美联储洛根：美联储仍有空间压降超额准备金 预计银行9月将使用SRF缓解流动性压力

Core Viewpoint - The Dallas Fed President Logan indicated that the Federal Reserve still has room to reduce excess reserves and expects banks to utilize the Standing Repo Facility (SRF) next month to alleviate any liquidity pressures [1] Group 1: Federal Reserve Actions - The SRF tool is designed to prevent liquidity shortages by allowing eligible institutions to quickly convert their holdings of U.S. Treasuries into cash, thereby reducing the need for Federal Reserve intervention in emergencies [1] - Logan expressed optimism about the market's use of the SRF during the June quarter-end and anticipates similar usage in September if necessary [1] Group 2: Banking System and Reserve Management - As reserves in the banking system decline, it is crucial for the Federal Reserve and other central banks to avoid expanding their balance sheets due to short-term demand for reserves from banks, as this could lead to a "continuously expanding" balance sheet risk [1]