Ep 4 | 美元水管三件套：回购、互换、抵押品

from 非共识的20分钟 · host Jason的投资思考

这一期我们不聊“加息降息的情绪”，我们聊美元的水管：回购、互换、抵押品。回购决定隔夜资金能不能借到，SOFR是用国债做抵押的隔夜借钱成本；EFFR是银行之间不带抵押的隔夜拆借。美联储不仅是“发公告的机构”，它更像全球美元结算系统的水厂：2026 年 1 月中旬总资产约 6.58 万亿美元。我们用三段历史解释美元水管如何把危机传导到全球：1997 亚洲金融危机（美元债+汇率错配）、2008 金融危机（互换额度成为全球消防栓）、2020 疫情冲击（FIMA 回购工具避免海外被迫抛售美债）。结尾留三个观察问题：美元融资成本上台阶时谁先被迫卖？你以为的分散会不会相关性=1？ ------ 声明：本节目旨在提供分析框架与历史视角，所有内容均为信息分享与学术探讨，不推荐任何具体投资标的或操作。投资决策请基于个人独立研究。 -- Hosting provided by SoundOn

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Ep 4 | 美元水管三件套：回购、互换、抵押品

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