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TAF TSLF PDCF Discount Rate
Target Rate Federal Fund Rate Discount Rate
 
TAF TSLF PDCF Discount Rate
million
million
million
million
million
 
Time FOMC Discount Required Required Interest on Required Reserve Balances and Excess Balances
2007.08~2008.04:  利率調降階段 2008.04~2008.10:  利率穩定階段 2008.10~2008.12:  景氣再度衰退
106 66 76 86 96 2007/09/02 2007/10/14 2007/11/25 2008/01/06 2008/03/09 國際油品價格週比較趨勢圖 ( 美金 / 桶 )(2007.8.1~2008.3.18)
國際油品價格週比較趨勢圖 ( 美金 / 桶 )(2008.7.1~2008.12.31) 149 129 29 49 69 89 109 2008/07/16 2008/08 2008/12/17 2008/11/17 2008/10/16 2008/09/16
注資 ( 中長期公債,公司債 ) 定期拍賣工具 TALF 短期資產擔保融資
Expanded Discount Window 1.TAF 28/84 2.PDCF  overnight Fed 3.TSLF Currency Collateral Bank Treasury
ABCP MMI ABCP+$ Fed MKT CP ABCP SPV CPFF MMIFF AMLF
 
Demand Supply Demand Supply
APJ Asia 486 127 -838 FSU 70 88 -123
EMEA/LATAM Latin  America 321 256 -5 Africa 94 117 29 Middle East 300 474 174 Europe -373 -97 -165
North America North America 109 -1243 -1021 Global Demand Growth (mb/d) 2007  1.01  1.2% 2008  -0.28  -0.3% 2009  -2.40  -2.8%
 
 
History, tells us…
 
 
Nominal Anchor… π  or   M Implicit
 

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