君諾金融：终止准备金付息能否省钱？鲍威尔给出否定答案

Core Viewpoint - Federal Reserve Chairman Jerome Powell emphasized that the proposal to stop paying interest on bank reserves would not achieve cost-saving goals and highlighted the significant challenges and potential market turmoil associated with reverting to a scarce reserve system [1][3] Group 1: Federal Reserve's Position - Powell directly refuted the notion that terminating interest payments could save money, stating that this idea is a misconception [3] - The interest on reserve balances (IORB) system was approved by Congress nearly two decades ago to support financial system stability and was formally implemented during the global financial crisis [3] - The IORB mechanism has become a key tool for the Federal Reserve in controlling short-term interest rates, especially under the current policy framework of maintaining a "ample reserve system" [3] Group 2: Implications of Proposed Changes - Powell warned that attempting to return to a scarce reserve system would be a long, difficult, and tumultuous process, advising against such a move [3] - The ample reserve system ensures that the banking system has sufficient liquidity to continuously support credit provision [3] - The proposal to end interest payments on reserves, suggested by Texas Senator Ted Cruz, claims it could save $1.1 trillion over ten years and has garnered some support from conservative Republican members [3] - Currently, the Federal Reserve pays a reserve balance interest rate of 4.4%, with bank reserves maintained between $3.2 trillion and $3.4 trillion [3] - Analysts indicate that implementing this proposal could lead to short-term interest rate fluctuations, weaken the Federal Reserve's policy control, and have cascading effects on bank lending activities [3]