美联储官方警告稳定币可以将中性利率降低最多40个基点。 Fed official warns stablecoins could lower neutral interest rate by up to 40 basis points.

美联储行长Stephen Miran警告说,稳定币的日益使用可以降低经济的中性利率,可能要求美联储将短期利率维持在接近零的水平,以维持经济稳定。 Federal Reserve Governor Stephen Miran warned that the growing use of stablecoins could lower the economy’s neutral interest rate, potentially requiring the Fed to keep short-term rates near zero to maintain economic stability. 他说,稳定币需求增加,为美国国库等支持资产借款,增加可贷款资金,降低产量。 He said stablecoin demand increases borrowing for backing assets like U.S. Treasuries, boosting loanable funds and reducing yields. 这一转变与以往的全球储蓄激增相似,可能会将中性利率降低40个基点,对传统的货币政策工具构成挑战。 This shift, similar to past global savings surges, may push the neutral rate down by up to 40 basis points, challenging traditional monetary policy tools.