美联储隔夜逆回购余额骤降至四年新低，流动性关键缓冲濒临“枯竭”

Core Viewpoint - The balance of a key Federal Reserve tool, the overnight reverse repurchase agreement (RRP), has dropped to its lowest level in over four years, raising concerns about liquidity in the U.S. banking system [1][2]. Group 1: RRP Tool Usage - 14 participating institutions deposited a total of $28.8 billion through the RRP on Thursday, marking the lowest balance since April 2021 [1]. - The RRP tool is primarily used by banks, government-sponsored enterprises, and money market funds to earn interest by lending to the central bank [1]. - The usage rate of the RRP tool is declining due to the U.S. Treasury issuing more short-term bonds to cover a growing deficit, leading to a reduction in cash reserves [1][2]. Group 2: Impact on Bank Reserves - The balance of bank reserves remains stable at approximately $3.3 trillion, indicating that reserves are still in a comfortable range [3]. - Analysts predict that total reserves could drop below $3 trillion by mid-September and below $2.9 trillion by the end of September, excluding the impact of RRP changes [3]. - Federal Reserve officials have indicated that they could reduce bank reserve levels to around $2.7 trillion without causing stress to the banking system [3]. Group 3: Market Implications - As the RRP balance approaches zero, bank reserves will become a focal point for market observers, particularly regarding the extent to which reserves can decline before the Fed halts its balance sheet reduction [2]. - The reduction in RRP balances is expected to limit the buffer available to banks, potentially impacting market stability [2].