美国财政部回补现金引发资金面担忧 华尔街关注9月流动性压力

Core Insights - The U.S. Treasury is increasing the issuance of Treasury bills to rebuild cash reserves, raising concerns about potential liquidity constraints in the financing market [1] - Since the debt ceiling was raised last month, approximately $328 billion in Treasury bills have been issued, which has withdrawn funds from the financial system, making it more vulnerable to shocks [1] - The Treasury's general account is expected to grow to $860 billion by mid-September, up from about $490 billion currently, primarily due to ongoing Treasury bill issuance and corporate quarterly tax payments [1] Banking Reserves - Current bank reserves remain at a robust level of approximately $3.33 trillion, providing necessary buffers for the financing market [1] - However, Wrightson ICAP forecasts that bank reserves may fall below $3 trillion for the first time since the COVID-19 pandemic, as the Treasury's general account increases [1] - The supply of reserves is expected to enter a range where daily fluctuations in the overnight financing market will require closer monitoring, especially after Labor Day [1]