7f29\u5468\u671f\u5f00\u59cb\u524d\u540e\u4ee5\u53ca2023\u5e743\u6708\u94f6\u884c\u5012\u95ed\u4e8b\u4ef6\u671f\u95f4\u53c8\u518d\u6b21\u4e0b\u6ed1\u3002 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